In this article, we’ll discuss the top 15 jewelry exporting countries in the world. If you want to skip all the details about the jewelry market and the major players in the jewelry industry, then head straight to Top 5 Jewelry exporting countries in the World.
Jewelry has deep-rooted historical significance, tracing its presence in human culture back thousands of years, evolving from symbolic and cultural adornments into coveted fashion statements and personal ornaments.
With this rich history in mind, it's fascinating to see how the global jewelry market has continued to flourish. The global jewelry market, valued at USD 216.48 billion in 2022, is on a growth trajectory. Projections for 2023 estimate a rise to USD 224.38 billion, with expectations of the market reaching USD 308.36 billion by 2030.
This expansion is fueled by a rising trend in luxury consumption, where more people are drawn to luxurious products. Jewelry's appeal lies in its ability to highlight body features, reflect fashion trends, and showcase individual style. It's gaining popularity among high-income earners, enhancing its status as a symbol of affluence, and driving increased consumption rates. This combination of factors positions the global jewelry market for significant growth, solidifying its role in the luxury goods industry.
As we step further into the modern era, it's clear that the jewelry market is thriving and holds strong potential for growth. Specifically, the United States luxury fine jewelry industry is on the verge of significant expansion. Projections suggest that by 2023, this market is poised to reach an estimated value of US$ 11.5 billion.
Yet, the future looks even more promising, with expectations of US fine jewelry market reaching a remarkable US$17.7 billion by 2033. This journey is anticipated to be powered by a consistent compound annual growth rate (CAGR) of 4.4% during the forecast period from 2023 to 2033.
Technology, especially post-COVID-19, has transformed the ornament industry. Manufacturers using tech, like the Ringly Luxe Smart Ring with features like activity tracking and GPS for safety, are boosting product consumption. This tech-infused trend is driving demand for these innovative ornaments.
Among the subsectors, bridal jewelry is one of the most important. Even industry leaders, like Signet Jewelers Ltd (NYSE:SIG), the largest specialty jewelry retailer in the U.S., acknowledge the significant impact of bridal jewelry on their business. During their latest earnings call, Signet's CEO, Gina Drosos, said:
“By design, bridal is a big business for us, and as engagements begin their recovery later this year, we’re positioning ourselves to capture a multiyear tailwind. This is important because bridal is a highly strategic category. It’s frequently the most important emotional and financial point of market entry into the jewelry category. That means that in addition to initial sales, it drives the beginning of lifetime relationships leading to future purchases for special events, anniversaries and holidays throughout our customers’ lives. We see bridal as a $600 million revenue growth opportunity. Prior to the pandemic, we estimate the number of engagements was consistently close to 2.8 million per year. That began dropping last year, and we estimate it will bottom out this calendar year 2023 between 2.1 million and 2.2 million, or nearly 25% fewer engagements than normal.”
Signet Jewelers Ltd (NYSE:SIG) is further embracing the evolving landscape of the jewelry industry by expanding its footprint in the jewelry rental business. They've recently unveiled plans for an extended rollout of a fine jewelry rental program geared toward special occasions and weddings. This reflects Signet Jewelers Ltd (NYSE:SIG)’s commitment to staying at the forefront of evolving jewelry trends.
In addition to these developments, many companies are also embracing sustainability within the jewelry industry. Companies like Pandora and Charles & Colvard, Ltd. (NASDAQ:CTHR) are now leading the way by focusing on lab-grown diamonds. Charles & Colvard, Ltd. (NASDAQ:CTHR)'s President and Chief Executive Officer, Don O’Connell, highlighted this sustainability shift during a recent earnings call of Charles & Colvard, Ltd. (NASDAQ:CTHR), stating that:
"Lab-grown gemstones and lab-grown diamonds specifically are gaining significant popularity in the marketplace, becoming more mainstream for price-conscious consumers seeking larger carat weights with eco-friendly and conflict-free options." He further emphasized, "Since introducing lab-grown diamonds, we have become more vertically integrated as we consistently strive to be a competitively priced industry leader in the overall lab-grown fine jewelry market."
Now that you grasp the jewelry market's dynamics, key players, and recent trends, let's explore answers to questions like which country exports the most jewelry and which country is the best for jewelry.
To determine the top 15 jewelry exporting countries globally, we utilized the most recent data on jewelry export values, drawing from sources like the Observatory of Economic Complexity (OEC), among others. Subsequently, we organized these countries in ascending order based on their export values.
If you’re interested, also read Top 15 Gold Producing Countries in the World.
Top 15 jewelry exporting countries in the world
Here is the list of the top 15 jewelry exporting countries in the world.
Estimated Export Value of Jewelry 2021: $1.35 billion
Malaysia's gold jewelry industry is lively and varied, with more than 100 manufacturers selling jewelry both at home and abroad. The jewelry market in Malaysia is expected to get bigger in the next few years because of the expanding middle class. How people behave when they shop for jewelry matters a lot in Malaysia. There are local jewelry brands that are becoming more popular, and they make both fancy and everyday jewelry.
Estimated Export Value of Jewelry 2021: $1.8 billion
German consumers have a strong appreciation for quality and prioritize jewelry made from top-notch materials like gold, silver, and diamonds. They also seek out unique and innovative designs that match their personal style. In the German jewelry market, you'll find a lot of small and medium-sized businesses, which makes it quite diverse. Yet, there's also a trend where bigger companies are buying smaller ones to expand their market presence.
Estimated Export Value of Jewelry 2021: $3.3 billion
Thailand hosts a diverse array of jewelry manufacturers and wholesalers, catering to a wide spectrum of offerings, from 925 stainless steel jewelry to bamboo accessories. Gemstones and jewelry hold substantial export value for Thailand, owing to abundant deposits of sapphire, ruby, zircon, garnet, beryl, quartz, and jadeite within the nation. Shoppers in Thailand can explore a multitude of jewelry outlets, spanning malls, airports, markets, and street vendors.
12. United Kingdom
Estimated Export Value of Jewelry 2021: $3.4 billion
The UK's jewelry market, a major economic contributor, thrives on traditional craftsmanship, innovation, and evolving consumer preferences. This market's vitality stems from a harmonious blend of traditional craftsmanship, innovation, and evolving consumer preferences. Nevertheless, it faces challenges and uncertainty brought about by the UK's exit from the European Union ("Brexit"), mounting inflation due to rising energy prices, and the ongoing effects of the COVID-19 pandemic.
Estimated Export Value of Jewelry 2021: $3.5 billion
Singapore's jewelry market spans various segments, including mid-range, mass-market, high-end, costume, bespoke, and customized categories. While traditional retail stores have long been dominant, many are now shifting towards innovative online platforms, providing consumers with greater choices and borderless e-commerce options. Key drivers of this market include increased tourist arrivals, a surge in jewelry and luxury item purchases as a hedge against inflation, and a growing trend in online sales.
10. Hong Kong
Estimated Export Value of Jewelry 2021: $3.7 billion
Hong Kong's jewelry industry is primarily characterized by its focus on fine jewelry, driven by the local market's growth, including sales to tourists. The production of jewelry in Hong Kong encompasses a wide range of medium to high-priced products, with particular expertise in crafting small stone fashion jewelry. Hong Kong excels in manufacturing pure gold items and has gained recognition as a major hub for the production of jade jewelry. Additionally, it serves as a prominent trading and distribution center for pearls. Broadly speaking, Hong Kong's jewelry industry can be divided into two sectors: fine jewelry made of precious metals and imitation jewelry. Notably, in 2022, approximately 91% of Hong Kong's jewelry exports by value consisted of fine jewelry.
Estimated Export Value of Jewelry 2021: $3.8 billion
Indonesia's jewelry market shows promising growth potential, with the government actively enhancing the industry's competitiveness and product quality through initiatives led by the Ministry of Industry. Local jewelry manufacturers are adopting new technologies to boost productivity and product quality.
Estimated Export Value of Jewelry 2021: $5.16 billion
In France, the jewelry market is strongly shaped by sustainability and ethics, as consumers actively seek ethically sourced and sustainable jewelry made from eco-friendly materials. French women tend to favor simple, timeless designs over vibrant and flashy costume jewelry. They often opt for delicate pieces in warm yellow gold, typically limiting themselves to just a couple of statement jewelry items at a time.
Estimated Export Value of Jewelry 2021: $6.81 billion
Turkey's jewelry market is a lively and ever-evolving sector, characterized by a keen emphasis on one-of-a-kind designs that seamlessly blend traditional Turkish motifs and symbols. Forecasts indicate substantial growth in the years ahead, with Turkish artisans celebrated for their meticulous craftsmanship and their talent in crafting elaborate designs that beautifully showcase the nation's culturally rich heritage.
6. United States
Estimated Export Value of Jewelry 2021: $7.25 billion
The US jewelry market is set for expansion, driven by rising demand for personalized, sustainable, and distinctive jewelry pieces. The shift toward online sales persists, underscoring the growing significance of e-commerce in the industry. Moreover, there is a noticeable uptrend in the preference for sustainable and ethically sourced jewelry, as consumers actively seek out brands committed to environmental and social responsibility.
Click to continue reading and see the Top 5 Jewelry Exporting Countries in the World.