United States Sees Surge in July 2023 Import of Jewelry and Silverware, Reaching $3.4B
U.S. Jewelry and Silverware Imports
In July 2023, the amount of jewelry and silverware imported into the United States was estimated at 293K tons, increasing by 4% against the month before. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in January 2023 when imports increased by 442% against the previous month.
In value terms, jewelry and silverware imports amounted to $3.4B (IndexBox estimates) in July 2023. Over the period under review, imports, however, saw a mild downturn. The pace of growth appeared the most rapid in May 2023 when imports increased by 42% against the previous month. As a result, imports attained the peak of $5.2B. From June 2023 to July 2023, the growth of imports remained at a lower figure.
Imports by Country
India (94K tons), Israel (73K tons) and China (21K tons) were the main suppliers of jewelry and silverware imports to the United States, with a combined 65% share of total imports.
From July 2022 to July 2023, the biggest increases were in Israel (with a CAGR of +28.2%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the largest jewelry and silverware suppliers to the United States were India ($873M), Israel ($461M) and China ($218M), with a combined 45% share of total imports.
Israel, with a CAGR of -0.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.
Import Prices by Country
In July 2023, the jewelry and silverware price stood at $11,660 per ton (CIF, US), reducing by -3% against the previous month. Overall, the import price continues to indicate a abrupt downturn. The pace of growth was the most pronounced in April 2023 an increase of 22% m-o-m. The import price peaked at $71,225 per ton in October 2022; however, from November 2022 to July 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Hong Kong ($16,337 per ton), while the price for Belgium ($6,280 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by China (-1.2%), while the prices for the other major suppliers experienced a decline.
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