Kenya: Diamond Market 2024

Diamond Market Size in Kenya

The Kenyan diamond market dropped significantly to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, posted slight growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Diamond Production in Kenya

In value terms, diamond production rose remarkably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Diamond Exports

Exports from Kenya

Diamond exports from Kenya skyrocketed to X tons in 2022, with an increase of X% compared with the previous year. Overall, exports saw a noticeable increase. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, diamond exports stood at $X in 2022. Over the period under review, exports recorded a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), Thailand (X tons) and Hong Kong SAR (X tons) were the main destinations of diamond exports from Kenya, together comprising X% of total exports. China, Singapore and the United States lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for diamond exported from Kenya were India ($X), Thailand ($X) and Hong Kong SAR ($X), together comprising X% of total exports. The United States, China and Singapore lagged somewhat behind, together comprising a further X%.

Singapore, with a CAGR of X%, 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 diamond export price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price, however, recorded a buoyant expansion. The growth pace was the most rapid in 2020 when the average export price increased by X%. The export price peaked at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 Tanzania (X%), while the prices for the other major destinations experienced more modest paces of growth.

Diamond Imports

Imports into Kenya

In 2022, supplies from abroad of diamonds and other precious stones (unworked) was finally on the rise to reach X kg after three years of decline. In general, imports, however, recorded a pronounced contraction. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, diamond imports surged to $X in 2022. Over the period under review, imports enjoyed buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Rwanda (X kg), Tanzania (X kg) and Ethiopia (X kg) were the main suppliers of diamond imports to Kenya, with a combined X% share of total imports.

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

In value terms, Tanzania ($X) constituted the largest supplier of diamonds and other precious stones (unworked) to Kenya, comprising X% of total imports. The second position in the ranking was held by Rwanda ($X), with a X% share of total imports. It was followed by Ethiopia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Tanzania stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Rwanda (X% per year) and Ethiopia (X% per year).

Import Prices by Country

The average diamond import price stood at $X,712 per ton in 2022, jumping by X% against the previous year. Overall, the import price enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. As a result, import price attained the peak level of $X,195 per ton; afterwards, it flattened through to 2022.

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 Tanzania ($X,488 per ton), while the price for South Africa ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :