Kenya: Jewelry Market 2024

Jewelry Market Size in Kenya

The Kenyan jewelry market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -26.6% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Jewelry Production in Kenya

In value terms, jewelry production soared to $X in 2021 estimated in export price. In general, the total production indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -26.5% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 43%. Jewelry production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Jewelry Exports

Exports from Kenya

For the third consecutive year, Kenya recorded decline in overseas shipments of jewelry, which decreased by -13.6% to X kg in 2021. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 658% against the previous year. Over the period under review, the exports hit record highs at X kg in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, jewelry exports surged to $X in 2021. Over the period under review, exports, however, recorded a notable increase. The pace of growth appeared the most rapid in 2018 with an increase of 932% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X kg), Rwanda (X kg) and Indonesia (X kg) were the main destinations of jewelry exports from Kenya, with a combined 41% share of total exports. These countries were followed by Australia, Singapore, Germany, the UK, Uganda, South Africa, Japan, the Czech Republic, Denmark and Belgium, which together accounted for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +27.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Kenya, comprising 57% of total exports. The second position in the ranking was held by Denmark ($X), with a 13% share of total exports. It was followed by Australia, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+56.8% per year) and Australia (+14.3% per year).

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, jumping by 337% against the previous year. In general, the export price enjoyed a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Denmark ($X per kg), while the average price for exports to Indonesia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+58.7%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Kenya

In 2021, supplies from abroad of jewelry increased by 12% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 170%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, jewelry imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 191% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest jewelry supplier to Kenya, with a 85% share of total imports. Moreover, jewelry imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X kg), more than tenfold. Turkey (X kg) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +81.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.6% per year) and Turkey (+38.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of jewelry to Kenya, comprising 97% of total imports. The second position in the ranking was taken by Turkey ($X), with a 1.6% share of total imports. It was followed by Zimbabwe, with a 0.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +96.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+100.1% per year) and Zimbabwe (+60.1% per year).

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, with an increase of 13% against the previous year. Over the period under review, the import price enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 an increase of 432%. The import price peaked at $X per kg in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United Arab Emirates ($X per kg), while the price for Tanzania ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+44.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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