Market evolution: Natural and cultured pearls (CN 7101) — 2015–2025
Introduction
This report analyses the evolution of EU trade for pearls (customs code 7101) between 2015 and 2025. Over this decade, the market has undergone a fundamental structural transformation, characterized by a sharp decline in trade volumes and a dramatic increase in the EU's reliance on imports. While total EU production value contracted by 20%, the sector's integration into global trade remained exceptionally high, with an export propensity exceeding 800% of domestic production. The period was also marked by significant price volatility and concentrated sourcing from a few Asian partners.
1. From Self-Sufficiency to Dependency: The EU's Structural Shift
The most striking trend over the past decade has been the EU's transition from a net exporter to a net importer of pearls. This shift is reflected in the Net Import Reliance, which surged from -35% in 2015 to 65% in 2025. This reversal is driven by a steeper decline in export value (-54%) compared to import value (-38%).
1.1 A Continent-Wide Trend in Declining Exports
The contraction was widespread across the EU's major exporters. The table below shows the change in export value for the top EU reporters:
| EU Reporter | Export Value 2015 (EUR) | Export Value 2025 (EUR) | Change |
|---|---|---|---|
| Italy | 6,812,370 | 1,179,634 | -82.7% |
| Belgium | 2,747,381 | 178,279 | -93.5% |
| Germany | 4,645,900 | 2,184,005 | -53.0% |
| France | 4,941,382 | 4,411,552 | -10.7% |
Source: Top Reporters by Value
1.2 Import Reliance Mirrored in Domestic Specialisation
Despite the collapse in exports, the EU remains highly specialised in pearl production. In 2025, Italy had a Revealed Symmetric Comparative Advantage (RSCA) of 0.68, followed by France (0.38) and Spain (0.36). However, this specialisation is now channeled more towards serving the internal market, as evidenced by the high and stable Export Propensity of 887%, indicating that exports remained a multiple of domestic production even as both declined.
2. Volume Contraction with Segment Divergence
While the overall trade value declined, the underlying physical quantities tell a story of sharp reductions in weight but more resilience in unit count.
2.1 Mass Trade Fell Sharply, While Supplementary Units Were More Stable
EU import mass (net tonnes) fell by 11% to 43.2 tonnes in 2025, but the supplementary quantity (in Gross Tonnage, GT) dropped by 47% to 25.2 million GT. This divergence suggests a shift in the product mix, with a move towards importing lighter-weight items (e.g., smaller or fewer pearls per unit).
2.2 The Worked Cultured Pearl Segment Dominates but Has Shrunk
The sub-product analysis reveals that worked cultured pearls (710122) constitute the vast majority of trade by value. However, its import value in 2025 (€269 million) was nearly half that of 2015 (€513 million). Conversely, the smaller segment of natural pearls (710110) saw its import value more than double, from €2.5 million to €5.7 million, indicating growing niche demand.
| Product Segment | Import Value 2015 (EUR) | Import Value 2025 (EUR) | Change |
|---|---|---|---|
| Worked Cultured (710122) | 51,351,469 | 26,905,896 | -47.6% |
| Natural (710110) | 2,536,321 | 5,699,897 | +124.7% |
| Unworked Cultured (710121) | 4,436,004 | 3,453,966 | -22.1% |
Source: Product Segment Breakdown
3. Price Volatility and Geographic Concentration
The pearl market is characterised by high price volatility and a heavy concentration of supply from a few key partners, creating vulnerability.
3.1 Persistent Price Shocks in Key Corridors
The analysis of Volatility & Shocks identified several significant price anomalies. Notably, imports from the United Kingdom experienced a price shock in 2021, with a shift of +2,437%. More structurally, the EU's import price (EUR/tonne) from all partners has fluctuated, reaching a peak in 2022 before declining, suggesting post-pandemic supply-demand rebalancing.
3.2 Asian Partners Dominate the Supply Map
China and Japan have consistently been the EU's largest suppliers. In 2025, they together accounted for nearly 60% of total import value.
| Import Partner | Import Value 2015 (EUR) | Import Value 2025 (EUR) | Change |
|---|---|---|---|
| China | 18,547,018 | 13,948,867 | -24.8% |
| Japan | 12,213,000 | 7,075,877 | -42.1% |
| Hong Kong | 8,073,065 | 3,496,562 | -56.7% |
| French Polynesia | 7,591,142 | 1,969,309 | -74.1% |
Source: Top Partners by Value
This concentration is reflected in the Herfindahl-Hirschman Index (HHI) for imports by value, which increased from 1,933 to 2,425 between 2015 and 2025, indicating a more concentrated and potentially vulnerable supply base.
Conclusion
Between 2015 and 2025, the EU pearl market transformed from a balanced trade position into one of significant import dependency. This was driven by a severe contraction in export performance, particularly from traditional hubs like Italy and Belgium. While the EU retains a strong productive specialisation, it now largely serves global demand through re-exporting imported raw materials. The market's future will be shaped by its ability to manage price volatility, its heavy reliance on a narrow set of Asian suppliers, and its response to the evolving demand for high-value natural pearls alongside the dominant, but declining, segment of worked cultured pearls.