Jewellery market in Belgium

Earlier Report Observations

Between 2018 and 2021, Belgium's jewellery trade experienced significant swings. Imports declined from USD 149.9 million in 2018 to USD 137.8 million in 2020, before rebounding sharply to USD 230.3 million in 2021. Exports mirrored this pattern, falling from USD 143.5 million in 2018 to USD 141.4 million in 2020, then jumping to USD 222.4 million in 2021. This volatility coincided with a period of global economic uncertainty, which increased demand for precious metals as safe-haven assets.

From 2022, domestic production data shows output of USD 37.6 million, which grew 19% to USD 44.7 million in 2023 before declining 13% to USD 38.7 million in 2024. The total market size followed a similar trajectory, reaching USD 51.6 million in 2022, expanding 17% to USD 60.2 million in 2023, then contracting 36% to USD 38.7 million in 2024. A key development in 2022 was the enforcement of stricter hallmarking regulations, requiring all manufacturers and importers of gold, silver, and platinum jewellery to apply quality stamps and register with the Royal Mint of Belgium's guarantee office, enhancing product traceability and consumer confidence. Concurrently, sustained global demand for gold as an inflation hedge provided underlying support for the precious metal jewellery market.

The market's sharp contraction in 2024 brought its size back to the 2022 level, suggesting a normalization after the post-pandemic surge. Throughout the entire period, the market operated within a framework of harmonized European Union rules on precious metals, facilitating the free movement of goods across member states.

Production jewellery in Belgium

According to Faostat, there is no production of jewellery in Belgium.

Exports jewellery from Belgium

Exports in kind, t

Belgium's jewellery exports have grown for the third year in a row. In 2020, exports reached 863.0 tonnes, showing a strong increase of 13.6% compared to 2019. Over the period from 2017 to 2020, exports rose by 45.9%, which translates to an annualized growth rate of 13.4%.

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

From 2017 to 2020, France, Germany, and the Netherlands were the top destinations for Belgium's jewellery exports by volume. France accounted for 37.1% of exports, Germany for 17.4%, and the Netherlands for 12.4%. Together, these three countries represented 66.9% of total export flows.

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

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

Exports in value, M $ US

After two years of growth, Belgium's jewellery exports in value terms declined. In 2020, exports totalled 141.4 million US dollars, marking a significant drop of 10.7% from 2019. Between 2017 and 2020, exports increased by 27.1%, with an annualized rate of 8.3%. The peak value was recorded in 2019 at 158.3 million US dollars, while the largest annual increase occurred in 2018 at 29.0%.

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

From 2017 to 2020, Belgium's jewellery export markets in value terms were diverse. Germany, France, and the United States were the leading partners, with shares of 19.8%, 17.6%, and 10.6% respectively. However, together they made up only 48.1% of total exports, meaning a substantial 51.9% went to many other countries around the world.

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

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

Imports jewellery to Belgium

Imports in kind, t

Belgium's jewellery imports by volume have fallen for the second consecutive year. In 2020, imports amounted to 183.6 tonnes, down 4.9% from 2019. Over the 2017-2020 period, imports decreased by 28.9%, with an annualized decline of 10.8%. The highest volume was in 2018 at 280.8 tonnes, while the largest drop occurred in 2019 at 31.2%. In contrast, 2018 saw the biggest increase at 8.7%.

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

Between 2017 and 2020, three key markets dominated Belgium's jewellery imports by volume: Italy, Germany, and the Netherlands. Together, they accounted for 82.0% of total imports.

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

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

Imports in value, M $ US

Belgium's jewellery imports in value terms have also declined for two years in a row. In 2020, imports reached 137.8 million US dollars, a decrease of 6.0% compared to the previous year. From 2017 to 2020, imports overall increased by 10.8%, with an annualized growth rate of 3.5%. The peak value was in 2018 at 149.9 million US dollars, and the largest annual increase was also in 2018 at 20.6%.

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

From 2017 to 2020, India, France, and China were the main sources for Belgium's jewellery imports in value terms. India contributed 33.8% of imports, France 13.0%, and China 10.3%. Combined, these three countries represented 57.1% of total import flows.

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

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