Kenya: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Kenya

The Kenyan precious stone and pearl market contracted significantly to $X in 2022, waning by -46% against the previous year. In general, consumption saw a deep reduction. Precious stone and pearl consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Kenya

In value terms, precious stone and pearl production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 14%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Kenya

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were exported from Kenya; growing by 41% against 2021 figures. Over the period under review, exports recorded a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 913% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious stone and pearl exports fell dramatically to $X in 2022. In general, exports posted strong growth. The growth pace was the most rapid in 2021 with an increase of 135% against the previous year. As a result, the exports reached the peak of $X, and then fell rapidly in the following year.

Exports by Country

Democratic Republic of the Congo (X tons), Tanzania (X tons) and Hong Kong SAR (X tons) were the main destinations of precious stone and pearl exports from Kenya, together comprising 87% of total exports.

From 2012 to 2022, the biggest increases were recorded for Tanzania (with a CAGR of +283.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from Kenya, comprising 37% of total exports. The second position in the ranking was held by Thailand ($X), with a 17% share of total exports. It was followed by Democratic Republic of the Congo, with a 1.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+47.3% per year) and Democratic Republic of the Congo (+246.7% per year).

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, falling by -49.5% against the previous year. In general, the export price showed a deep downturn. The pace of growth appeared the most rapid in 2021 an increase of 328% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+82.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Kenya

In 2022, supplies from abroad of cultured pearls, precious or semi-precious stones was finally on the rise to reach X tons after three years of decline. Over the period under review, imports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2014 with an increase of 8,545%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, precious stone and pearl imports soared to $X in 2022. In general, imports, however, showed a noticeable reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 102% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest precious stone and pearl supplier to Kenya, accounting for a 46% share of total imports. Moreover, precious stone and pearl imports from Thailand exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand stood at -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+81.4% per year) and China (-59.2% per year).

In value terms, the UK ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Kenya, comprising 19% of total imports. The second position in the ranking was held by China ($X), with a 2.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the UK stood at -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.6% per year) and Thailand (-15.7% per year).

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, with a decrease of -45.2% against the previous year. In general, the import price, however, saw strong growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 5,925% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+178.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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