Uzbekistan: Jewelry Market 2024

Jewelry Market Size in Uzbekistan

The Uzbek jewelry market dropped significantly to $X in 2021, falling by -17.2% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then fell significantly in the following year.

Jewelry Production in Uzbekistan

In value terms, jewelry production dropped remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 65% against the previous year. As a result, production reached the peak level of $X, and then declined notably in the following year.

Jewelry Exports

Exports from Uzbekistan

In 2021, approx. X kg of jewelry were exported from Uzbekistan; surging by 250% compared with 2020. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 3,600% against the previous year. Over the period under review, the exports reached the maximum at X kg in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, jewelry exports surged to $X in 2021. In general, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 507%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Turkey (X kg), Kyrgyzstan (X kg) and the United Arab Emirates (X kg) were the main destinations of jewelry exports from Uzbekistan, together comprising 94% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kyrgyzstan (with a CAGR of +95.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jewelry exported from Uzbekistan were the United States ($X), the United Arab Emirates ($X) and Turkey ($X), together comprising 96% of total exports. Switzerland, Kazakhstan, India and Kyrgyzstan lagged somewhat behind, together accounting for a further 3.3%.

India, with a CAGR of +259.8%, saw the highest rates of growth with regard to the value of exports, among 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

The average jewelry export price stood at $X per kg in 2021, which is down by -31.6% against the previous year. Overall, the export price, however, posted a slight increase. The pace of growth appeared the most rapid in 2018 an increase of 367%. As a result, the export price reached the peak level of $X per kg. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per kg), while the average price for exports to Kyrgyzstan ($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 India (+6,435.6%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Uzbekistan

In 2021, imports of jewelry into Uzbekistan surged to X kg, increasing by 52% on 2020. In general, imports, however, faced a abrupt decrease. The most prominent rate of growth was recorded in 2019 when imports increased by 1,097% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, jewelry imports surged to $X in 2021. Over the period under review, imports posted significant growth. The growth pace was the most rapid in 2019 when imports increased by 1,497%. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, Italy (X kg) constituted the largest supplier of jewelry to Uzbekistan, accounting for a 30% share of total imports. Moreover, jewelry imports from Italy exceeded the figures recorded by the second-largest supplier, Turkey (X kg), twofold. Denmark (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy stood at -18.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-5.7% per year) and Denmark (+4.9% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of jewelry to Uzbekistan, comprising 71% of total imports. The second position in the ranking was taken by Italy ($X), with a 5.5% share of total imports. It was followed by Turkey, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates stood at +278.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.1% per year) and Turkey (+104.6% per year).

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, jumping by 20% against the previous year. Over the period under review, the import price posted a significant expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 601% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per kg), while the price for Denmark ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+178.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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