Market evolution: Costume jewelry (CN 7117) — 2015–2025

Introduction

This report examines the evolution of EU trade in imitation jewellery (customs code 7117) over the period 2015–2025. The product heading covers base-metal imitation jewellery, cuff links and studs, and other imitation jewellery. Over this decade, the EU market has undergone a dramatic structural transformation: while import values have remained broadly stable, export values have surged by over 60%, driving the EU's trade deficit from €667 million in 2015 to just €142 million in 2025. Behind these aggregate figures lie shifts in geographic sourcing, a fundamental reorientation toward higher-value production, and growing concentration on the import side. The following three sections unpack these dynamics.

1. From trade deficit to near balance: a decade of export-led convergence

The overall trade position has narrowed dramatically

The EU entered 2015 with a trade deficit of approximately €667 million in imitation jewellery. By 2025, this deficit had shrunk to €142 million — an improvement of 78.7%. At certain points during the period, the deficit briefly turned into a small surplus (the maximum balance recorded was approximately €4.9 million). The overall trade overview shows that this convergence was driven primarily by export growth rather than import compression.

Export volumes have collapsed while values have soared — a price revolution

One of the most striking features of this decade is the divergence between export volumes and values. Export quantity fell from 9,958 tonnes in 2015 to 3,378 tonnes in 2025 (−66.1%), yet export value rose by 60.1%. The explanation lies in unit prices: the average export price surged from €75,786 per tonne to €357,605 per tonne (+371.9%). This indicates that EU exporters have shifted decisively toward higher-value-added products — designer pieces, branded collections, and fashion-forward items — rather than competing on volume with low-cost Asian producers.

The COVID-19 shock hit imports harder than exports

The data show that both import and export volumes reached their minimum around 2020, consistent with the pandemic's disruption to global supply chains and retail demand. Import value hit its decade low at approximately €884 million (2020), while export value dipped to roughly €766 million before recovering sharply. Notably, exports rebounded faster and to higher levels than imports, suggesting that EU producers or re-exporters capitalised on the post-pandemic demand recovery more effectively.

2. China consolidates its dominance on the import side while export markets diversify

China is the overwhelmingly dominant supplier, and its share has grown

China's role in the EU's import landscape for imitation jewellery has not merely persisted — it has expanded. In 2015, Chinese imports stood at €887 million (62% of total imports); by 2025, they had risen to €1,005 million (74% of total imports), a 13.3% increase. The partner concentration data reflects this: the import-side Herfindahl-Hirschman Index (HHI) rose from 4,118 to 5,773 (+40.2%), indicating significantly greater sourcing concentration.

Brexit significantly reshaped EU–UK trade flows

The United Kingdom's departure from the EU single market is clearly visible in the data. On the import side, UK-sourced imitation jewellery fell from €94 million in 2015 to €22 million in 2025 (−76.6%), with most of the decline occurring after 2019. On the export side, the UK remained the EU's single largest extra-EU export destination (€141 million in 2025), but the composition of that trade — and the regulatory burden associated with it — changed markedly. The volatility coefficient for UK imports was the highest among all partners at 0.97, reflecting the structural disruption.

EU exports have pivoted strongly toward the United States and China

The most dynamic export markets have been the United States and China. US-bound exports grew from €135 million to €222 million (+64.5%), making the US the EU's top export destination by value in 2025. Chinese exports experienced the most dramatic growth of any partner: from €21 million to €115 million (+457.0%). Switzerland also grew meaningfully (€61 million → €91 million, +49.4%). These shifts suggest that EU imitation jewellery — increasingly positioned as a premium, design-led product — is finding receptive markets among consumers in large, affluent economies. The export partner data confirms this geographic diversification.

3. A production metamorphosis: France and Italy lead the shift to high-value manufacturing

EU production has been fundamentally restructured

Perhaps the most dramatic structural change in the data relates to EU domestic production volumes. Physical output collapsed from 54,484 tonnes in 2015 to 7,426 tonnes in 2025 (−86.4%). Yet production value rose from €742 million to €928 million (+25.1%). The implied unit production value therefore increased roughly eightfold, confirming that the EU's imitation jewellery sector has abandoned mass-market, low-margin manufacturing in favour of design-intensive, higher-margin output.

France and Italy are the engines of export growth

Among EU member states, France and Italy stand out as the primary drivers of the export boom. French exports grew from €269 million to €561 million (+108.2%), while Italian exports surged from €148 million to €354 million (+138.8%). Together, these two countries accounted for approximately 76% of all EU extra-EU exports in 2025. This is consistent with their deep-rooted strengths in fashion, luxury goods, and jewellery design. The specialisation data confirms this: Italy (RSCA 0.36, RCA 2.12) and France (RSCA 0.32, RCA 1.93) are by far the most specialised EU producers in this product category.

Austria's collapse reflects structural reclassification or restructuring

A striking anomaly in the data is Austria's near-total disappearance from both the import and export rankings. Austrian imports fell from €240 million to €24 million (−90.1%), and exports from €97 million to €9 million (−90.6%). Such a collapse likely reflects a combination of trade reclassification, corporate restructuring (e.g. redistribution of intra-group logistics through other EU hubs), or a shift in how Austrian-based firms report their extra-EU trade. It does not, by itself, imply a decline in Austrian consumer demand.

The EU's net import reliance has virtually evaporated

The net import reliance indicator — which measures the share of domestic consumption satisfied by net imports — dropped from 44.7% in 2015 to just 1.6% in 2025 (−96.4%). At certain points it even turned slightly negative, implying the EU was a net exporter. Simultaneously, export propensity (exports as a share of production) rose from 69% to 151%, meaning that EU exports now significantly exceed domestic production in value terms — a pattern consistent with re-export activity and the use of the EU as a distribution hub for globally sourced, European-branded jewellery.

Conclusion

The EU's imitation jewellery market has undergone a profound transformation between 2015 and 2025. Three defining shifts stand out:

1. Trade balance convergence: The deficit shrank from €667 million to €142 million, driven by a 60% increase in export value despite a two-thirds decline in export volumes — a clear sign of premiumisation.
2. Geographic concentration on the import side, diversification on the export side: China now accounts for nearly three-quarters of EU imports, while exports have grown strongly toward the United States and China, and away from the UK in relative terms.
3. A high-value production model: EU production volumes collapsed by 86%, but production value rose by 25%, with France and Italy leading the charge as globally competitive exporters of design-led imitation jewellery.

The EU's imitation jewellery sector has evolved from a volume-driven, import-dependent market into a value-driven, export-oriented industry. However, the growing concentration of imports from China (HHI rising 40%) presents a supply-chain vulnerability that merits continued monitoring.