The jewellery turnover in Belgium has experienced significant fluctuations over the last decade. From 2013 to 2014, there was a modest increase of 4.07%, followed by a sharp decline of 27.98% in 2015. The subsequent year, 2016, saw a recovery with a growth of 24.57%, only to be followed by a massive drop of 44.64% in 2017. The trend over the last two years has seen continual declines, with 2023 witnessing a 9.88% reduction, bringing the value down to 386.6 million euros.
The compound annual growth rate (CAGR) over the last five years up to 2023 shows a consistent downward trajectory, at -7.54%. Forecasted data suggest this downward trend will continue, with an average annual decrease of 12.07% leading to a substantial reduction in market size by 2028, projected at 181.1 million euros.
Future trends to watch for include potential shifts in consumer behavior towards sustainable and ethically sourced jewellery, technological innovations such as lab-grown diamonds, and market disruptions due to economic factors or changes in disposable income. Understanding these dynamics will be crucial for stakeholders aiming to navigate the challenging market landscape.
