Ghana: Jewelry Market 2024

Jewelry Market Size in Ghana

The Ghanian jewelry market amounted to $X in 2022, approximately mirroring the previous year. In general, consumption, however, showed a pronounced reduction. Jewelry consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Jewelry Production in Ghana

In value terms, jewelry production reached $X in 2022 estimated in export price. In general, production, however, continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 9.2% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Ghana

In 2022, shipments abroad of jewelry increased by 17% to X kg, rising for the second consecutive year after two years of decline. In general, exports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 209%. The exports peaked at X kg in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, jewelry exports soared to $X in 2022. Overall, exports, however, continue to indicate a dramatic curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 825% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for jewelry exports from Ghana, accounting for a 24% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, France (X kg), threefold. South Africa (X kg) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+32.0% per year) and South Africa (-2.8% per year).

In value terms, the United States ($X), Germany ($X) and China ($X) were the largest markets for jewelry exported from Ghana worldwide, together comprising 36% of total exports.

Germany, with a CAGR of +39.6%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, rising by 20% against the previous year. Overall, the export price, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2014 an increase of 788% against the previous year. The export price peaked at $X per kg in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per kg), while the average price for exports to Botswana ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+34.1%), while the prices for the other major destinations experienced mixed trend patterns.

Jewelry Imports

Imports into Ghana

Jewelry imports into Ghana totaled X kg in 2022, growing by 4.8% compared with 2021. Over the period under review, imports continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 156%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, jewelry imports contracted significantly to $X in 2022. In general, imports saw significant growth. The growth pace was the most rapid in 2015 when imports increased by 191%. Imports peaked at $X in 2021, and then declined sharply in the following year.

Imports by Country

In 2022, Germany (X kg) constituted the largest supplier of jewelry to Ghana, with a 30% share of total imports. Moreover, jewelry imports from Germany exceeded the figures recorded by the second-largest supplier, France (X kg), threefold. The third position in this ranking was taken by Italy (X kg), with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +21.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-1.5% per year) and Italy (+17.5% per year).

In value terms, Italy ($X) constituted the largest supplier of jewelry to Ghana, comprising 36% of total imports. The second position in the ranking was held by France ($X), with a 9.3% share of total imports. It was followed by Turkey, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy amounted to +32.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+37.7% per year) and Turkey (+12.5% per year).

Import Prices by Country

The average jewelry import price stood at $X per kg in 2022, waning by -29.2% against the previous year. In general, the import price, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2015 when the average import price increased by 232%. Over the period under review, average import prices hit record highs at $X per kg in 2021, and then declined sharply in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+39.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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