INSPIRATION
Which Country Produces & Consumes The Most Jewellery Per Year?
Which Country Produces & Consumes The Most Jewellery Per Year?
Sales of high-end jewellery and watches have increased hugely over the past two years. Mintel, one of the world's leading market research agencies recently discovered that jewellery and watch sales have rocketed up to 66 percent over 2019 and 2020, an increase of 5 percent on the previous two years.
With this in mind, we have decided to analyse the production, consumption, importing and exporting of jewellery, diamonds, gold and silver, all of which contribute to the manufacturing of high-end jewellery and watches worldwide.
It may come as little surprise that top of the leaderboard for jewellery and wristwatch sales is economic superpower - China.
With the largest economy on the planet, the Chinese market spend an astonishing $111.46 billion on jewellery and watches on a yearly basis. Second largest spender is, you guessed it, the United States of America. Nowhere near as much as China, but with a considerably smaller population, the USA as a whole spends, on average, $61.76 billion on jewellery or watches each year. This is an incredible amount of money and again shows how huge the market for jewellery and watches is around the globe. Hong Kong comes in at third in the list, with a total of $20.9 billion spending most on jewellery and watches on a yearly basis.
Which countries import the most diamonds?
This may come as a surprise to some, but coming in at number one is actually India, who import a total of $26.7 billion worth of diamonds each year. This just pips the United states who import around $24.4 billion annually, and Hong Kong who spend $20.9 billion on importing diamonds every single year.
Which countries produce & consume the most gold?
Gold Produced Per Year (Metric Tonnes)
Gold Consumed Per Year (Metric Tonnes)
Winning the gold medal for gold production and consumption is once again, China. Who produce an incredible 355 metric tonnes of gold each year. They also top the consumption board with a total of 984 metric tonnes of gold produced by the Chinese every single year. Australia come in second for production of gold with 270 metric tonnes, the United States is in at third with 237 metric tonnes, and Russia sits in fourth, producing 200 metric tonnes of gold each year.
When it comes to gold, the second largest consumer of this precious metal is China, who consume 984 metric tonnes of silver each year. Second is India with 849 metric tonnes, third is the USA with 193, and fourth is Germany with 124.
Which countries produce & consume the most silver?
Silver Produced Per Year (Metric Tonnes)
Silver Consumed (% Worldwide Consumption)
Finally, let's take a look at silver and how global economies import and consume this fine, precious metal.
Somewhat surprisingly to some, Mexico top the silver production list with a total of 5600 metric tonnes produced every year, followed closely by Peru with 4500 metric tonnes of silver produced annually, who are closely followed by China, who produce 2500 metric tonnes each year. In terms of silver consumption, USA top the leaderboard with 21.6% of worldwide consumption, followed by China at 14.5%, Japan at 11.6% and India with 10.7%.
Considering the global economy has had some of its rockiest periods in recent history, this is truly astonishing and just goes to show how valuable, both monetarily and sentimentally, a purchase of a beautiful piece of jewellery or a watch can be to a loved one, and to the global economy.