Report Update Nov 1, 2024

Nigeria - Diamonds and Other Precious Stones (Unworked) - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Diamond Market 2024

Diamond Market Size in Nigeria

In 2022, the Nigerien diamond market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption recorded a noticeable shrinkage. Diamond consumption peaked at $X in 2021, and then shrank rapidly in the following year.

Diamond Production in Nigeria

In value terms, diamond production reached $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Diamond Exports

Exports from Nigeria

In 2022, shipments abroad of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the fifth year in a row after three years of decline. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, diamond exports soared to $X in 2022. In general, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand (X tons), India (X tons) and Hong Kong SAR (X tons) were the main destinations of diamond exports from Nigeria, together comprising X% of total exports.

From 2014 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the key foreign market for diamonds and other precious stones (unworked) exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Thailand ($X), with a X% share of total exports.

From 2014 to 2022, the average annual rate of growth in terms of value to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

In 2022, the average diamond export price amounted to $X per ton, picking up by X% against the previous year. Overall, the export price, however, continues to indicate a abrupt curtailment. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced a decline.

Diamond Imports

Imports into Nigeria

In 2022, supplies from abroad of diamonds and other precious stones (unworked) decreased by X% to X kg, falling for the third consecutive year after two years of growth. In general, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, imports attained the peak of X kg. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, diamond imports contracted significantly to $X in 2022. Over the period under review, imports continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X kg), Switzerland (X kg) and Thailand (X kg) were the main suppliers of diamond imports to Nigeria, with a combined X% share of total imports. China, Tanzania, India, South Africa, Ethiopia, Hong Kong SAR and Sri Lanka lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest diamond suppliers to Nigeria were Germany ($X), Switzerland ($X) and China ($X), together accounting for X% of total imports. Tanzania, Hong Kong SAR, South Africa, Thailand, India, Sri Lanka and Ethiopia lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Sri Lanka, with a CAGR of X%, saw 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

In 2022, the average diamond import price amounted to $X per ton, almost unchanged from the previous year. In general, the import price, however, showed prominent growth. The pace of growth appeared the most rapid in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: 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 Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for diamonds and other precious stones (unworked) in the world?

The country with the largest volume of diamond consumption was India, comprising approx. 61% of total volume. Moreover, diamond consumption in India exceeded the figures recorded by the second-largest consumer, China, sixfold. Botswana ranked third in terms of total consumption with a 6.5% share.

What are the largest producers of diamonds and other precious stones (unworked) in the world?

The countries with the highest volumes of in 2021 were India, the United Arab Emirates and Botswana, with a combined 61% share of global production.

What are the leading suppliers of diamonds and other precious stones (unworked) to Nigeria?

In value terms, Kenya $498) constituted the largest supplier of diamond to Nigeria.

What are the leading importers of diamonds and other precious stones (unworked) from Nigeria?

In value terms, India, Germany and Hong Kong SAR appeared to be the largest markets for diamond exported from Nigeria worldwide, together comprising 99% of total exports.

What is the average export price for diamonds and other precious stones (unworked) in Nigeria?

In 2021, the average diamond export price amounted to $12,776 per ton, which is down by -35.5% against the previous year.

What is the average import price for diamonds and other precious stones (unworked) in Nigeria?

In 2021, the average diamond import price amounted to $99,600 per ton, with an increase of 35% against the previous year.

This report provides an in-depth analysis of the diamond market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 08992100 - Precious and semi-precious stones (excluding industrial diamonds), unworked or simply sawn or roughly shaped

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023