Venezuela: Imitation Jewellery Market 2023

Imitation Jewellery Market Size in Venezuela

The Venezuelan imitation jewellery market surged to $X in 2021, growing by 30% 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). Over the period under review, consumption, however, recorded a precipitous decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Imitation Jewellery Exports

Exports from Venezuela

After two years of decline, shipments abroad of imitation jewelry increased by 75% to X tons in 2021. In general, exports saw a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 97%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, imitation jewellery exports soared to $X in 2021. Over the period under review, exports, however, recorded a abrupt slump. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for imitation jewellery exports from Venezuela, accounting for a 75% share of total exports. Moreover, imitation jewellery exports to the United States exceeded the volume sent to the second major destination, Trinidad and Tobago (X kg), sixfold. The third position in this ranking was taken by Chile (X kg), with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (0.0% per year) and Chile (+24.4% per year).

In value terms, the United States ($X), Chile ($X) and Spain ($X) constituted the largest markets for imitation jewellery exported from Venezuela worldwide, with a combined 65% share of total exports.

In terms of the main countries of destination, Chile, with a CAGR of +25.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average imitation jewellery export price stood at $X per ton in 2021, approximately mirroring the previous year. Overall, the export price continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 an increase of 12% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to Trinidad and Tobago ($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 Costa Rica (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imitation Jewellery Imports

Imports into Venezuela

In 2021, imports of imitation jewelry into Venezuela skyrocketed to X tons, jumping by 39% on 2020 figures. In general, imports, however, showed a precipitous descent. The pace of growth was the most pronounced in 2019 when imports increased by 404% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, imitation jewellery imports surged to $X in 2021. Overall, imports, however, showed a sharp slump. The pace of growth appeared the most rapid in 2019 with an increase of 145%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest imitation jewellery supplier to Venezuela, with a 85% share of total imports. Moreover, imitation jewellery imports from China exceeded the figures recorded by the second-largest supplier, Peru (X tons), eightfold. Panama (X tons) ranked third in terms of total imports with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (-23.6% per year) and Panama (-47.9% per year).

In value terms, China ($X), Peru ($X) and Panama ($X) were the largest imitation jewellery suppliers to Venezuela, with a combined 88% share of total imports.

Among the main suppliers, China, with a CAGR of -11.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average imitation jewellery import price stood at $X per ton in 2021, with a decrease of -16.7% against the previous year. Over the period under review, the import price continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2015 an increase of 53%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+35.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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