The jewellery production value in Belgium saw significant fluctuations from 2013 to 2023, with an overall declining trend. By 2023, the production value stood at 326.9 million euros, representing a year-on-year decrease of 2.85%. From 2019 to 2023, the compound annual growth rate (CAGR) was -6.81%, highlighting a consistent decrease over the past five years.
Notably, the period from 2013 to 2017 experienced some volatile changes with steep declines, particularly evident with a 42.2% drop in 2017. From 2018 to 2023, the production value continued to decline but at a slower pace compared to previous years.
Moving forward, the forecast predicts a continued downward trend, with the value estimated to fall to 227.9 million euros by 2028, corresponding to a CAGR of -5.77% from 2023 to 2028. This represents a forecasted overall decline of 25.69% over five years.
Future trends to watch for include:- Market consolidation reducing the number of smaller players.- Increased focus on sustainable and ethically sourced materials.- Growth in the luxury and bespoke segments as a potential countermeasure to mass-market declines.
