Venezuela: Jewelry Market 2024

Jewelry Market Size in Venezuela

The Venezuelan jewelry market declined modestly to $X in 2021, reducing by -3.1% against the previous year. Overall, consumption showed a slight contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Jewelry Production in Venezuela

In value terms, jewelry production dropped to $X in 2021 estimated in export price. Over the period under review, production recorded a mild slump. The pace of growth was the most pronounced in 2018 when the production volume increased by 45% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Jewelry Exports

Exports from Venezuela

In 2021, jewelry exports from Venezuela skyrocketed to X kg, rising by 50% on the previous year's figure. In general, exports saw a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 374% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, jewelry exports soared to $X in 2021. Overall, exports, however, faced a abrupt setback. The growth pace was the most rapid in 2015 with an increase of 802%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg), the Dominican Republic (X kg) and Panama (X kg) were the main destinations of jewelry exports from Venezuela, with a combined 100% share of total exports.

From 2012 to 2021, the biggest increases were in the Dominican Republic (with a CAGR of +53.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for jewelry exported from Venezuela were the United States ($X), Panama ($X) and the Dominican Republic ($X), with a combined 98% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +23.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average jewelry export price stood at $X per kg in 2021, declining by -11.2% against the previous year. In general, the export price recorded a precipitous curtailment. The pace of growth appeared the most rapid in 2015 when the average export price increased by 774% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per kg in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Panama ($X per kg), while the average price for exports to the Dominican Republic ($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 Panama (-0.6%), while the prices for the other major destinations experienced a decline.

Jewelry Imports

Imports into Venezuela

In 2021, purchases abroad of jewelry increased by 53% to X tons, rising for the fourth year in a row after five years of decline. Over the period under review, imports, however, showed a abrupt decline. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, jewelry imports soared to $X in 2021. In general, imports, however, recorded a deep downturn. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X tons) was the main supplier of jewelry to Venezuela, accounting for a 93% share of total imports. It was followed by the United States (X kg), with a 1.9% share of total imports. Switzerland (X kg) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India stood at +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.3% per year) and Switzerland (+40.1% per year).

In value terms, the largest jewelry suppliers to Venezuela were Italy ($X), Panama ($X) and the United States ($X), with a combined 80% share of total imports. Switzerland, Brazil, Mexico, India, Spain, Peru and China lagged somewhat behind, together comprising a further 13%.

India, with a CAGR of +14.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average jewelry import price amounted to $X per kg, shrinking by -6.4% against the previous year. In general, the import price saw a abrupt slump. The pace of growth was the most pronounced in 2015 an increase of 65%. As a result, import price attained the peak level of $X per kg. From 2016 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+43.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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