GCC: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in GCC

After four years of growth, the GCC synthetic gemstones market decreased by X% to $X in 2022. In general, consumption showed a precipitous decrease. Over the period under review, the market attained the peak level at $X in 2021, and then contracted rapidly in the following year.

Synthetic Gemstones Production in GCC

In value terms, synthetic gemstones production fell to $X in 2022 estimated in export price. The total production indicated temperate growth 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Synthetic Gemstones Exports

Exports in GCC

In 2022, overseas shipments of synthetic or reconstructed precious or semi-precious stones decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021, and then contracted notably in the following year.

In value terms, synthetic gemstones exports totaled $X in 2022. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X tons) represented roughly X% of total exports in 2022.

The United Arab Emirates was also the fastest-growing in terms of the synthetic or reconstructed precious or semi-precious stones exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest synthetic gemstones supplier in GCC.

In the United Arab Emirates, synthetic gemstones exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price showed strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Synthetic Gemstones Imports

Imports in GCC

In 2022, supplies from abroad of synthetic or reconstructed precious or semi-precious stones decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then contracted dramatically in the following year.

In value terms, synthetic gemstones imports declined markedly to $X in 2022. Over the period under review, imports saw a perceptible reduction. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then fell significantly in the following year.

Imports by Country

Qatar represented the main importing country with an import of about X tons, which finished at X% of total imports. It was distantly followed by Kuwait (X kg), the United Arab Emirates (X kg) and Oman (X kg), together comprising a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to synthetic gemstones imports into Qatar stood at X%. At the same time, Kuwait (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Oman (X%) and the United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Qatar and Kuwait increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X) constitutes the largest market for imported synthetic or reconstructed precious or semi-precious stones in GCC, comprising X% of total imports. The second position in the ranking was taken by Kuwait ($X), with an X% share of total imports. It was followed by Oman, with a X% share.

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

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, rising by X% against the previous year. In general, the import price saw a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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