Jewellery and precious metal wares market in Portugal

Earlier Report Observations

In 2018-2019, the market size for jewellery and precious metal wares in Portugal stabilized at around 135 million US dollars. This period was characterized by a significant expansion of Portuguese jewellery exports, which boosted the sector's international presence, and the initial wave of digitalization that created new online sales channels.

The market size fell sharply to 98 million US dollars in 2020. The COVID-19 pandemic forced the closure of national assay offices essential for product certification and halted operations at approximately 80% of sector companies, severely curtailing domestic market activity and consumption.

Following the pandemic, the sector showed signs of recovery with exports growing by over 20% in 2021, supported by the launch of the international 'Portuguese Jewellery – Shaped with Love' promotional campaign. Subsequent years saw a strengthened focus on sustainability and social responsibility, while ongoing digitalization continued to reshape production and sales, enhancing the sector's global competitiveness.

Production jewellery and precious metal wares in Portugal

In value, 2018-2021, K $ US

In 2019, Portugal's output of jewellery and precious metal wares reached its peak at 92 213 K $ US. However, in 2020, production declined significantly to 77 785 K $ US, marking a 15.6% decrease from the previous year. Over the period from 2018 to 2020, production fell by 15%, which translates to an annualized rate of 5.3%. The largest increase during this timeframe was recorded in 2019 at 0.8%.

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

Exports jewellery and precious metal wares from Portugal

Exports in kind, kg

Portugal's exports of jewellery and precious metal wares hit their lowest point in 2020 at 9 329 kg. In 2021, after a two-year decline, exports rebounded to 11 978 kg, showing a 28.4% increase compared to 2020. From 2018 to 2021, exports decreased by 72.2%, with an annualized rate of 34.7%. The largest decline occurred in 2019, dropping by 61.3%.

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

Between 2018 and 2021, the primary buyers of Portugal's jewellery and precious metal wares in terms of volume were Hong Kong, accounting for 41.1% of exports, the United Arab Emirates at 14.3%, and Spain with 7.1%. Together, these three markets represented 62.5% of total exports in kind.

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

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

Exports in value, M $ US

In 2020, Portugal's exports of jewellery and precious metal wares in value terms reached their minimum at 43.4 M $ US. The following year, in 2021, exports rose to 60.5 M $ US, a 39.5% increase from 2020. Over the 2018-2021 period, exports grew by 16.6%, with a compound annual growth rate of 5.2%. The peak value was recorded in 2019 at 60.8 M $ US, while the largest decline occurred in 2020, falling by 28.7%.

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

From 2018 to 2021, France was the leading partner in Portugal's jewellery and precious metal wares exports by value, comprising 31.1% of the total. Spain followed with 15.7%, and Hong Kong accounted for 10.5%. Collectively, these three countries made up 57.4% of total export flows in value terms.

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

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

Imports jewellery and precious metal wares to Portugal

Imports in kind, kg

Portugal's imports of jewellery and precious metal wares in kind were at their lowest in 2020, totaling 20 541 kg. In 2021, after a two-year decline, imports surged to 27 484 kg, reflecting a sharp 33.8% rise compared to 2020. Over the 2018-2021 period, imports decreased by 29.3%, with an annualized rate of 10.9%. The largest decline was recorded in 2020, dropping by 40.1%.

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

During 2018-2021, Spain was the largest supplier of jewellery and precious metal wares to Portugal in terms of volume, representing 37.9% of imports. Austria contributed 18.5%, and Germany accounted for 12.9%. Together, these three countries formed 69.3% of total imports in kind.

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

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

Imports in value, M $ US

In 2020, Portugal's imports of jewellery and precious metal wares in value terms were at their minimum, valued at 63.5 M $ US. The following year, in 2021, imports increased to 95.8 M $ US, a 50.7% rise from 2020. Over the 2018-2021 period, the peak value was recorded in 2019 at 102.8 M $ US, while the largest decline occurred in 2020, falling by 38.2%.

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

From 2018 to 2021, Spain held the largest share of Portugal's imports of jewellery and precious metal wares by value, at 32.2%. Italy followed with 17.0%, and France accounted for 14.4%. Combined, these three countries comprised 63.6% of total import flows in value terms.

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

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