Cuba: Imitation Jewellery Market 2023

Imitation Jewellery Market Size in Cuba

In 2021, the Cuban imitation jewellery market increased by 199% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, faced a deep downturn. Imitation jewellery consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Imitation Jewellery Exports

Exports from Cuba

In 2021, after three years of decline, there was significant growth in overseas shipments of imitation jewelry, when their volume increased by 133% to X kg. Over the period under review, exports, however, recorded a precipitous curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 632% against the previous year. As a result, the exports reached the peak of X kg. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, imitation jewellery exports surged to $X in 2021. In general, exports, however, showed a dramatic decline. The pace of growth was the most pronounced in 2017 when exports increased by 367%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Panama (X kg), France (X kg) and Mexico (X kg) were the main destinations of imitation jewellery exports from Cuba, with a combined 86% share of total exports. These countries were followed by Belgium and Costa Rica, which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Costa Rica (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, Panama ($X) remains the key foreign market for imitation jewellery exports from Cuba, comprising 91% of total exports. The second position in the ranking was held by France ($X), with a 2.8% share of total exports. It was followed by Belgium, with a 1.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Panama stood at -12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-35.9% per year) and Belgium (-37.7% per year).

Export Prices by Country

The average imitation jewellery export price stood at $X per ton in 2021, rising by 61% against the previous year. Over the period under review, the export price recorded a noticeable expansion. The growth pace was the most rapid in 2018 an increase of 66%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Panama ($X per ton), while the average price for exports to Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+16.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imitation Jewellery Imports

Imports into Cuba

In 2021, supplies from abroad of imitation jewelry increased by 188% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, saw a drastic downturn. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, imitation jewellery imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt contraction. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Mexico (X tons) and Spain (X tons) were the main suppliers of imitation jewellery imports to Cuba, together comprising 80% of total imports. Peru, the Dominican Republic, Canada, Italy and Panama lagged somewhat behind, together comprising a further 15%.

From 2012 to 2021, the biggest increases were in the Dominican Republic (with a CAGR of +105.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Spain ($X) and Panama ($X) were the largest imitation jewellery suppliers to Cuba, together accounting for 54% of total imports. These countries were followed by Mexico, Canada, the Dominican Republic, Peru and Italy, which together accounted for a further 35%.

Among the main suppliers, the Dominican Republic, with a CAGR of +127.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average imitation jewellery import price amounted to $X per ton, picking up by 7.3% against the previous year. Over the period under review, the import price, however, recorded a pronounced downturn. The growth pace was the most rapid in 2018 an increase of 100% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Panama ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+31.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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