Market research

Jewellery market in Estonia

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The Estonian jewellery market was valued at USD 10.6 million in 2018, a period marked by the entry of new small-scale jewellers and artisans which added diversity to the retail landscape. Market value contracted to USD 9.5 million in 2019 as high gold prices prompted consumers to explore alternative materials such as platinum. It recovered to USD 11.5 million in 2020, driven by geopolitical tensions and global economic uncertainty which increased investor interest in precious metals as safe-haven assets, elevating prices and the overall market valuation.

A sharp expansion followed, with the market reaching USD 19.2 million in 2021. This surge was supported by the emergence of new precious metal segments like platinum and heightened demand from Asian and Indian markets. Growth continued into 2022, peaking at USD 20.0 million, sustained by active retail trading of investment gold and silver, alongside local industry support from initiatives like Roman Tavasti's jewellery firm which fostered innovation.

The market then adjusted to USD 15.0 million in 2023 before partially rebounding to USD 18.0 million in 2024.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In value
    1. 4.1.1.1. Production, 2018-2024
    2. 4.1.1.2. Imports, 2018-2025
    3. 4.1.1.3. Exports, 2018-2025
    4. 4.1.1.4. Market size, 2018-2024
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Estonia
  1. 5.1.1. In value, 2018-2024, K $ US
2. 5.2. Production in the EU, 2018-2024
  1. 5.2.1. In value, 2018-2024, K $ US
6. Imports
1. 6.1. Imports (Direct Data)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, kg
    1. 6.1.2.1. Annual dynamics of product's imports to Estonia in kind, 2018-2025, kg
    2. 6.1.2.2. Dynamics of product's imports in kind to Estonia by countries, 2018-2025, kg
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 6.1.3. Imports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Estonia in value, 2018-2025, K $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Estonia by countries, 2018-2025, K $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 6.1.4. Average price of product's imports, $ US/kg
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Estonia, 2018-2025, $ US/kg
    2. 6.1.4.2. Dynamics of average price of product's imports to Estonia by countries, 2018-2025, $ US/kg
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, kg
    1. 6.2.2.1. Annual dynamics of product's imports to Estonia in kind, 2018-2025, kg
    2. 6.2.2.2. Dynamics of product's imports in kind to Estonia by countries, 2018-2025, kg
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 6.2.3. Imports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Estonia in value, 2018-2025, K $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Estonia by countries, 2018-2025, K $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 6.2.4. Average price of product's imports, $ US/kg
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Estonia, 2018-2025, $ US/kg
    2. 6.2.4.2. Dynamics of average price of product's imports to Estonia by countries, 2018-2025, $ US/kg
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, kg
    1. 7.1.2.1. Annual dynamics of product's exports from Estonia in kind, 2018-2025, kg
    2. 7.1.2.2. Dynamics of product's exports in kind from Estonia by countries, 2018-2025, kg
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 7.1.3. Exports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Estonia in value, 2018-2025, K $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Estonia by countries, 2018-2025, K $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 7.1.4. Average price of product's exports, $ US/kg
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Estonia, 2018-2025, $ US/kg
    2. 7.1.4.2. Dynamics of average price of product's exports from Estonia by countries, 2018-2025, $ US/kg
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, kg
    1. 7.2.2.1. Annual dynamics of product's exports from Estonia in kind, 2018-2025, kg
    2. 7.2.2.2. Dynamics of product's exports in kind from Estonia by countries, 2018-2025, kg
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 7.2.3. Exports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Estonia in value, 2018-2025, K $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Estonia by countries, 2018-2025, K $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 7.2.4. Average price of product's exports, $ US/kg
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Estonia, 2018-2025, $ US/kg
    2. 7.2.4.2. Dynamics of average price of product's exports from Estonia by countries, 2018-2025, $ US/kg
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, kg
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, kg
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2025
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production jewellery in Estonia

In value, 2018-2021, K $ US

After two consecutive years of decline, Estonia's jewellery production rebounded in 2021. The output was valued at 2 067 K $ US, marking a significant year-over-year increase of 38.4%. The lowest production value was recorded in 2020 at 1 494 K $ US, while the sharpest decline occurred in 2019 with a 22.7% drop.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	(22.7%)	(7.6%)	38.4%	(0.4%)

Source: SHEV.io

Exports jewellery from Estonia

Exports in kind, kg

Following a two-year decline, jewellery exports from Estonia showed a modest recovery in 2021, reaching 811 kg. This represented a slight increase of 0.9% compared to the previous year. However, over the 2018-2021 period, exports decreased substantially by 79.2%, with a compound annual growth rate of -40.8%. The lowest export volume was recorded in 2020 at 804 kg, which also saw the largest single-year decline of 63.7%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	(43.4%)	(63.7%)	0.9%	(40.8%)

Source: SHEV.io

From 2018 to 2021, Germany, Finland, and Turkey were the primary destinations for Estonia's jewellery exports by volume. Germany accounted for 43.6% of exports, Finland for 16.5%, and Turkey for 12.6%. Together, these three countries represented 72.8% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, K $ US

Estonia's jewellery exports declined for the second consecutive year in 2021, reaching 5 192 K $ US. This marked a substantial decrease of 26.8% compared to 2020. Over the 2018-2021 period, exports fell by 35.4%, with a compound annual growth rate of -13.5%. The peak export value was recorded in 2019 at 10 045 K $ US, which also saw the largest increase of 25.1%. The most significant decline occurred in 2020 with a 29.3% drop.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	25.1%	(29.3%)	(26.8%)	(13.5%)

Source: SHEV.io

Between 2018 and 2021, Turkey, Lithuania, and Switzerland formed the core markets for Estonia's jewellery exports by value. Turkey accounted for 21.3% of exports, Lithuania for 21.1%, and Switzerland for 9.9%. Collectively, these three countries represented 52.4% of total export value.

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

Source: SHEV.io

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

Source: SHEV.io

Imports jewellery to Estonia

Imports in kind, kg

Estonia's jewellery imports by volume showed notable fluctuations between 2018 and 2021. In 2021, imports reached 3 858 kg, reflecting a substantial year-over-year increase of 109.5%. The lowest import volume was recorded in 2020 at 1 841 kg, which also experienced the largest decline of 28.6%. Overall, import levels varied significantly, with a 2.1-fold difference between the high in 2021 and the low in 2020.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	16.1%	(28.6%)	109.5%	20.2%

Source: SHEV.io

From 2018 to 2021, Finland, Thailand, and China were the leading sources of jewellery imports to Estonia by volume. Finland accounted for 35.3% of imports, Thailand for 11.2%, and China for 9.7%. Together, these three countries represented 56.2% of total import flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, K $ US

In 2021, Estonia's jewellery imports by value reached 22 295 K $ US, representing a 30.7% increase compared to 2020. Over the 2018-2021 period, imports grew by 34.7%, with a compound annual growth rate of 10.4%. The most significant decline occurred in 2020 with a 5.0% drop.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	8.4%	(5.0%)	30.7%	10.4%

Source: SHEV.io

Between 2018 and 2021, Estonia's jewellery imports by value were distributed across a diverse range of partner countries. Turkey accounted for 18.4% of imports, Russia for 10.8%, and Italy for 10.6%. Together, these three countries represented 39.8% of total import value.

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

Source: SHEV.io

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

Source: SHEV.io