Latvia: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Latvia

The Latvian precious stone and pearl market rose rapidly to $X in 2022, picking up by X% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Precious stone and pearl consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Latvia

In value terms, precious stone and pearl production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Latvia

In 2022, the amount of cultured pearls, precious or semi-precious stones exported from Latvia shrank dramatically to X tons, waning by X% against the year before. Over the period under review, exports recorded a deep contraction. The growth pace was the most rapid in 2015 with an increase of X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious stone and pearl exports skyrocketed to $X in 2022. Overall, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for precious stone and pearl exports from Latvia, with a X% share of total exports. Moreover, precious stone and pearl exports to Hong Kong SAR exceeded the volume sent to the second major destination, the Netherlands (X tons), eightfold. The third position in this ranking was held by Denmark (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Denmark (X% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Armenia ($X), with a X% share of total exports. It was followed by the Netherlands, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Armenia (X% per year) and the Netherlands (X% per year).

Export Prices by Country

The average precious stone and pearl export price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Armenia ($X,000 per ton), while the average price for exports to Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (X.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Latvia

In 2022, the amount of cultured pearls, precious or semi-precious stones imported into Latvia reduced rapidly to X tons, waning by X% on 2021 figures. Over the period under review, imports showed a precipitous decline. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, precious stone and pearl imports contracted sharply to $X in 2022. In general, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then dropped notably in the following year.

Imports by Country

In 2022, Israel (X tons) constituted the largest precious stone and pearl supplier to Latvia, with a X% share of total imports. Moreover, precious stone and pearl imports from Israel exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. Italy (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Israel stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and Italy (X% per year).

In value terms, the largest precious stone and pearl suppliers to Latvia were Hong Kong SAR ($X), Israel ($X) and Thailand ($X), together comprising X% of total imports. China, India, the UK, Italy and Belgium lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, the UK, with a CAGR of X%, saw the highest growth rate of 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 2022, the average precious stone and pearl import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price saw significant growth. The growth pace was the most rapid in 2018 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X,857 per ton), while the price for Belgium ($X per ton) 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 more modest paces of growth.

Source: IndexBox Platform

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