Jewellery and precious metal wares market in Hungary

Earlier Report Observations

Between 2018 and 2020, the Hungarian market for jewellery and precious metal wares contracted, with production falling from 5 257 thousand $ to 4 651 thousand $ and overall market size declining from 34 927 thousand $ to 33 910 thousand $. Throughout this period, the trade was governed by persistent regulatory requirements, including mandatory professional qualifications for sellers and detailed hallmarking and labeling rules for precious metal items, as stipulated by national legislation.

From 2021 onward, the market entered a recovery phase, with imports rising steadily to reach 54 999 thousand $ by 2025 and exports surging to 15 764 thousand $ in the same year. The market size expanded to 41 936 thousand $ in 2024. In 2022, amendments to the flat-rate tax (KATA) increased the annual tax burden for small craftsmen and online jewellery sellers, while new consumer protection rules mandated clearer price indication at retail points. These regulatory adjustments likely influenced the cost structure and pricing transparency within the domestic market.

Production jewellery and precious metal wares in Hungary

In value, 2018-2021, K $ US

In 2020, Hungary's output of jewellery and precious metal wares was valued at 4 651 thousand US dollars, marking an 11.5% decrease compared to the previous year.

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

Exports jewellery and precious metal wares from Hungary

Exports in kind, kg

Market performance showed noticeable fluctuations during this period. Export volumes reached their lowest point in 2019 at 933 kg, then peaked in 2021 at 24 832 kg, representing a 27-fold increase between these years. In 2021, jewellery and precious metal wares exports from Hungary grew by 80.4% compared to 2020. The largest decline occurred in 2019, falling by 28.7%, while the most significant increase was recorded in 2020, surging by 1,376.1%.

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

From 2018 to 2021, Croatia was the leading destination for Hungary's exports of jewellery and precious metal wares in kind, accounting for 80.4% of total flows, with the remainder distributed among other partners.

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

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

Exports in value, K $ US

After two years of decline, Hungary's exports of jewellery and precious metal wares in value terms rebounded. In 2021, exports reached 7 142 thousand US dollars, a 53.4% increase from the previous year. The lowest value was recorded in 2020 at 4 655 thousand US dollars, with the largest decline occurring in 2019 at 15.1%. Over the 2018-2021 period, exports grew by 13%, translating to a compound annual growth rate of 4.1%.

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

Between 2018 and 2021, the main markets for Hungary's exports in value terms were Slovakia, with a 33.5% share, Romania at 20.5%, and Germany at 14.7%. Together, these three countries accounted for 68.7% of total export flows.

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

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

Imports jewellery and precious metal wares to Hungary

Imports in kind, kg

Hungary's imports of foreign jewellery and precious metal wares in kind increased for the third consecutive year. In 2021, imports totaled 7 825 kg, up 3.7% from the previous year. Over the 2018-2021 period, imports rose by 14.2%, corresponding to a compound annual growth rate of 4.5%.

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

From 2018 to 2021, Germany was the largest supplier of jewellery and precious metal wares to Hungary in kind, with a 40.0% share, followed by Turkey at 16.9% and China at 16.1%. These three countries together formed 73.0% of total imports in kind.

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

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

Imports in value, K $ US

Following a two-year decline, Hungary's imports of jewellery and precious metal wares in value terms increased. In 2021, import volume stood at 46 309 thousand US dollars, a 36.5% uptick compared to 2020. The minimum value was recorded in 2020 at 33 915 thousand US dollars, with the largest decline occurring in 2019 at 8.2%. Between 2018 and 2021, imports grew by 21.3%, equating to an annualized rate of 6.6%.

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

During the 2018-2021 period, Turkey, Germany, and Italy consistently remained the main sources for Hungary's imports in value terms. Turkey accounted for 50.6% of imports, Germany for 29.0%, and Italy for 8.5%, together making up 88.1% of total import flows.

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

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