PRODUCT CLASSIFICATION
Jewellery are decorative objects typically made from precious metal and stone and worn for personal adornment by both women and men.
Beyond their aesthetic function they often carry cultural, emotional or symbolic value, for example marking identity, status or representing significant life moments.
Jewellery are a part of Precious stones, metals & pearls, category of the Precious Metals section that includes a wide range of related by-products like Jewelry & Parts of Precious Metals (Excl. Silver), Jewellery and parts, silver, including plated silver, and Jewellery, parts, base metal clad with precious metal.
They also have a Product Complexity Index of 0.049, ranking 552 out of 1044 products in 2023.
This post will not consider a specific country’s market, but it will be focused on the Jewellery trade in general.
OVERVIEW
In 2023, global trade of Jewellery reached an amount of $113B, reflecting an increased percentage of 10 from 2022, when it totaled $103B and, over the past five years, it has grown at an annualized rate of 5.3%.
In addition, during the same year, Jewellery ranked 27 in global trade value out of 1217 products, accounting for 0.5% of world trade.
EXPORT
In 2023 it was estimated that the main characters in the exportation scenario of Jewellery were
- India - $13.1B;
- Italy - $12.4B;
- China - $11.6B.
Also, during the same year, the countries that registered the highest share of this category in their export portfolios were
- Saint Barthélemy - 26.4%;
- Macau - 20.5%;
- Lebanon - 10.4%.
IMPORT
In 2023 it was revealed that the leading importers of the Jewellery category in global trade were
- Hong Kong - $21.3B;
- United Arab Emirates - $16.6B;
- United States - $13.5B.
CONCLUSIONS
Jewellery continue to serve as both a personal statement and a form of cultural expression, blending tradition with innovation, beauty and meaning.
In 2023, the global Jewellery trade reached $113B, reflecting a 10% increase from 2022, when trade totaled $103B, highlighting not only its economic strength but also its enduring role in people’s lives across the world.
Source: https://oec.world/en
