Philippines: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in the Philippines

The Philippine precious stone and pearl market reduced rapidly to $X in 2022, with a decrease of X% against the previous year. In general, consumption continues to indicate a deep contraction. As a result, consumption attained the peak level of $X, and then contracted significantly in the following year.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in the Philippines

In value terms, precious stone and pearl production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a precipitous shrinkage. The pace of growth was the most pronounced in 2015 when the production volume increased by X,322,558%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from the Philippines

In 2022, the amount of cultured pearls, precious or semi-precious stones exported from the Philippines fell to X tons, waning by X% compared with the previous year's figure. In general, exports faced a sharp reduction. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious stone and pearl exports surged to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

France (X tons) was the main destination for precious stone and pearl exports from the Philippines, with a X% share of total exports. Moreover, precious stone and pearl exports to France exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. South Korea (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to France stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and South Korea (X% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for cultured pearls, precious or semi-precious stones exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports. It was followed by India, with less than X% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and India (X% per year).

Export Prices by Country

The average precious stone and pearl export price stood at $X per kg in 2022, picking up by X% against the previous year. Overall, the export price posted a significant increase. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per kg), while the average price for exports to South Korea ($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 the Czech Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into the Philippines

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were imported into the Philippines; declining by X% against 2021 figures. Over the period under review, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, precious stone and pearl imports skyrocketed to $X in 2022. Overall, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Brazil (X tons), Sri Lanka (X tons) and Singapore (X tons) were the main suppliers of precious stone and pearl imports to the Philippines, together accounting for X% of total imports. Japan, Germany, China, Thailand, India, the United States, Hong Kong SAR and Madagascar lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to the Philippines, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Hong Kong SAR totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

Import Prices by Country

The average precious stone and pearl import price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the import price saw significant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X,535 per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Madagascar (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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