Kuwait: Diamond Market 2024

Diamond Market Size in Kuwait

The Kuwaiti diamond market surged to $X in 2022, rising by X% against the previous year. In general, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Diamond Production in Kuwait

In value terms, diamond production rose markedly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Diamond Exports

Exports from Kuwait

In 2021, overseas shipments of diamonds and other precious stones (unworked) were finally on the rise to reach X kg for the first time since 2018, thus ending a two-year declining trend. In general, exports posted a significant increase. The pace of growth was the most pronounced in 2018 when exports increased by X,031% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, diamond exports surged to $X in 2021. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X kg) and Turkey (X kg) were the main destinations of diamond exports from Kuwait.

From 2013 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of X%).

In value terms, Turkey ($X) emerged as the key foreign market for diamonds and other precious stones (unworked) exports from Kuwait, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

From 2013 to 2021, the average annual rate of growth in terms of value to Turkey was relatively modest.

Export Prices by Country

The average diamond export price stood at $X per ton in 2021, dropping by X% against the previous year. Overall, the export price, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020, and then declined remarkably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to the United Arab Emirates amounted to $X per ton.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%).

Diamond Imports

Imports into Kuwait

In 2022, imports of diamonds and other precious stones (unworked) into Kuwait skyrocketed to X kg, growing by X% against the previous year. In general, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, diamond imports skyrocketed to $X in 2022. Overall, imports saw a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Pakistan (X kg) constituted the largest supplier of diamond to Kuwait, accounting for a X% share of total imports. Moreover, diamond imports from Pakistan exceeded the figures recorded by the second-largest supplier, Tanzania (X kg), fourfold. India (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Pakistan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (X% per year) and India (X% per year).

In value terms, the largest diamond suppliers to Kuwait were India ($X), Tanzania ($X) and Pakistan ($X), with a combined X% share of total imports. Brazil, the United States and Switzerland lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Brazil, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average diamond import price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price continues to indicate a abrupt decline. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 India ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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