United Kingdom: Jewelry Market 2024

Jewelry Market Size in the UK

The UK jewelry market contracted to $X in 2021, almost unchanged from the previous year. In general, consumption continues to indicate a abrupt shrinkage. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Jewelry Production in the UK

In value terms, jewelry production declined to $X in 2021 estimated in export price. Over the period under review, production showed a noticeable increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 101% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

Jewelry Exports

Exports from the UK

For the third year in a row, the UK recorded decline in overseas shipments of jewelry, which decreased by -62.4% to X tons in 2021. In general, exports saw a deep reduction. The pace of growth appeared the most rapid in 2018 with an increase of 34% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, jewelry exports shrank to $X in 2021. Over the period under review, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 49%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ireland (X tons), Germany (X tons) and the United States (X tons) were the main destinations of jewelry exports from the UK, together accounting for 44% of total exports. France, the Netherlands, Switzerland, Hong Kong SAR, Italy, Macao SAR, Saudi Arabia, Belgium and Nigeria lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2021, the biggest increases were in Macao SAR (with a CAGR of +75.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jewelry exported from the UK were Switzerland ($X), Hong Kong SAR ($X) and France ($X), with a combined 50% share of total exports. Saudi Arabia, the United States, Ireland, the Netherlands, Italy, Germany, Macao SAR, Belgium and Nigeria lagged somewhat behind, together accounting for a further 31%.

Macao SAR, with a CAGR of +48.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, rising by 155% against the previous year. Over the period under review, the export price saw a resilient increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per kg), while the average price for exports to Nigeria ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into the UK

In 2021, approx. X tons of jewelry were imported into the UK; waning by -54.5% against 2020 figures. In general, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2016 when imports increased by 59% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, jewelry imports fell modestly to $X in 2021. Over the period under review, imports showed a pronounced downturn. The pace of growth appeared the most rapid in 2019 with an increase of 46%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Germany (X tons) and Thailand (X tons) were the main suppliers of jewelry imports to the UK, together accounting for 53% of total imports. Italy, India, France, the United States, Spain, Ireland, Turkey and Denmark lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +18.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest jewelry suppliers to the UK were France ($X), India ($X) and Thailand ($X), with a combined 39% share of total imports. These countries were followed by Italy, Spain, the United States, China, Germany, Turkey, Ireland and Denmark, which together accounted for a further 32%.

Spain, with a CAGR of +22.9%, saw the highest rates of growth with regard to the value of imports, in terms of 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 jewelry import price stood at $X per kg in 2021, surging by 118% against the previous year. In general, the import price continues to indicate buoyant growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+33.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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