Cyprus: Jewellery Market Overview 2020

Jewellery Market Size in Cyprus

The revenue of the jewellery market in Cyprus amounted to $X in 2018, surging by X% against the previous year. Over the period under review, jewellery consumption, however, continues to indicate a temperate setback. The most prominent rate of growth was recorded in 2017 when the market value increased by X% year-to-year. Cyprus jewellery consumption peaked at $X in 2009; however, from 2010 to 2018, consumption stood at a somewhat lower figure.

Jewellery Production in Cyprus

In value terms, jewellery production amounted to $X in 2018 estimated in export prices. In general, jewellery production, however, continues to indicate a drastic slump. The growth pace was the most rapid in 2008 when production volume increased by X% y-o-y. In that year, jewellery production reached its peak level of $X. From 2009 to 2018, jewellery production growth remained at a somewhat lower figure.

Jewellery Exports

Exports from Cyprus

In 2018, the amount of jewellery exported from Cyprus stood at X tonnes, growing by X% against the previous year. In general, jewellery exports, however, continue to indicate a temperate curtailment. The most prominent rate of growth was recorded in 2011 when exports increased by X% against the previous year. Cyprus exports peaked at X tonnes in 2012; however, from 2013 to 2018, exports failed to regain their momentum.

In value terms, jewellery exports stood at $X in 2018. Over the period under review, jewellery exports, however, continue to indicate a drastic drop. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, jewellery exports reached their maximum at $X in 2012; however, from 2013 to 2018, exports remained at a lower figure.

Exports by Country

In 2018, Japan (X tonnes) represented the major exporter of jewellery, committing X% of total exports. The U.S. (X tonnes) held a X% share (based on tonnes) of total exports, which put it in second place, followed by Switzerland (X%). Italy (X tonnes), Thailand (X tonnes), Spain (X tonnes), India (X tonnes), the UK (X tonnes), Germany (X tonnes) and China (X tonnes) held a relatively small share of total exports.

Japan was also the fastest-growing in terms of the jewellery exports, with a CAGR of +X% from 2007 to 2018. At the same time, Switzerland (+X%), Spain (+X%), the U.S. (+X%) and Germany (+X%) displayed positive paces of growth. The UK experienced a relatively flat trend pattern. By contrast, Italy (-X%), Thailand (-X%), China (-X%) and India (-X%) illustrated a downward trend over the same period. Japan (+X p.p.), the U.S. (+X p.p.), Switzerland (+X p.p.) and Spain (+X p.p.) significantly strengthened its position in terms of the global exports, while China, Italy, Thailand and India saw its share reduced by -X%, -X%, -X% and -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest jewellery markets from Cyprus were India ($X), China ($X) and the U.S. ($X), with a combined X% share of total exports. Italy, Switzerland, the UK, Thailand, Japan, Germany, Spain and Cyprus lagged somewhat behind, together comprising a further X experienced the highest rates of growth with regard to exports, in terms of the main exporting countries over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The jewellery export price in Cyprus stood at $X per tonne in 2018, declining by -X% against the previous year. Over the period under review, the jewellery export price continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. In that year, the export prices for jewellery attained their peak level of $X per tonne. From 2015 to 2018, the growth in terms of the export prices for jewellery failed to regain its momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was China ($X per tonne), while Japan ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by India (+X% per year), while the other leaders experienced more modest paces of growth.

Jewellery Imports

Imports into Cyprus

In 2018, approx. X tonnes of jewellery were imported into Cyprus; dropping by -X% against the previous year. In general, jewellery imports continue to indicate a drastic reduction. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, jewellery imports attained their maximum at X tonnes in 2009; however, from 2010 to 2018, imports failed to regain their momentum.

In value terms, jewellery imports amounted to $X in 2018. Over the period under review, jewellery imports continue to indicate a slight drop. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Cyprus imports peaked at $X in 2008; however, from 2009 to 2018, imports remained at a lower figure.

Imports by Country

Japan was the key importing country with an import of about X tonnes, which amounted to X% of total imports. The UK (X tonnes) ranks second in terms of the total imports with a X% share, followed by the United Arab Emirates (X%) and Switzerland (X%). The following importers - Canada (X tonnes), the U.S. (X tonnes), China, Hong Kong SAR (X tonnes), Sudan (X tonnes), Singapore (X tonnes), France (X tonnes) and Spain (X tonnes) - together made up X% of total imports.

Imports into Japan increased at an average annual rate of +X% from 2007 to 2018. At the same time, Sudan (+X%), Canada (+X%), Switzerland (+X%), Singapore (+X%), the United Arab Emirates (+X%), Spain (+X%), France (+X%), the UK (+X%) and China, Hong Kong SAR (+X%) displayed positive paces of growth. Moreover, Sudan emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, the U.S. (-X%) illustrated a downward trend over the same period. Japan (+X p.p.), the UK (+X p.p.), the United Arab Emirates (+X p.p.), Switzerland (+X p.p.), Canada (+X p.p.), Sudan (+X p.p.), Singapore (+X p.p.) and China, Hong Kong SAR (+X p.p.) significantly strengthened its position in terms of the global imports, while the U.S. saw its share reduced by -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest jewellery importing markets into Cyprus were China, Hong Kong SAR ($X), the United Arab Emirates ($X) and Switzerland ($X), together accounting for X% of total imports.

China, Hong Kong SAR recorded the highest growth rate of imports, among the main importing countries over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the jewellery import price in Cyprus amounted to $X per tonne, declining by -X% against the previous year. In general, the jewellery import price, however, continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2014 when the import price increased by X% year-to-year. Over the period under review, the import prices for jewellery attained their maximum at $X per tonne in 2015; however, from 2016 to 2018, import prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was China, Hong Kong SAR ($X per tonne), while Sudan ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by the U.S., while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform