Market evolution: Silver jewellery (CN 711311) — 2015–2025

Introduction

This report analyses the evolution of the European Union's external trade in silver jewellery (Customs code 711311) over the period from 2015 to 2025. Based on annual data, the EU's trade in this product segment has undergone a significant transformation. While the total value of both exports and imports has grown, the underlying volume and price dynamics reveal a fundamental shift in the market. The EU has solidified its position as a net exporter, driven by a pronounced increase in the average value per unit of exports. Concurrently, the sourcing of imports and the destination of exports have diversified considerably. The report examines these changes through three main lenses: the shift towards a value-driven export model, the reconfiguration of trade partnerships, and the market's structural resilience and response to external shocks.

The Value-Driven Transformation of EU Silver Jewellery Trade

The period under review is characterized by a divergent movement between trade values and physical quantities, indicating a clear shift towards higher-value products in EU exports and different sourcing dynamics for imports.

Exports: Soaring Values on Declining Volumes

EU extra-EU exports of silver jewellery saw their total value increase from €916.8 million in 2015 to €1061.5 million in 2025, a rise of 15.8%. This growth occurred despite a 14.1% contraction in the quantity exported, which fell from 745.3 tonnes to 639.8 tonnes. Consequently, the average export price surged by 34.9%, from €1.23 million per tonne to €1.65 million per tonne. This pattern suggests that EU exporters, notably from Italy and France, have successfully repositioned towards more premium or design-intensive jewellery, commanding higher prices in international markets.

Imports: Stable Values Amidst Volume and Price Swings

Import values grew more modestly, from €948.8 million to €1078.5 million (13.7%). Unlike exports, import volumes increased significantly by 26.6%, from 803.5 tonnes to 1017.1 tonnes. However, the average import price fell by 10.3% over the decade, ending at €1.06 million per tonne. This combination indicates that the EU has increased the physical quantity of jewellery it imports from the rest of the world, potentially sourcing from competitive, volume-oriented suppliers, while managing to maintain a relatively stable import bill.

The Widening Trade Surplus in Value Terms

The EU's trade balance in this sector has historically been negative, but it has improved markedly. The deficit narrowed from €-32.0 million in 2015 to just €-17.1 million in 2025, an improvement of 46.5%. This near-balanced position, achieved through strong export value growth, underscores the sector's competitive strength in the global marketplace for finished silver jewellery.

Source: EU Trade Overview

Diversification and Reorientation of Trade Partnerships

The geographic focus of both EU imports and exports has evolved significantly, moving away from some traditional partners and strengthening ties with new or previously smaller markets.

Import Sources: The Rise of China and India, Relative Decline of Thailand

Thailand has remained the EU's largest single supplier, but its share has eroded, with imports from there declining from €560.9 million to €498.6 million (-11.1%). In contrast, imports from China grew dramatically by 81.9% to reach €305.9 million, and those from India surged by 130.9% to €96.1 million. Türkiye also became a more significant source, growing 126.3% to €36.8 million. This shift suggests a broadening of the EU's import base in Asia, with China and India capturing a larger share of the mid-market segment.

Export Destinations: A Strong Pivot to the Americas and UAE

The most striking change in EU exports is the relative decline of the United Kingdom. Once the largest market (€338.1 million in 2015), exports to the UK collapsed by 69.2% to €104.0 million, likely influenced by Brexit-related trade frictions. This void was filled by robust growth in other markets. The United States solidified its position as the top destination, growing 50.3% to €295.6 million. Exports to Mexico experienced explosive growth of 348.7% to €62.9 million, and those to the United Arab Emirates nearly doubled (92.5%) to €47.3 million. This reorientation demonstrates the EU's ability to redirect its high-value jewellery towards dynamic markets in North America and the Middle East.

Source: Top Partners by Value

Market Structure, Specialisation, and Resilience

The internal structure of the EU market reveals high specialisation, concentration, and a strong response to global events, confirming its mature and focused nature.

Production Growth and Intra-EU Specialisation

EU domestic production value for this sector grew robustly by 77.1%, from €2.9 billion in 2015 to €5.1 billion in 2025. Within the EU, specialisation is highly concentrated. Italy and Germany are the dominant players, with Italy being the leading exporter and Germany the leading importer within the EU. Their high Revealed Symmetric Comparative Advantage (RSCA) scores (0.40 and 0.42, respectively) indicate strong, specialised industries that underpin the EU's extra-EU trade performance.

Volatility and Geopolitical/Health Shocks

Trade flows exhibited significant volatility, particularly with the United Kingdom (export coefficient of variation: 0.56) and Hong Kong (import CV: 1.26). The data also captures major external shocks. A notable price shock is detected in imports from the UK in 2021, where prices shifted by +308.7%, coinciding with the post-Brexit adjustment period and global supply chain disruptions. Similarly, a price shock in exports to Japan in 2020 (shift: +109.4%) aligns with the initial impact of the COVID-19 pandemic.

Strengthening Autonomy Through Exports

The EU's trade profile in silver jewellery has become more export-oriented. The export propensity, which measures exports relative to production, increased by 167.2% from 147.6% to 394.3%. This indicates that an increasingly large share of EU production is destined for foreign markets. Furthermore, the net import reliance, though negative (indicating net exporter status), improved by 64.6%. This strengthening export focus highlights the sector's integration into and competitiveness within global value chains.

Conclusion

Over the 2015-2025 period, the EU's silver jewellery trade has evolved from a volume-oriented business to a value-driven one. The core findings are threefold: first, EU exporters have successfully pursued a premiumization strategy, boosting values while trimming volumes. Second, trade partnerships have undergone a major reconfiguration, with a pivot away from the UK and towards the US, Mexico, and the UAE for exports, and a diversification in Asian import sources beyond Thailand. Third, the sector demonstrates structural strength, with robust domestic production growth, high specialisation in key member states, and a pronounced export orientation that has increased its autonomy. Despite being tested by events like Brexit and the pandemic, the market has shown resilience, adapting its supply chains and maintaining its competitive edge in global markets.