Examining the import of silver jewellery and parts of precious metals to the UAE from 2013 to 2023, it's clear that the market has experienced considerable fluctuations. The volume peaked in 2013 at 81.58 thousand kilograms, followed by a significant drop in the subsequent years. After reaching a low in 2015, the imports saw a gradual recovery from 2016 onwards, with minor fluctuations. Between 2019 and 2023, volumes adjusted marginally, demonstrating a stabilizing trend around 39 thousand kilograms. From 2019 to 2023, the most extreme annual change was a 21.17% increase in 2021.
The year-on-year variations of the last two years were relatively stable at approximately 0.54% in both 2022 and 2023. The CAGR over the past five years indicates a negligible annual decrease of -0.41%.
The forecasted values from 2024 to 2028 indicate a gradual increase in import volumes, with a compounded average growth rate (CAGR) of 0.44% over the five years. By 2028, the volume is expected to reach around 40.86 thousand kilograms.
Future trends to watch for:
- Stabilization in import volumes around 40 thousand kilograms.
- Potential impact of market innovations and economic conditions on silver jewellery demand.
- Shifts in consumer preferences and new source markets influencing import volumes.
