Overview of the Market for Precious Stone And Pearl in Cyprus
Market Overview
For the fourth consecutive year, the Cypriot precious stone and pearl market recorded growth in sales value, which increased by 
% to $ in 2019. Overall, consumption recorded a noticeable reduction. The growth pace was the most rapid in 2014 with an increase of % y-o-y. Over the period under review, the market reached the maximum level at $ in 2010; however, from 2011 to 2019, consumption stood at a somewhat lower figure.
% to $ in 2019. Overall, consumption recorded a noticeable reduction. The growth pace was the most rapid in 2014 with an increase of % y-o-y. Over the period under review, the market reached the maximum level at $ in 2010; however, from 2011 to 2019, consumption stood at a somewhat lower figure.Consumption
In 2019, after three years of growth, there was decline in consumption of cultured pearls, precious or semi-precious stones, when its volume decreased by -% to tonnes. Overall, consumption recorded a noticeable setback. The most prominent rate of growth was recorded in 2014 with an increase of % y-o-y. Over the period under review, consumption hit record highs at tonnes in 2010; however, from 2011 to 2019, consumption remained at a lower figure.
The revenue of the precious stone and pearl market in Cyprus reached $ in 2019, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a perceptible reduction. The growth pace was the most rapid in 2014 when the market value increased by % year-to-year. Over the period under review, the market hit record highs at $ in 2010; however, from 2011 to 2019, consumption stood at a somewhat lower figure.
% to tonnes. Overall, consumption recorded a noticeable setback. The most prominent rate of growth was recorded in 2014 with an increase of % y-o-y. Over the period under review, consumption hit record highs at tonnes in 2010; however, from 2011 to 2019, consumption remained at a lower figure.The revenue of the precious stone and pearl market in Cyprus reached $
in 2019, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a perceptible reduction. The growth pace was the most rapid in 2014 when the market value increased by % year-to-year. Over the period under review, the market hit record highs at $ in 2010; however, from 2011 to 2019, consumption stood at a somewhat lower figure.Market Forecast
Depressed by shrinking demand for precious stone and pearl in Cyprus, the market is expected to continue its downward consumption trend over the next decade. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from 2019 to , which is projected to depress the market volume to kg by the end of .
% for the period from 2019 to , which is projected to depress the market volume to kg by the end of .Trade Balance
Cyprus remains a net importer of precious stone and pearl; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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