Saudi Arabia: Imitation Jewellery Market 2023

Imitation Jewellery Market Size in Saudi Arabia

The Saudi imitation jewellery market skyrocketed to $X in 2021, increasing by 18% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Imitation Jewellery Exports

Exports from Saudi Arabia

For the third consecutive year, Saudi Arabia recorded decline in overseas shipments of imitation jewelry, which decreased by -44.1% to X tons in 2021. Over the period under review, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2016 with an increase of 545% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, imitation jewellery exports shrank to $X in 2021. In general, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 428% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Sudan (X tons) was the main destination for imitation jewellery exports from Saudi Arabia, with a 92% share of total exports. Moreover, imitation jewellery exports to Sudan exceeded the volume sent to the second major destination, Yemen (X kg), more than tenfold. The third position in this ranking was taken by the United Arab Emirates (X kg), with a 0.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Sudan stood at +138.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-33.3% per year) and the United Arab Emirates (-34.7% per year).

In value terms, Sudan ($X) emerged as the key foreign market for imitation jewellery exports from Saudi Arabia, comprising 96% of total exports. The second position in the ranking was taken by Yemen ($X), with a 2.8% share of total exports. It was followed by the United Arab Emirates, with a 0.2% share.

From 2012 to 2021, the average annual growth rate of value to Sudan totaled +183.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-39.2% per year) and the United Arab Emirates (-39.2% per year).

Export Prices by Country

In 2021, the average imitation jewellery export price amounted to $X per ton, with an increase of 53% against the previous year. Over the period under review, the export price, however, recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2020 when the average export price increased by 140% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Sudan ($X per ton), while the average price for exports to Jordan ($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 Morocco (+46.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imitation Jewellery Imports

Imports into Saudi Arabia

In 2021, purchases abroad of imitation jewelry decreased by -17.1% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports showed a abrupt descent. The growth pace was the most rapid in 2019 when imports increased by 46% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, imitation jewellery imports skyrocketed to $X in 2021. In general, total imports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -18.7% against 2019 indices. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest imitation jewellery supplier to Saudi Arabia, accounting for a 81% share of total imports. Moreover, imitation jewellery imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-19.7% per year) and South Korea (-26.7% per year).

In value terms, China ($X) constituted the largest supplier of imitation jewellery to Saudi Arabia, comprising 59% of total imports. The second position in the ranking was held by India ($X), with a 1.7% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-12.9% per year) and South Korea (-24.6% per year).

Import Prices by Country

In 2021, the average imitation jewellery import price amounted to $X per ton, picking up by 58% against the previous year. In general, the import price recorded a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was South Korea ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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