Jewellery market in Finland

Earlier Report Observations

From 2018 to 2020, the Finnish jewellery market experienced regulatory stability with ongoing marking requirements for precious metal products, while consumer preferences gradually shifted towards authenticity and quality. The market dipped slightly in 2019 as environmental awareness grew, emphasizing recycling. However, the COVID-19 pandemic in 2020 altered the landscape, with precious metals serving as a safe-haven investment, boosting demand and supporting market value despite economic uncertainty.

Precious metal prices continued to climb in 2021, elevating jewellery pricing and fueling interest in sustainable and ethically produced pieces, which drove a substantial market expansion. Record-high prices in 2022 temporarily moderated consumer spending, though environmental consciousness kept recycling relevant. By 2023, the high profitability of Boliden's production facilities in Harjavalta and Kokkola helped maintain metal supply stability, underpinning the market even amid a broader global demand slowdown.

In 2024, precious metal prices hit all-time peaks, influencing jewellery pricing and reinforcing investment appeal. Concurrently, sustainability trends and environmental responsibility, including a focus on recycling, shaped consumer choices, contributing to modest market growth.

Production jewellery in Finland

In value, 2017-2020, K $ US

In 2020, Finland's jewellery production was valued at 26 163 K $ US, marking a 2.9% increase from the previous year. Over the period from 2017 to 2020, production grew by 4.8%, which translates to an annualized growth rate of 1.6%. The highest production value was recorded in 2018 at 26 904 K $ US, with the largest annual increase of 7.8% occurring that same year. In contrast, 2019 saw the most significant decline, with production dropping by 5.5%.

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

Exports jewellery from Finland

Exports in kind, kg

Following two consecutive years of decline, Finland's jewellery export volume rebounded in 2020, reaching 999 kg. This represented a sharp year-over-year increase of 28.5%. However, looking at the broader period from 2017 to 2020, exports decreased by 8%, averaging an annual decline of 2.7%. The lowest export volume was recorded in 2019 at 777 kg, which also saw the largest annual drop of 26.5%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, kg

From 2017 to 2020, the top destinations for Finland's jewellery exports in volume terms were Estonia, Sweden, and South Korea. Estonia accounted for 49.5% of exports, Sweden for 13.5%, and South Korea for 8.9%. Together, these three countries represented 71.9% of Finland's total jewellery export flows during this period.

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

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

Exports in value, K $ US

After two years of growth, Finland's jewellery exports in value terms declined in 2020, standing at 4 433 K $ US. This reflected a slight decrease of 0.7% compared to the previous year. Over the 2017-2020 period, exports increased by 10.4%, with a compound annual growth rate of 3.4%. The peak value was recorded in 2019 at 4 463 K $ US, while the largest annual increase of 6.3% occurred in 2018.

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

Between 2017 and 2020, Estonia, Sweden, and Germany were the three principal markets for Finland's jewellery exports in value terms. Collectively, they accounted for 63.7% of total export flows during this period.

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

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

Imports jewellery to Finland

Imports in kind, kg

Following a two-year decline, Finland's jewellery import volume increased in 2020, reaching 7 975 kg. This represented a modest rise of 2.0% compared to the previous year. Over the 2017-2020 period, imports decreased by 26.3%, with a compound annual decline rate of 9.7%. The lowest import volume was recorded in 2019 at 7 821 kg, while the largest annual drop of 25.6% occurred in 2018.

Annual dynamics of product's imports to Finland in kind, 2017-2020, kg

The country composition of Finland's jewellery imports in volume terms from 2017 to 2020 was quite dispersed. China, Thailand, and Sweden were the top sources, accounting for 21.0%, 14.4%, and 12.8% of imports, respectively. Together, they formed just 48.2% of total import flows, with the remaining 51.8% distributed among a wide range of other countries.

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

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

Imports in value, K $ US

In 2020, Finland's jewellery imports in value terms were recorded at 18 108 K $ US, showing little to no change compared to 2019. Over the period from 2017 to 2020, imports increased by 2.6%, averaging an annual growth rate of 0.9%. The highest import value was recorded in 2018 at 18 329 K $ US, which also saw the largest annual increase of 3.8%. In contrast, 2019 experienced the most significant decline, with a drop of 1.7%.

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

The partner structure for Finland's jewellery imports in value terms from 2017 to 2020 remained fragmented. India, Italy, and Germany were the leading sources, accounting for 19.3%, 14.6%, and 10.9% of imports, respectively. Together, they represented only 44.8% of total import flows, with no single country holding a dominant share.

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

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