Market evolution: Precious metal jewellery (CN 711319) — 2015–2025

Introduction

This report analyses the decade-long evolution of the European Union's trade in articles of precious metal jewellery (excluding silver) under Combined Nomenclature code 711319. The period from 2015 to 2025 has been characterised by profound shifts, marked by robust growth in the EU's export strength, a significant reconfiguration of its trade partnerships, and a consolidation of specialisation within its internal market. The EU has decisively strengthened its position as a net exporter, with its trade balance widening dramatically. This dynamic occurred alongside a diversification of sourcing and a marked divergence in performance among Member States, painting a picture of a mature yet evolving market sector.

1. Export-Led Growth and a Fortifying Trade Balance

The period was defined by a surge in exports that significantly outpaced import growth, leading to a substantial improvement in the EU's net trade position. This trend underscores the EU's strengthening role as a global hub for high-value precious metal jewellery.

The EU's Trade Surplus Expanded Dramatically

The core narrative is one of growing export dominance. While both exports and imports increased in value, the growth rate for exports was vastly superior. EU exports to non-EU countries rose from €8.27 billion in 2015 to €17.25 billion in 2025, an increase of 108.4%. Over the same period, imports grew more modestly from €4.50 billion to €6.43 billion (+42.8%). Consequently, the trade balance widened from €3.77 billion to €10.81 billion, a massive increase of 186.7%, confirming the sector's strong competitive performance on the global stage.

Volumes Grew, but Unit Values Revealed Shifting Strategies

The expansion was not uniform across different metrics. In terms of net mass, export volumes (+115.4%) grew faster than import volumes (+30.6%). However, the average unit value of exports (EUR per tonne) saw a slight decline of 3.7%, suggesting a potential shift towards higher-volume, slightly more accessible product lines or changes in the precious metal content mix. In contrast, the unit value of imports increased by 9.7%, indicating a rise in the average value of goods entering the EU market.

2. A Reconfiguration of Global Trade Partnerships

The EU's trading relationships for precious metal jewellery underwent a significant transformation, characterised by a pivot away from traditional partners and towards a more diversified portfolio of suppliers and destinations.

The United Kingdom's Role Diminished While New Powerhouses Emerged

The most striking shift was the decline in the relative importance of the United Kingdom for both imports and exports. UK imports into the EU fell by 35.5% in value, and UK exports from the EU fell by 52.5%. This created space for other partners. On the export side, the United States (+207.8%) and the United Arab Emirates (+52.4%) became pivotal markets. On the import side, Türkiye (+252.4%), India (+160.0%), and the United States (+98.6%) saw their shipments to the EU grow substantially.

Trade Concentration Decreased, Signalling a Healthier Market Structure

The Herfindahl-Hirschman Index (HHI) for both import and export value decreased markedly over the period, indicating reduced concentration and greater diversification. The HHI for imports fell by 46.8%, from 4,092 to 2,178, moving from a moderate concentration level towards a less concentrated one. The export HHI fell by 27.3%, from 2,002 to 1,455. This diversification reduces dependency on any single partner and can enhance the resilience of the supply chain.

3. Internal Specialisation and Market Resilience Within the EU

The EU's internal market structure revealed a high degree of specialisation, with production and trade flows becoming increasingly concentrated among a few key Member States. This specialisation coexisted with notable volatility and adaptation to external shocks.

Italy and France Consolidated as the EU's Jewellery Powerhouses

In 2025, Italy and France were the clear leaders in the export of precious metal jewellery, demonstrating strong revealed comparative advantages (RCA). Italy accounted for 35.96% of all EU exports (by value) in this product, with an RCA of 4.49, while France held a 23.75% share with an RCA of 3.04. Their dominance in production is mirrored in their trade performance, with Italy's exports growing by 99.5% and France's by 62.9% over the decade. Other Member States like Ireland and the Netherlands experienced explosive growth from much lower bases, reshaping the internal landscape.

The Market Exhibited Volatility and Absorbed Significant Shocks

Despite its strong growth, the market showed considerable volatility, particularly with certain trading partners. The coefficient of variation (CV) for import values from the United Kingdom was exceptionally high (3.19), reflecting the instability observed in that trade flow. The system also weathered specific shocks. A major price shock was detected in exports to the United States in 2022, with a 67.4% shift in unit price and an abnormality score of 6.2. An earlier, even larger price shock (abnormality 3.5, shift +492.8%) affected imports from the United Kingdom in 2019. The market's ability to absorb these shocks and continue growing points to underlying structural resilience.

Conclusion

Between 2015 and 2025, the EU's trade in precious metal jewellery (CN 711319) underwent a profound transformation, evolving into a story of robust, export-led success. The bloc dramatically expanded its trade surplus, leveraging the specialised manufacturing strengths of Italy and France while successfully diversifying its global partnerships away from historical dependencies. This period of strong performance was not without its complexities, featuring significant price volatility and market shocks that the system demonstrated an ability to absorb. Looking forward, the EU's position appears robust, built on a foundation of specialisation and a reconfigured, more diversified global network, solidifying its role as a major exporter of high-value precious metal jewellery.