Republic of Korea: Imitation Jewellery Market 2023

Imitation Jewellery Market Size in Republic of Korea

The South Korean imitation jewellery market soared to $X in 2021, with an increase of 29% against the previous year. Over the period under review, consumption saw significant growth. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in the immediate term.

Imitation Jewellery Production in Republic of Korea

In value terms, imitation jewellery production fell slightly to $X in 2021 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +70.0% against 2012 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 23% against the previous year. Imitation jewellery production peaked at $X in 2020, and then dropped modestly in the following year.

Imitation Jewellery Exports

Exports from Republic of Korea

In 2021, overseas shipments of imitation jewelry were finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, faced a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 2% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, imitation jewellery exports expanded sharply to $X in 2021. Overall, exports, however, saw a deep contraction. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons), the United States (X tons) and Italy (X tons) were the main destinations of imitation jewellery exports from South Korea, together comprising 55% of total exports.

From 2012 to 2021, the biggest increases were in Italy (with a CAGR of +3.1%), while shipments for the other leaders experienced a decline.

In value terms, Japan ($X), the United States ($X) and China ($X) were the largest markets for imitation jewellery exported from South Korea worldwide, with a combined 68% share of total exports. Hong Kong SAR, Vietnam, Thailand, Italy, Brazil, Taiwan (Chinese), Saudi Arabia and the United Arab Emirates lagged somewhat behind, together accounting for a further 13%.

Vietnam, with a CAGR of +8.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average imitation jewellery export price stood at $X per ton in 2021, rising by 5.3% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imitation jewellery export price increased by +91.7% against 2012 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 27% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+39.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imitation Jewellery Imports

Imports into Republic of Korea

In 2021, purchases abroad of imitation jewelry increased by 7.8% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a slight descent. The pace of growth was the most pronounced in 2017 when imports increased by 7.9%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, imitation jewellery imports soared to $X in 2021. Overall, imports showed a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main imitation jewellery supplier to South Korea, with a 91% share of total imports. It was followed by Italy (X tons), with a 2.2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -1.9%.

In value terms, China ($X) constituted the largest supplier of imitation jewellery to South Korea, comprising 43% of total imports. The second position in the ranking was taken by Italy ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +9.3%.

Import Prices by Country

The average imitation jewellery import price stood at $X per ton in 2021, jumping by 27% against the previous year. Overall, the import price saw a resilient increase. The most prominent rate of growth was recorded in 2020 an increase of 34%. The import price peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.3%).

Source: IndexBox Market Intelligence Platform

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