GCC: Precious Metal Watch Market 2024

Precious Metal Watch Market Size in GCC

The GCC precious metal watch market declined modestly to $X in 2022, flattening at the previous year. Overall, consumption, however, recorded a notable expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Precious Metal Watch Production in GCC

In value terms, precious metal watch production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2020 with an increase of X,569,600%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Precious Metal Watch Exports

Exports in GCC

In 2022, approx. X units of precious metal watches were exported in GCC; increasing by X% on 2021 figures. Total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, precious metal watch exports skyrocketed to $X in 2022. Overall, exports enjoyed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates prevails in exports structure, resulting at X units, which was approx. X% of total exports in 2022. Bahrain (X units) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (X%). Kuwait (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%), Saudi Arabia (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. Bahrain (X p.p.), Kuwait (X p.p.) and Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest precious metal watch supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to X%. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, jumping by X% against the previous year. Over the period under review, the export price posted a significant expansion. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Precious Metal Watch Imports

Imports in GCC

Precious metal watch imports declined to X units in 2022, approximately reflecting the year before. Over the period under review, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, precious metal watch imports soared to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Saudi Arabia was the largest importer of precious metal watches in GCC, with the volume of imports amounting to X units, which was near X% of total imports in 2022. Qatar (X units) took the second position in the ranking, followed by the United Arab Emirates (X units) and Bahrain (X units). All these countries together took approx. X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to precious metal watch imports into Saudi Arabia stood at X%. At the same time, Qatar (X%), Bahrain (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Qatar and Bahrain increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported precious metal watches in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an X% share of total imports. It was followed by Qatar, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Qatar (X% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the import price, however, saw a mild slump. The most prominent rate of growth was recorded in 2018 when the import price increased by X%. The level of import peaked at $X per unit 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 the United Arab Emirates ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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