Market evolution: Pearl and stone articles (CN 7116) — 2015–2025

Introduction

This report examines the European Union's trade in articles of pearls, precious, and semi-precious stones (customs code 7116) over the period 2015 to 2025. The sector is characterized by high unit values and intricate global supply chains. Over the decade, the EU market demonstrated a robust expansion in trade value, driven primarily by a significant surge in exports. However, this growth occurred against a backdrop of a persistent, though narrowing, trade deficit and notable volatility in partner relationships and unit prices. The analysis reveals a shift in the EU's competitive position, moving towards higher-value exports while its import basket has become heavier by weight but lower in average price.

1. A Growing Sector with a Narrowing Deficit

The EU's trade in CN 7116 articles expanded substantially in value between 2015 and 2025, but with different trajectories for imports and exports. This led to a structural shift in the trade balance.

1.1 Export value outpaced import value growth

The value of EU exports to non-EU countries more than doubled, increasing by 124.9% from €72.7 million in 2015 to €163.5 million in 2025. Import value also grew, but at a slower pace of 58.1%, rising from €115.6 million to €182.8 million over the same period. Consequently, the EU's trade deficit, while still present, improved significantly. The deficit shrank from €-42.9 million in 2015 to €-19.3 million in 2025, an improvement of 55.0% (General Overview).

1.2 Divergent price trends highlight a value shift

The growth in trade value was supported by divergent trends in unit prices. The average price of EU exports per tonne increased by 11.6% over the period, reaching €966,311 in 2025. In contrast, the average price of imports per tonne fell by 46.6%, dropping to €76,442 in 2025. This indicates that the EU is exporting progressively higher-value goods while importing lower-value (or heavier) articles, reflecting a possible specialization in higher-end manufacturing or finishing activities within the bloc.

2. Shifting Geographies of Trade Partners

The concentration of trade and the identity of key partners evolved significantly, indicating major realignments in sourcing and sales markets for the EU.

2.1 Import sourcing became more diverse, with Thailand rising dramatically

The Herfindahl-Hirschman Index (HHI) for import value fell from 2934 to 2405, showing reduced concentration. While China remained the largest supplier, growing from €58.0M to €79.0M, the most striking change was the role of Thailand. Imports from Thailand exploded from €2.7M in 2015 to a peak of €78.4M, before settling at €28.1M in 2025—a net increase of over 900%. This volatility, with a coefficient of variation of 1.06, suggests the EU's supply from Thailand is highly sensitive to market conditions. Meanwhile, imports from Hong Kong declined sharply by 79.2% (Top Partners by Value).

2.2 Export markets diversified towards Asia and the Americas

EU exports also became less concentrated (HHI value fell from 2411 to 1607). While traditional partners like Switzerland, the United States, and the United Kingdom remained important, seeing growth of 165%, 50%, and 59% respectively, new export destinations grew explosively. Exports to Türkiye surged by over 2000%, and to Japan and China by over 800% each. This indicates a successful expansion of the EU's export footprint into high-growth Asian and emerging markets (Top Partners by Value).

3. Structural Shifts and Dominant Sub-Sectors

The aggregate trade trends are underpinned by distinct dynamics within the two sub-categories of CN 7116 and a changing internal production landscape within the EU.

3.1 Articles of precious stones (711620) dominate the market

The sub-category 711620 (Articles of precious or semi-precious stones) accounts for the vast majority of trade. In 2025, it represented 94% of total import value and 96% of total export value. The massive growth in export value (+149%) and the import quantity boom (+211%) are almost entirely driven by this sub-sector. In contrast, 711610 (Articles of natural or cultured pearls) is a much smaller, more volatile niche, with import value relatively stable and export value slightly declining since 2020 (Product Segment Breakdown).

3.2 French exports surged, while Belgium became a major import hub

Among EU Member States, France dramatically increased its role as an exporter, growing from €16.9M to €76.6M (+353%), solidifying its leadership in high-value articles. For imports, Belgium saw a spectacular rise from €3.5M to €58.7M, becoming the top importing country by 2025, likely reflecting its role as a logistics and trading hub. Germany, while still a key player, saw its import share decline (Top Reporters by Value).

3.3 EU production value grew, supporting export competitiveness

The EU's apparent production of CN 7116 articles (measured in value) grew by 81.2% from €193.1 million to an estimated €350.0 million over the period. This increase in domestic production capacity, particularly in high-value segments, likely underpins the strong export performance and the shift towards higher export unit values observed in the trade data (Production Value).

Conclusion

Over the 2015-2025 decade, the EU market for pearl and stone articles (CN 7116) matured into a larger, more dynamic, and geographically diversified sector. The core narrative is one of value-driven growth: the EU successfully leveraged expanding domestic production to become a more formidable exporter, targeting premium markets and new geographies. This has narrowed the trade deficit despite a parallel increase in the physical volume of imports, which now come at a lower average price. The market is less dependent on any single partner for imports and has broadened its export base. Key vulnerabilities remain, notably the high volatility of certain trade relationships (e.g., with Thailand) and the ever-present risk of price shocks. Looking forward, the sector's strength appears tied to the continued ability of EU firms, particularly in France, to compete in the global high-end segment of this industry.