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.
Top 15 Jewelry Exporting Countries in the World
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.
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.
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.
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.
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.
Suggested Articles:
Disclosure: None. Top 15 Jewelry Exporting Countries in the World is originally published on Insider Monkey.
The Best Countries for Fine Jewelry Manufacturing
Whether it is a wedding or family history defining moment when heirlooms are created, fine jewelry wins the day, So, where do you go for fine jewelry manufacturing?
This is one of the biggest questions people have when they want to create fine jewelry. You see, just like with everything luxury, there are a few places that are known for their craftsmanship and stand above the others.
Now, when it comes to jewelry manufacturing, there are a few places which have made themselves stand out from the rest, craving a place in history for their fine jewelry work.
So, if you want to make fine jewelry, this blog is for you. Here, we shall be discussing the best countries for fine jewelry manufacturing. Therefore, with this being said, let’s get right into it:
The Best Countries for Fine Jewelry Manufacturing: Your Ultimate Guide
Italy: Where Tradition Meets Innovation
The very first one on the list is the cultural heart of Europe, Italy, the epitome of timeless elegance. It has long been a hub for luxury jewelry production. The Italian is well known for its luxury brands in clothes, in fashion, and in car making (Ferrari), bikes (MV Agusta), and so much more.
India: The Land of Gems and Craftsmanship
Everyone knew that this place was going to appear on this list sooner or later. And that’s for a good reason. The word culturally rich is a super under estimation when defining India! You see, when it comes to fine jewelry manufacturing, India, stands as one of the best options in the world. One should take in consideration that India common household have more gold in form of jewelry and accessories than many of the world’s largest countries’ gold reservations. Not only this but, the country, with its vibrant culture and centuries-old jewelry traditions, is a treasure trove of exquisite designs. One of the best parts here is, India has so many local cultures and types of jewelry design that have had hundreds of years to mature. In addition to the gold and silver jewelry industry, the place also has a huge hotspot for diamonds and gemstones, giving you a one stop solution.
Visit for :- bangle manufacturers in india
France: The Epitome of Elegance
There is only one place in Europe that can give Italian artists a run for their money and it is the home of luxury, haute couture, and liberty, France. It goes without saying that-Paris-the fashion capital of the world. So, naturally, it is also renowned for its high-end jewelry. Moreover, French jewelry craftsmen are celebrated for their innovative designs. They are known for blending traditional techniques with contemporary aesthetics.
Switzerland: Precision and Purity
Yes, yes, we know what you think, Switzerland is known for its watchmaking heritage. But along with that, it is also known for its precision fine jewelry manufacturing. You see, Swiss jewelers are revered for their technical expertise and commitment to perfection. Whether it's crafting intricate watch components or exquisite jewelry pieces. Therefore, the Swiss artisans uphold the country's reputation for precision and purity of materials. Therefore, if you want to get a Rolex of fine jewelry, this is the place that you should definitely check out.
United States: Diverse Creativity
Well, well, how can you finish a list, without mentioning the USA! Though you might not think of it as such, the United States boasts a diverse jewelry industry. What works to the place’s advantage is its multicultural heritage. Meaning with artisans from various cultural backgrounds contributing to its vibrant landscape. From the iconic jewelry stores of New York's Fifth Avenue to the artisanal workshops in California, the U.S. offers a wide range of styles and designs. And you can combine different styles for fine jewelry manufacturing creating heirloom-worthy pieces. All in all, American jewelers are known for their creativity, experimenting with various materials and techniques to create unique, statement-making pieces.
Visit For:- jewelry manufacturer in india
Thailand: The Gemstone Paradise
Coming to the last one but not at all the least is, Thailand, the gateway to the world of gemstones. If you are into jewelry you know that Thailand has earned its reputation as the gemstone capital of the world. Moreover, the country is a hub for cutting, polishing, and setting colorful gemstones into breathtaking jewelry pieces. This includes the high in demand gemstones like sapphires, rubies, and emeralds. Therefore, if you are interested in fine jewelry manufacturing and want to embed gemstones into your piece, this place is one for you.
Conclusion
Fine jewelry manufacturing is a task that requires a lot of consideration. And if you are someone who wants to make fine pieces, there are few places that offer better options than others. In this blog, we went through all of the best options. And with this being said, we conclude the blog.
READ MORE:- Conflicting Crystals: Bad Combos To Avoid