ECOWAS: Jewelry Market 2024

Jewelry Market Size in ECOWAS

The ECOWAS jewelry market reached $X in 2021, stabilizing at the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Jewelry Production in ECOWAS

In value terms, jewelry production shrank to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 35% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Jewelry Exports

Exports in ECOWAS

In 2021, shipments abroad of jewelry decreased by -92.6% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2020 with an increase of 1,654%. As a result, the exports attained the peak of X tons, and then declined significantly in the following year.

In value terms, jewelry exports rose modestly to $X in 2021. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 38%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X tons) and Niger (X tons) prevails in exports structure, together comprising 84% of total exports. It was distantly followed by Nigeria (X kg), comprising a 5.6% share of total exports. Ghana (X kg), Burkina Faso (X kg) and Togo (X kg) held a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of +13.0%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X) remains the largest jewelry supplier in ECOWAS, comprising 75% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.4% share of total exports. It was followed by Nigeria, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Niger totaled +1.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-15.2% per year) and Nigeria (-16.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per kg in 2021, picking up by 1,297% against the previous year. Over the period under review, the export price, however, showed a deep reduction. Over the period under review, the export prices reached the maximum at $X per kg in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Niger ($X per kg), while Ghana ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (-0.8%), while the other leaders experienced a decline in the export price figures.

Jewelry Imports

Imports in ECOWAS

After four years of growth, overseas purchases of jewelry decreased by -24.3% to X tons in 2021. In general, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by 98% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, jewelry imports surged to $X in 2021. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 89% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons) was the main importer of jewelry, making up 77% of total imports. It was distantly followed by Burkina Faso (X tons) and Senegal (X tons), together comprising a 17% share of total imports. Ghana (X tons) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +4.5% from 2012 to 2021. At the same time, Senegal (+30.6%), Burkina Faso (+24.3%) and Ghana (+7.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +30.6% from 2012-2021. While the share of Burkina Faso (+8.7 p.p.) and Senegal (+4.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-9.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported jewelry in ECOWAS, comprising 74% of total imports. The second position in the ranking was taken by Ghana ($X), with a 6.9% share of total imports. It was followed by Nigeria, with a 0.7% share.

From 2012 to 2021, the average annual growth rate of value in Senegal stood at +58.2%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+38.1% per year) and Nigeria (+13.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per kg in 2021, with an increase of 133% against the previous year. In general, the import price continues to indicate significant growth. The most prominent rate of growth was recorded in 2016 when the import price increased by 465% against the previous year. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Senegal ($X per kg), while Burkina Faso ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+28.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform