Editor’s Note
South Korea’s jewelry exports hit a 19-year high of $430 million last year, yet they represent just 0.07% of total exports, underscoring the sector’s limited global footprint despite rising demand.
Last year, South Korea’s jewelry exports reached $430 million, the highest figure since 2005. However, this accounted for only 0.07% of total exports.
According to a report titled ‘Current Status and Implications of the Domestic Jewelry Export Industry’ released by the Korea International Trade Association’s Institute for International Trade, global jewelry trade grew at an average annual rate of 3.9% from 2012 to 2022, surpassing $100 billion in total trade volume in 2022. As of 2022, China (32.9%), the United States (20.2%), and India (17.6%) accounted for over 70% of global jewelry market sales.
Amid the revitalization of global jewelry trade, South Korea’s jewelry exports last year were also tallied as the highest since 2005. The country’s jewelry exports have been on an upward trend: $200 million in 2020, $350 million in 2021, $330 million in 2022, and $430 million in 2023. However, the share of jewelry exports in total exports remains minimal, at 0.04% in 2020, 0.05% in 2021, 0.05% in 2022, and 0.07% in 2023.
The report suggests that to enhance the export competitiveness of the domestic jewelry industry, institutional support is needed, including forming a jewelry consultative body, revising basic laws, exempting tariffs on rough stone imports, supporting reshoring of domestic companies, securing quality certification systems, and strengthening brand marketing.
(Photo provided by Lotte Department Store, Yonhap News)