United Kingdom: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in the UK

In 2022, the UK market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 21% to $X, rising for the third year in a row after three years of decline. Overall, consumption, however, continues to indicate a pronounced descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in the UK

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to less than $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from the UK

In 2022, overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -0.7% to X tons, falling for the third year in a row after two years of growth. Overall, exports, however, continue to indicate mild growth. The pace of growth was the most pronounced in 2014 with an increase of 98% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver declined to $X in 2022. Over the period under review, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 92% against the previous year. Over the period under review, the exports of hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hungary (X kg), Germany (X kg) and Italy (X kg) were the main destinations of exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from the UK, together comprising 40% of total exports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +184.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-silver precious metal goldsmiths ware articles exported from the UK were Hong Kong SAR ($X), the United States ($X) and Germany ($X), with a combined 41% share of total exports. The United Arab Emirates, Italy, Hungary, France, Spain, the Netherlands, Cyprus, Ireland, Poland and Belgium lagged somewhat behind, together accounting for a further 14%.

Among the main countries of destination, Hungary, with a CAGR of +231.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, dropping by -3.8% against the previous year. In general, the export price showed a drastic downturn. The growth pace was the most rapid in 2015 when the average export price increased by 55% against the previous year. Over the period under review, the average export prices hit record highs at $X per kg in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to Poland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into the UK

In 2022, after three years of decline, there was significant growth in purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when their volume increased by 276% to X tons. Overall, imports, however, continue to indicate a deep setback. Over the period under review, imports of attained the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver skyrocketed to $X in 2022. Over the period under review, imports, however, saw a deep downturn. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of non-silver precious metal goldsmiths ware articles to the UK, with a 63% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from China exceeded the figures recorded by the second-largest supplier, Italy (X kg), fivefold. The third position in this ranking was taken by Germany (X kg), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +27.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+22.9% per year) and Germany (-3.0% per year).

In value terms, the largest non-silver precious metal goldsmiths ware articles suppliers to the UK were Germany ($X), China ($X) and the United States ($X), together comprising 77% of total imports. Italy, Denmark, Poland and Lebanon lagged somewhat behind, together comprising a further 7.4%.

Poland, with a CAGR of +82.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, reducing by -49.7% against the previous year. Overall, the import price continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2019 when the average import price increased by 37% against the previous year. Over the period under review, average import prices reached the maximum at $X per kg in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per kg), while the price for Poland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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