United Kingdom: Jewelry Market 2024

Jewelry Market Size in the UK

In 2022, the UK jewelry market increased by X% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a deep contraction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Jewelry Production in the UK

In value terms, jewelry production reached $X in 2022 estimated in export price. Overall, production showed noticeable growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Jewelry production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from the UK

In 2022, overseas shipments of jewelry decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, exports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, jewelry exports surged to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons), Switzerland (X tons) and the United States (X tons) were the main destinations of jewelry exports from the UK, with a combined X% share of total exports. Ireland, Nigeria, the Netherlands, France, Macao SAR, Bahrain, Hong Kong SAR, Italy, Australia and Belgium lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), the United States ($X) and France ($X) appeared to be the largest markets for jewelry exported from the UK worldwide, with a combined X% share of total exports. Hong Kong SAR, Bahrain, the Netherlands, Ireland, Italy, Germany, Macao SAR, Australia, Belgium and Nigeria lagged somewhat behind, together accounting for a further X%.

Nigeria, with a CAGR of X%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, growing by X% against the previous year. Overall, the export price enjoyed a prominent expansion. The growth pace was the most rapid in 2015 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2016 to 2022, the average export prices remained at a lower figure.

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

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

Jewelry Imports

Imports into the UK

In 2022, after two years of decline, there was significant growth in supplies from abroad of jewelry, when their volume increased by X% to X tons. In general, imports, however, recorded a abrupt descent. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, jewelry imports stood at $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible setback. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Thailand (X tons), China (X tons) and Italy (X tons) were the main suppliers of jewelry imports to the UK, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, India ($X), Thailand ($X) and Italy ($X) constituted the largest jewelry suppliers to the UK, with a combined X% share of total imports. France, the United States, China, Hong Kong SAR, Germany, Spain, Ireland and Denmark lagged somewhat behind, together accounting for a further X%.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2022, with a decrease of X% against the previous year. Over the period under review, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jewelry import price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2013 an increase of X%. The import price peaked at $X per kg in 2021, and then reduced dramatically in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per kg), while the price for Spain ($X per kg) 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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