Africa: Jewelry Market 2024

Jewelry Market Size in Africa

The African jewelry market dropped modestly to $X in 2022, with a decrease of -4.7% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Jewelry Production in Africa

In value terms, jewelry production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable decline. The pace of growth was the most pronounced in 2018 when the production volume increased by 42% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Jewelry Exports

Exports in Africa

In 2022, shipments abroad of jewelry increased by 9.1% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, recorded a mild curtailment. The growth pace was the most rapid in 2021 with an increase of 62% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, jewelry exports expanded significantly to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.1% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Africa dominates exports structure, accounting for X tons, which was near 72% of total exports in 2022. Egypt (X tons) took an 8.4% share (based on physical terms) of total exports, which put it in second place, followed by Zambia (6.9%). Morocco (X tons) and Mauritius (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to jewelry exports from South Africa stood at -1.3%. At the same time, Egypt (+35.8%) and Zambia (+18.6%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in Africa, with a CAGR of +35.8% from 2012-2022. By contrast, Morocco (-5.4%) and Mauritius (-6.0%) illustrated a downward trend over the same period. Egypt (+8 p.p.) and Zambia (+5.8 p.p.) significantly strengthened its position in terms of the total exports, while Mauritius and Morocco saw its share reduced by -2.2% and -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest jewelry supplier in Africa, comprising 85% of total exports. The second position in the ranking was taken by Mauritius ($X), with a 4.9% share of total exports. It was followed by Morocco, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Africa totaled +17.6%. In the other countries, the average annual rates were as follows: Mauritius (-13.9% per year) and Morocco (+6.0% per year).

Export Prices by Country

The export price in Africa stood at $X per kg in 2022, flattening at the previous year. Over the period under review, the export price posted a strong increase. The most prominent rate of growth was recorded in 2018 an increase of 49%. Over the period under review, the export prices reached the maximum at $X per kg in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mauritius ($X per kg), while Zambia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+19.2%), while the other leaders experienced more modest paces of growth.

Jewelry Imports

Imports in Africa

Jewelry imports declined to X tons in 2022, waning by -10.2% compared with the previous year. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 46% against the previous year. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, jewelry imports declined significantly to $X in 2022. Overall, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 142% against the previous year. As a result, imports attained the peak of $X, and then plummeted in the following year.

Imports by Country

Sudan (X tons) and South Africa (X tons) represented roughly 54% of total imports in 2022. Nigeria (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Egypt (8.3%) and Ethiopia (6.4%). The following importers - Morocco (X tons), Libya (X tons), Botswana (X tons), Namibia (X tons), Rwanda (X tons) and Kenya (X tons) - together made up 14% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Egypt (with a CAGR of +50.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest jewelry importing markets in Africa were Libya ($X), Sudan ($X) and Ethiopia ($X), with a combined 52% share of total imports.

Among the main importing countries, Ethiopia, with a CAGR of +60.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Africa amounted to $X per kg, which is down by -28.8% against the previous year. In general, the import price, however, continues to indicate a tangible increase. The pace of growth appeared the most rapid in 2021 an increase of 66%. As a result, import price reached the peak level of $X per kg, and then contracted sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Libya ($X per kg), while Rwanda ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+17.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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