Jewellery and precious metal wares market in Greece

Earlier Report Observations

The Greek jewellery market has long been characterized by numerous traditional goldsmithing and silversmithing workshops, such as the Mavropoulos workshop operating since 1986, and established companies like Catena since 1985. This artisanal structure supported a market size of around 69 million US dollars in 2018, which edged down slightly to 67 million US dollars in 2019. The onset of the COVID-19 pandemic in 2020 severely disrupted the sector, leading to mandated workshop closures and a sharp contraction in consumer spending. As a result, the market size plummeted to 32.6 million US dollars that year, with industry associations estimating a multi-year recovery period.

Post-2020, the market began a gradual recovery, though pandemic-related constraints on disposable income and buyer caution persisted into 2021. Import values, a key indicator of market activity, rose from 40.1 million US dollars in 2020 to 64.2 million US dollars in 2021. During this period, consumer preferences increasingly shifted towards branded pieces, gender-neutral collections, and sustainable lab-grown diamonds, trends that helped stimulate demand. By 2022, imports reached 96.4 million US dollars, reflecting the market's upward trajectory and the growing emphasis on new design trends and ethical consumption.

In recent years, the market has continued to expand, with imports climbing to 128.2 million US dollars in 2024. This growth occurred alongside significant headwinds, including high inflation and new tax payment systems for social security contributions implemented in 2024, which affected business operations. Concurrently, industry advocates called for the abolition of the luxury tax on precious metal jewellery. Despite these challenges, average jewellery prices rose substantially, driven by strong demand for sustainable options and branded items, as highlighted by the international KOSMIMA exhibition in Thessaloniki which showcased the sector's recovery and innovation.

Production jewellery and precious metal wares in Greece

In value, 2017-2020, K $ US

Production of jewellery and precious metal wares in Greece declined for the second consecutive year. In 2020, output was valued at 23 643 K $ US, marking a 44.5% year-over-year drop. Over the period from 2017 to 2020, production decreased by 45.6%, with a compound annual growth rate of 18.4%. The highest value was recorded in 2018 at 46 362 K $ US, which also saw the largest increase of 6.6%.

Annual dynamics of production in Greece in value, 2017-2020, K $ US

Exports jewellery and precious metal wares from Greece

Exports in kind, t

Exported volumes of jewellery and precious metal wares from Greece increased for the second consecutive year. In 2020, exports totalled 43.8 tonnes, up by 4.1% compared to the previous year. However, over the period from 2017 to 2020, exports decreased by 6.6%, with a compound annual growth rate of 2.2%. The lowest volume was recorded in 2018 at 41.8 tonnes, which also experienced the largest decline of 10.8%.

Annual dynamics of product's exports from Greece in kind, 2017-2020, t

The country composition of exports in kind from 2017 to 2020 was dispersed. The United Kingdom accounted for 20.2% of exports in kind, Spain for 17.5%, and Israel for 10.5%, together forming just 48.1% of total flows. The remaining 51.9% was distributed among a wide range of other destinations.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, K $ US

Exports of jewellery and precious metal wares in Greece declined for the second consecutive year. In 2020, exports reached 31 103 K $ US, reflecting a sharp decline of 40.2% year-over-year. Between 2017 and 2020, exports decreased by 43.3%, equating to an annualized rate of 17.2%. The maximum value was recorded in 2018 at 58 944 K $ US, which also saw the largest increase of 7.5%.

Annual dynamics of product's exports from Greece in value, 2017-2020, K $ US

From 2017 to 2020, the country structure of exports in value terms remained highly diversified. Turkey accounted for 16.7% of exports in value terms, the United Kingdom for 14.0%, and Italy for 13.8%, together representing only 44.6% of total flows. The remaining 55.4% was formed by a long tail of smaller markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports jewellery and precious metal wares to Greece

Imports in kind, t

The market exhibited an unstable trend throughout the timeframe. Import levels fluctuated significantly, with a 4.6-fold difference between the low of 2020 and the high of 2019. In 2020, imports of jewellery and precious metal wares in Greece came to 36.2 tonnes, indicating a sharp reduction of 78.5% compared to 2019. The maximum volume was recorded in 2019 at 168.0 tonnes, which also saw the largest increase of 9.4%.

Annual dynamics of product's imports to Greece in kind, 2017-2020, t

Throughout 2017 to 2020, Italy played a dominant role in imports in kind of jewellery and precious metal wares to Greece, accounting for 63.7% of imports in kind. Spain and China each contributed 5.6%, with these three countries jointly taking 74.9% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, K $ US

Greece's imports of jewellery and precious metal wares declined for the second consecutive year. In 2020, imports came to 40 073 K $ US, showing an abrupt reduction of 47.5% compared to the previous year. Over the period from 2017 to 2020, imports decreased by 40.7%, with a compound annual growth rate of 16.0%. The maximum value was recorded in 2018 at 81 585 K $ US, which also experienced the largest increase of 20.8%.

Annual dynamics of product's imports to Greece in value, 2017-2020, K $ US

Throughout 2017 to 2020, Italy, France, and China formed the core group of markets for imports in value terms. Italy accounted for 34.3% of imports in value terms, France for 14.3%, and China for 13.3%, together representing 61.9% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020