Republic of Korea: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Republic of Korea

In 2022, the South Korean synthetic gemstones market decreased by X% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, continues to indicate modest growth. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Synthetic Gemstones Production in Republic of Korea

In value terms, synthetic gemstones production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production posted a remarkable increase. The growth pace was the most rapid in 2019 when the production volume increased by X%. Synthetic gemstones production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Synthetic Gemstones Exports

Exports from Republic of Korea

In 2022, the amount of synthetic or reconstructed precious or semi-precious stones exported from South Korea declined rapidly to X tons, waning by X% on 2021 figures. In general, exports showed a deep downturn. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, synthetic gemstones exports expanded slightly to $X in 2022. Overall, exports continue to indicate a noticeable slump. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for synthetic gemstones exports from South Korea, with a X% share of total exports. Moreover, synthetic gemstones exports to Japan exceeded the volume sent to the second major destination, China (X kg), fourfold. The third position in this ranking was held by the United States (X kg), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

In value terms, Japan ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average synthetic gemstones export price amounted to $X per ton, increasing by X% against the previous year. Overall, the export price showed a prominent increase. The pace of growth was the most pronounced in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton 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 export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X,162 per ton), while the average price for exports to China ($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 Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Gemstones Imports

Imports into Republic of Korea

In 2022, the amount of synthetic or reconstructed precious or semi-precious stones imported into South Korea shrank rapidly to X tons, declining by X% against 2021. In general, imports saw a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, synthetic gemstones imports fell dramatically to $X in 2022. Overall, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main synthetic gemstones supplier to South Korea, with a X% share of total imports. It was followed by Japan (X kg), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%.

In value terms, China ($X) constituted the largest supplier of synthetic or reconstructed precious or semi-precious stones to South Korea, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%.

Import Prices by Country

In 2022, the average synthetic gemstones import price amounted to $X per ton, jumping by X% against the previous year. In general, the import price, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China amounted to $X per ton.

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

Source: IndexBox Platform

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