Overview of the Market for Precious Stone And Pearl in Iceland
Market Overview
For the third consecutive year, the Icelandic precious stone and pearl market recorded growth in sales value, which increased by 
% to $ in 2019. Over the period under review, consumption, however, recorded a sharp curtailment. The pace of growth appeared the most rapid in 2015 when the market value increased by % y-o-y. Over the period under review, the market reached the peak level at $ in 2008; however, from 2009 to 2019, consumption remained at a lower figure.
% to $ in 2019. Over the period under review, consumption, however, recorded a sharp curtailment. The pace of growth appeared the most rapid in 2015 when the market value increased by % y-o-y. Over the period under review, the market reached the peak level at $ in 2008; however, from 2009 to 2019, consumption remained at a lower figure.Consumption
In 2019, consumption of cultured pearls, precious or semi-precious stones increased by % to kg, rising for the fifth year in a row after three years of decline. Overall, consumption, however, showed a precipitous curtailment. The growth pace was the most rapid in 2015 when the consumption volume increased by % y-o-y. Over the period under review, consumption hit record highs at tonnes in 2008; however, from 2009 to 2019, consumption failed to regain the momentum.
The revenue of the precious stone and pearl market in Iceland rose modestly to $ in 2019, surging by % against 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). In general, consumption, however, faced a precipitous slump. The most prominent rate of growth was recorded in 2015 with an increase of % year-to-year. Over the period under review, the market attained the maximum level at $ in 2008; however, from 2009 to 2019, consumption failed to regain the momentum.
% to kg, rising for the fifth year in a row after three years of decline. Overall, consumption, however, showed a precipitous curtailment. The growth pace was the most rapid in 2015 when the consumption volume increased by % y-o-y. Over the period under review, consumption hit record highs at tonnes in 2008; however, from 2009 to 2019, consumption failed to regain the momentum.The revenue of the precious stone and pearl market in Iceland rose modestly to $
in 2019, surging by % against 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). In general, consumption, however, faced a precipitous slump. The most prominent rate of growth was recorded in 2015 with an increase of % year-to-year. Over the period under review, the market attained the maximum level at $ in 2008; however, from 2009 to 2019, consumption failed to regain the momentum.Market Forecast
Depressed by shrinking demand for precious stone and pearl in Iceland, 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
Iceland 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 kg, 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.
kg, 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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