Jewellery market in Portugal

Earlier Report Observations

The Portuguese jewellery market expanded from 65.7 million US dollars in 2018 to 68.2 million in 2019, supported by stringent precious metal hallmarking regulations enforced by the Portuguese Contrastaria. These rules mandated clear marking of metal content and weight, enhancing consumer trust and market transparency. Simultaneously, the diversification of products, including precious metal watches, stimulated domestic demand.

In 2020, the market contracted sharply to 41.0 million US dollars as the COVID-19 pandemic disrupted global trade and reduced consumer spending. Portuguese buyers shifted toward more frequent but lower-value purchases, moderating overall market value. The crisis also accelerated the adoption of non-traditional materials like resins and ceramics combined with precious metals, fostering innovation despite the downturn.

Recovery followed in 2021, with the market size reaching 57.8 million US dollars. This rebound was driven by the continued growth of e-commerce, which improved access to jewellery and enabled technological innovation in sales channels. Increasing consumer preference for sustainable practices and customized pieces further fueled demand. By 2022, the market emphasized a blend of tradition and technology, with mixed-material designs and ongoing regulatory oversight maintaining consumer confidence.

Production jewellery in Portugal

In value, 2018-2021, K $ US

Portugal's jewellery production was valued at 20,301 thousand US dollars in 2021, marking a modest increase of 6.8% compared to the previous year. Looking at the period from 2018 to 2021, overall production declined by 4.8%, which translates to an average annual decrease of 1.6%. The highest production value was recorded in 2019 at 23,929 thousand US dollars, while the lowest was in 2020 at 19,010 thousand US dollars. The most significant drop occurred in 2020 with a 20.6% decrease, whereas the largest gain was in 2019 with a 12.2% increase.

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

Exports jewellery from Portugal

Exports in kind, kg

Portugal's jewellery exports saw a rebound in 2021 after two consecutive years of decline. The export volume reached 6,693 kilograms, up 14.6% from the previous year. Over the 2018-2021 period, exports fell by 76.5%, averaging an annual decline of 38.3%. The lowest volume was recorded in 2020 at 5,843 kilograms, which also saw the steepest drop of 56.1%.

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

From 2018 to 2021, Hong Kong, Spain, and the United States were the key markets for Portugal's jewellery exports by volume. Hong Kong accounted for 61.0% of exports, Spain for 9.8%, and the United States for 4.9%. Together, these three destinations represented 75.7% of total export flows.

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, K $ US

In 2021, Portugal's jewellery exports surged to 51,583 thousand US dollars, a sharp rise of 38.0% year-over-year. Over the 2018-2021 span, exports grew by 10.8%, with an average annual growth rate of 3.5%. The peak value was in 2019 at 53,974 thousand US dollars, while the trough was in 2020 at 37,372 thousand US dollars. The most substantial decline occurred in 2020, dropping by 30.8%.

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

During 2018-2021, France, Spain, and Hong Kong were the primary destinations for Portugal's jewellery exports by value. France led with 35.1% of exports, followed by Spain at 17.2%, and Hong Kong at 12.0%. Collectively, these markets made up 64.3% of total export value.

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 to Portugal

Imports in kind, kg

Portugal's jewellery imports rebounded in 2021 following a two-year decrease. The import volume stood at 26,254 kilograms, showing a significant uptick of 45.0% compared to 2020. From 2018 to 2021, imports declined by 29.8%, with an average annual decrease of 11.1%. The lowest volume was recorded in 2020 at 18,100 kilograms, which also experienced the largest decline of 45.5%.

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

In the 2018-2021 period, Spain, Austria, and Germany were the main sources for Portugal's jewellery imports by volume. Spain accounted for 39.4% of imports, Austria for 19.5%, and Germany for 13.4%. Together, these three countries represented 72.3% of total import flows.

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, K $ US

Portugal imported 89,095 thousand US dollars worth of jewellery in 2021, up 50.1% from the previous year. The highest import value was in 2019 at 98,213 thousand US dollars, while the lowest was in 2020 at 59,370 thousand US dollars. The most significant decrease occurred in 2020, falling by 39.5%.

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

From 2018 to 2021, Spain, France, and Germany formed the core group of markets for Portugal's jewellery imports by value. Spain led with 33.3% of imports, followed by France at 15.2%, and Germany at 14.8%. Combined, these destinations accounted for 63.3% of total import value.

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

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