India: Precious Metal Watch Market 2024

Precious Metal Watch Market Size in India

In 2022, the Indian precious metal watch market increased by X% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption continues to indicate temperate growth. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Precious Metal Watch Exports

Exports from India

In 2022, approx. X units of precious metal watches were exported from India; waning by X% against the previous year's figure. Overall, exports saw a deep contraction. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, precious metal watch exports shrank remarkably to $X in 2022. In general, exports recorded a deep reduction. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X units) was the main destination for precious metal watch exports from India, with a X% share of total exports. Moreover, precious metal watch exports to Singapore exceeded the volume sent to the second major destination, the United States (X units), twofold. The United Arab Emirates (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and the United Arab Emirates (X% per year).

In value terms, the United Arab Emirates ($X), Singapore ($X) and Hong Kong SAR ($X) appeared to be the largest markets for precious metal watch exported from India worldwide, together comprising X% of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average precious metal watch export price stood at $X per unit in 2022, falling by X% against the previous year. Overall, the export price, however, saw buoyant growth. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Precious Metal Watch Imports

Imports into India

In 2022, overseas purchases of precious metal watches increased by X% to X units, rising for the second year in a row after three years of decline. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, precious metal watch imports soared to $X in 2022. Overall, imports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) constituted the largest precious metal watch supplier to India, accounting for a X% share of total imports. Moreover, precious metal watch imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Switzerland (X units), threefold. Ireland (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (X% per year) and Ireland (X% per year).

In value terms, Switzerland ($X) constituted the largest supplier of precious metal watches to India, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Ireland, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Ireland (X% per year).

Import Prices by Country

In 2022, the average precious metal watch import price amounted to $X per unit, shrinking by X% against the previous year. In general, the import price continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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