Precious Stone And Pearl Market

The article discusses the expected growth in the global market for cultured pearls, precious stones, and semi-precious stones. It covers market trends, consumption patterns, value and volume projections, as well as import and export trends. The detailed analysis includes information on production, consumption, import and export values, as well as price trends for different types of stones. The data highlights key players in the market such as China, Mozambique, Brazil, and the United States, and provides insights into their market share and growth rates.

Market Forecast

Driven by increasing demand for cultured pearls, precious or semi-precious stones worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 178M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +9.4% for the period from 2022 to 2030, which is projected to bring the market value to $9,584.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cultured Pearls, Precious Or Semi-Precious Stones

In 2022, the amount of cultured pearls, precious or semi-precious stones consumed worldwide surged to 144M tons, picking up by 31% on the previous year. In general, consumption showed a strong increase. As a result, consumption reached the peak volume of 174M tons. From 2021 to 2022, the growth of the global consumption failed to regain momentum.

The global precious stone and pearl market value contracted to $4,655.2B in 2022, which is down by -7.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a pronounced contraction. As a result, consumption attained the peak level of $11,953.5B. From 2016 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (117M tons) remains the largest precious stone and pearl consuming country worldwide, accounting for 82% of total volume. Moreover, precious stone and pearl consumption in China exceeded the figures recorded by the second-largest consumer, the United States (5.8M tons), more than tenfold.

In China, precious stone and pearl consumption expanded at an average annual rate of +35.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+9.6% per year) and Mozambique (-9.6% per year).

In value terms, the largest precious stone and pearl markets worldwide were China ($1,547.3B), Mozambique ($1,506.1B) and the United States ($23.6B), with a combined 66% share of the global market.

China, with a CAGR of +34.9%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

The countries with the highest levels of precious stone and pearl per capita consumption in 2022 were Mozambique (95 kg per person), China (83 kg per person) and the United States (17 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +34.3%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Cultured Pearls, Precious Or Semi-Precious Stones

In 2022, the amount of cultured pearls, precious or semi-precious stones produced worldwide reached 34M tons, approximately equating the year before. The total output volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 2.3%. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the immediate term.

In value terms, precious stone and pearl production surged to $9,963.9B in 2022 estimated in export price. Over the period under review, production posted a notable expansion. The most prominent rate of growth was recorded in 2019 with an increase of 90% against the previous year. Over the period under review, global production attained the maximum level at $11,128.6B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Mozambique (11M tons), Brazil (8.3M tons) and China (6M tons), together accounting for 74% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Mozambique (with a CAGR of +2.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cultured Pearls, Precious Or Semi-Precious Stones

In 2022, global imports of cultured pearls, precious or semi-precious stones soared to 135M tons, surging by 38% on the previous year. In general, imports showed prominent growth. The pace of growth was the most pronounced in 2020 with an increase of 559% against the previous year. As a result, imports attained the peak of 168M tons. From 2021 to 2022, the growth of global imports failed to regain momentum.

In value terms, precious stone and pearl imports skyrocketed to $95.2B in 2022. Over the period under review, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 53%. Over the period under review, global imports hit record highs at $118.7B in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports By Country

China prevails in imports structure, reaching 114M tons, which was approx. 84% of total imports in 2022. It was distantly followed by the United States (6.5M tons), achieving a 4.8% share of total imports. Hong Kong SAR (3M tons) took a little share of total imports.

China was also the fastest-growing in terms of the cultured pearls, precious or semi-precious stones imports, with a CAGR of +71.5% from 2012 to 2022. At the same time, the United States (+6.2%) and Hong Kong SAR (+4.9%) displayed positive paces of growth. From 2012 to 2022, the share of China increased by +82 percentage points.

In value terms, the largest precious stone and pearl importing markets worldwide were the United States ($25.2B), Hong Kong SAR ($16.8B) and China ($12.5B), together comprising 57% of global imports.

Among the main importing countries, China, with a CAGR of +9.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced mixed trends in the imports figures.

Imports By Type

Stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set (134M tons) represented roughly 100% of total imports in 2022.

Stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set was also the fastest-growing in terms of imports, with a CAGR of +19.4% from 2012 to 2022. From 2012 to 2022, the share of stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set increased by +3.1 percentage points, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set ($79.9B) constitutes the largest type of cultured pearls, precious or semi-precious stones imported worldwide, comprising 84% of global imports. The second position in the ranking was held by stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set ($8.7B), with a 9.1% share of global imports. It was followed by stones; rubies, sapphires and emeralds, worked (other than simply sawn or roughly shaped), not strung, mounted or set, with a 5.3% share.

For diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set, imports remained relatively stable over the period from 2012-2022. For the other products, the average annual rates were as follows: stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set (+17.2% per year) and stones; rubies, sapphires and emeralds, worked (other than simply sawn or roughly shaped), not strung, mounted or set (+6.0% per year).

Import Prices By Type

The average precious stone and pearl import price stood at $707 per ton in 2022, falling by -16.1% against the previous year. In general, the import price faced a abrupt decline. The growth pace was the most rapid in 2021 an increase of 163% against the previous year. Global import price peaked at $4,775 per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was pearls; cultured, worked, whether or not graded (but not strung, mounted or set), ungraded and temporarily strung for convenience of transport ($2,095,260 per ton), while the price for stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set ($65 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by pearls; cultured, worked, whether or not graded (but not strung, mounted or set), ungraded and temporarily strung for convenience of transport (+11.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average precious stone and pearl import price stood at $707 per ton in 2022, waning by -16.1% against the previous year. Overall, the import price recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 163%. Global import price peaked at $4,775 per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($5,556 per ton), while China ($110 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-4.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Cultured Pearls, Precious Or Semi-Precious Stones

In 2022, the amount of cultured pearls, precious or semi-precious stones exported worldwide expanded remarkably to 25M tons, surging by 13% on the previous year's figure. In general, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 66%. The global exports peaked at 28M tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, precious stone and pearl exports surged to $101B in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 47%. The global exports peaked at $106.6B in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, Brazil (7.9M tons) and Mozambique (7.5M tons) represented the largest exporters of cultured pearls, precious or semi-precious stonesacross the globe, together creating 63% of total exports. China (2.3M tons) held a 9.4% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (7%). The following exporters - India (1,092K tons), Panama (1,033K tons), the United States (694K tons) and Thailand (394K tons) - together made up 13% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Mozambique (with a CAGR of +131.4%), while the other global leaders experienced more modest paces of growth.

In value terms, India ($25.4B), the United States ($19.7B) and Hong Kong SAR ($17.6B) appeared to be the countries with the highest levels of exports in 2022, with a combined 62% share of global exports. Thailand, China, Mozambique, Brazil and Panama lagged somewhat behind, together comprising a further 5.9%.

In terms of the main exporting countries, Mozambique, with a CAGR of +27.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set represented the largest type of cultured pearls, precious or semi-precious stones in the world, with the volume of exports resulting at 21M tons, which was approx. 86% of total exports in 2022. It was distantly followed by diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set (3.3M tons), comprising a 13% share of total exports.

Stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set was also the fastest-growing in terms of exports, with a CAGR of +19.8% from 2012 to 2022. At the same time, diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set (+1.5%) displayed positive paces of growth. While the share of stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set (+31 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set (-31.2 p.p.) displayed negative dynamics.

In value terms, diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set ($82.9B) remains the largest type of cultured pearls, precious or semi-precious stones supplied worldwide, comprising 82% of global exports. The second position in the ranking was taken by stones; rubies, sapphires and emeralds, worked (other than simply sawn or roughly shaped), not strung, mounted or set ($8.3B), with an 8.2% share of global exports. It was followed by stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of the value of diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set exports was relatively modest. For the other products, the average annual rates were as follows: stones; rubies, sapphires and emeralds, worked (other than simply sawn or roughly shaped), not strung, mounted or set (+11.7% per year) and stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set (+13.6% per year).

Export Prices By Type

In 2022, the average precious stone and pearl export price amounted to $4,104 per ton, growing by 6.3% against the previous year. In general, the export price, however, showed a deep reduction. The most prominent rate of growth was recorded in 2021 an increase of 90%. The global export price peaked at $14,239 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was pearls; cultured, worked, whether or not graded (but not strung, mounted or set), ungraded and temporarily strung for convenience of transport ($2,626,440 per ton), while the average price for exports of stones; precious (other than diamonds) and semi-precious stones, (other than rubies, sapphires and emeralds), worked other than simply sawn or roughly shaped, not strung, mounted or set ($304 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by diamonds; non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set (-1.6%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average precious stone and pearl export price stood at $4,104 per ton in 2022, picking up by 6.3% against the previous year. In general, the export price, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2021 an increase of 90% against the previous year. The global export price peaked at $14,239 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($28,365 per ton), while Brazil ($17 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform