Jewellery and precious metal wares market in Estonia

Earlier Report Observations

The Estonian jewellery market opened the period at 13.4 million USD in 2018, the year the Product Conformity Act partially came into force, introducing quality and market access requirements. Changes in administrative procedure law in 2019 likely added compliance burdens, coinciding with a market contraction to 11.6 million USD. By 2020, amendments to the Occupational Health and Safety Act affecting manufacturing enterprises may have influenced operations, while a sharp drop in exports drove a market recovery to 13.0 million USD.

A surge in 2021 lifted the market to 21.2 million USD, propelled by supplements to the Product Conformity Act that took effect in November, which likely prompted anticipatory imports ahead of the new rules, including those for personal protective equipment. The market peaked at 22.0 million USD in 2022, largely due to soaring global gold prices and reduced supply, which increased retail prices and the market's value in monetary terms.

The market declined to 16.7 million USD in 2023 amid tightened quality supervision under the Product Conformity Act and a persistent shortage of skilled labor that constrained production capacity. In 2024, state subsidies within quality schemes aimed at sales promotion supported a moderate recovery to 18.1 million USD.

Production jewellery and precious metal wares in Estonia

In value, 2018-2021, K $ US

Estonia's jewellery and precious metal wares production rebounded after two years of decline. In 2021, output reached 5 236 K $ US, marking a significant 29.6% increase compared to 2020. Over the 2018-2021 period, production decreased by 9.5%, with a compound annual growth rate of 3.3%. The lowest value was recorded in 2020 at 4 039 K $ US, which also saw the largest decline of 24.6%.

Annual dynamics of production in Estonia in value, 2018-2021, K $ US

Exports jewellery and precious metal wares from Estonia

Exports in kind, kg

Estonia's jewellery and precious metal wares export volume recovered after two years of decrease. In 2021, exports totalled 2 465 kg, up 9.0% year-over-year. Between 2018 and 2021, exports decreased by 59.7%, equating to an annualized rate of 26.1%. The minimum value was recorded in 2020 at 2 262 kg, which also experienced the largest decline of 49.5%.

Annual dynamics of product's exports from Estonia in kind, 2018-2021, kg

From 2018 to 2021, Germany, Finland, and Sweden formed the core of Estonia's jewellery and precious metal wares exports in kind. Germany accounted for 26.4% of exports, Finland for 21.8%, and Sweden for 17.0%. Together, these three countries represented 65.2% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Estonia in kind, 2018-2021

Exports in value, K $ US

Estonia's jewellery and precious metal wares exports declined for the second consecutive year. In 2021, export value reached 6 649 K $ US, representing a sharp 20.3% drop from the previous year. Over the 2018-2021 period, exports decreased by 32.7%, with a compound annual growth rate of 12.4%. The highest value was recorded in 2019 at 11 907 K $ US, which saw the largest increase of 20.5%. The largest decline occurred in 2020 at 29.9%.

Annual dynamics of product's exports from Estonia in value, 2018-2021, K $ US

The structure of Estonia's jewellery and precious metal wares exports in value terms from 2018 to 2021 shows a diversified set of partners. Lithuania accounted for 18.3% of exports, Turkey for 17.6%, and Sweden for 12.0%. Together, these three countries represented only 47.9% of total flows, with the remaining 52.1% distributed among numerous smaller markets.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Estonia in value, 2018-2021

Imports jewellery and precious metal wares to Estonia

Imports in kind, kg

The market exhibited an unstable trend throughout the period. Imports reached their lowest point in 2020 and peaked in 2021, with a two-fold difference between these years. In 2021, jewellery and precious metal wares deliveries to Estonia amounted to 3 963 kg, representing a sharp 104.5% increase compared to the previous year. The minimum value was recorded in 2020 at 1 938 kg, which also saw the largest decline of 28.3%.

Annual dynamics of product's imports to Estonia in kind, 2018-2021, kg

From 2018 to 2021, Finland, Thailand, and China were the primary suppliers of jewellery and precious metal wares to Estonia in kind. Finland accounted for 33.9% of imports, Thailand for 10.7%, and China for 9.4%. Together, these three countries represented 54.0% of total imports.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Estonia in kind, 2018-2021

Imports in value, K $ US

In 2021, Estonia's jewellery and precious metal wares imports reached 22 644 K $ US, marking a sharp 30.7% increase compared to 2020. Between 2018 and 2021, imports increased by 29.4%, equating to an annualized rate of 9.0%. The minimum value was recorded in 2020 at 17 330 K $ US, which also experienced the largest decline of 4.5%.

Annual dynamics of product's imports to Estonia in value, 2018-2021, K $ US

The partner structure of Estonia's jewellery and precious metal wares imports in value terms from 2018 to 2021 remained fragmented. Turkey accounted for 18.0% of imports, Russia for 10.6%, and Italy for 10.3%. Together, these three countries represented only 38.9% of total flows, with no single country holding a dominant share.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Estonia in value, 2018-2021