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

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

The Nigerien precious stone and pearl market declined notably to $X in 2022, falling by -36.3% against the previous year. In general, consumption showed a abrupt decline. Precious stone and pearl consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, precious stone and pearl production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 79%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports from Nigeria

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were exported from Nigeria; growing by 7.7% on the year before. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 202%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, precious stone and pearl exports skyrocketed to $X in 2022. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 108% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the near future.

Exports by Country

Thailand (X tons) was the main destination for precious stone and pearl exports from Nigeria, accounting for a 65% share of total exports. Moreover, precious stone and pearl exports to Thailand exceeded the volume sent to the second major destination, China (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at +19.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+120.2% per year) and Benin (+327.1% per year).

In value terms, Thailand ($X) remains the key foreign market for cultured pearls, precious or semi-precious stones exports from Nigeria, comprising 8.3% of total exports. The second position in the ranking was held by China ($X), with a 3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Thailand totaled +57.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+19.5% per year) and Benin (-4.0% per year).

Export Prices by Country

In 2022, the average precious stone and pearl export price amounted to $X per ton, rising by 10% against the previous year. In general, the export price, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when the average export price increased by 149%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained 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 China ($X per ton), while the average price for exports to Benin ($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 (+32.0%), while the prices for the other major destinations experienced a decline.

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports into Nigeria

In 2022, the amount of cultured pearls, precious or semi-precious stones imported into Nigeria declined to X tons, waning by -13.9% compared with the previous year's figure. In general, imports recorded a deep slump. The growth pace was the most rapid in 2019 with an increase of 159%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, precious stone and pearl imports contracted to $X in 2022. Over the period under review, imports faced a deep setback. The pace of growth was the most pronounced in 2019 when imports increased by 290%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of precious stone and pearl to Nigeria, with a 59% share of total imports. Moreover, precious stone and pearl imports from Thailand exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. The third position in this ranking was taken by China (X kg), with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+14.7% per year) and China (-38.3% per year).

In value terms, China ($X) constituted the largest supplier of cultured pearls, precious or semi-precious stones to Nigeria, comprising 27% of total imports. The second position in the ranking was held by Thailand ($X), with a 5.1% share of total imports. It was followed by the United States, with a 1.1% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+36.5% per year) and the United States (-1.3% per year).

Import Prices by Country

In 2022, the average precious stone and pearl import price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price saw a abrupt shrinkage. The growth pace was the most rapid in 2014 an increase of 171%. The import price peaked at $X per ton in 2017; however, from 2018 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 China ($X per ton), while the price for France ($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 (+53.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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