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A Look Back at the Top Jewelry Import Markets January 04, 2024 (0 comments)
Covina, CA--Reflecting on the trends of 2022, two years ago, the jewelry import market witnessed significant shifts and emerging leaders.
[Image via IndexBox]
According to data from IndexBox, a market intelligence platform, the top ten countries in the jewelry import sector for that year were Hong Kong SAR, United Arab Emirates, United States, Switzerland, Singapore, China, Kuwait, France, United Kingdom, and Japan.
Hong Kong SAR: Leading the pack, Hong Kong SAR imported jewelry worth $19.0 billion. Known for luxury designs and superior craftsmanship, the region benefits from its strategic geographical position, established industry infrastructure, and favorable tax policies.
United Arab Emirates: With imports totaling $13.8 billion, the UAE's robust economy and luxury shopping reputation, particularly in Dubai, have established it as a significant jewelry market.
United States: Ranking third with imports of $13.1 billion, the US's large affluent consumer base and strong retail sector make it a major destination for fine jewelry.
Switzerland: Known for precision and craftsmanship, Switzerland imported $9.0 billion worth of jewelry. Its legacy in watchmaking and jewelry production enhances its market position.
Singapore: With $4.6 billion in imports, Singapore's role as a global financial center and its luxury consumer market contribute to its high demand for quality jewelry.
China: Importing $4.3 billion in jewelry, China's growing middle class and increased purchasing power have made it a significant market, especially for luxury items.
Kuwait: With imports of $4.2 billion, Kuwait's affluent population and strong economy create a favorable market for luxury jewelry.
France: Importing $4.0 billion, France's rich cultural heritage and fashion industry, especially in Paris, drive its jewelry market.
United Kingdom: The UK, particularly London, with its vibrant retail sector and luxury goods market, imported jewelry worth $2.6 billion.
Japan: Rounding out the top ten with $2.4 billion, Japan's market is defined by its emphasis on quality, precision, and unique designs.
Access the trends and insights report here at IndexBox.