Editor’s Note
**Editor’s Note:** This report examines Korea’s jewelry export landscape, drawing on a new KITA analysis amid shifting global luxury demand.
The Korea International Trade Association (KITA) has published a report analyzing the current status and implications of Korea’s jewelry export industry.
– Global luxury consumption has recovered rapidly since COVID-19, driving increased demand for jewelry. The global jewelry market is projected to reach $396 billion this year, with an average annual growth rate of 4.5% over the past three years.
– Global jewelry trade exceeded $100 billion in 2022, showing robust growth with an average annual increase of 3.9% over the past decade.
– 89% of global jewelry trade consists of fine jewelry made from precious metals. Top exporting countries include China, UAE, Switzerland, and India, while top importers are Hong Kong, the US, and the UAE.
– Korea ranked 25th in jewelry exports (2022) and has recorded a continuous trade deficit since 2013.
The global jewelry market is attractive due to its low sensitivity to economic cycles, high value-added, and strong trade growth. However, despite Korea’s excellent craftsmanship, its export capacity remains insufficient due to low brand recognition and high concentration among a few companies.
To enhance the export competitiveness of Korea’s jewelry industry, efforts are needed in:
– K-Jewelry brand marketing
– Creating distinctive designs incorporating traditional patterns
– Expanding quality certification and online sales
– Enacting a Jewelry Industry Development Act