Nigeria: Jewelry Market 2024

Jewelry Market Size in Nigeria

The Nigerien jewelry market dropped slightly to $X in 2021, remaining constant against the previous year. In general, consumption, however, saw a noticeable curtailment. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Jewelry Production in Nigeria

In value terms, jewelry production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 90%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Jewelry Exports

Exports from Nigeria

After two years of decline, overseas shipments of jewelry increased by 37% to X kg in 2021. Over the period under review, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 167% against the previous year. Over the period under review, the exports hit record highs at X kg in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, jewelry exports declined to $X in 2021. Overall, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 150%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X kg), Canada (X kg) and South Africa (X kg) were the main destinations of jewelry exports from Nigeria, with a combined 61% share of total exports. Cote d'Ivoire, Italy, Turkey, France, Japan, Zimbabwe, the United States, Belgium and Singapore lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the biggest increases were in Singapore (with a CAGR of +73.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) emerged as the key foreign market for jewelry exports from Nigeria, comprising 24% of total exports. The second position in the ranking was taken by the United States ($X), with an 11% share of total exports. It was followed by Japan, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value to Italy amounted to -17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+8.9% per year) and Japan (+23.1% per year).

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, shrinking by -32.9% against the previous year. Overall, the export price showed a precipitous descent. The most prominent rate of growth was recorded in 2014 when the average export price increased by 143%. As a result, the export price reached the peak level of $X per kg. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per kg), while the average price for exports to Belgium ($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 (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Nigeria

After four years of growth, purchases abroad of jewelry decreased by -35.3% to X tons in 2021. Over the period under review, imports, however, recorded pronounced growth. The pace of growth was the most pronounced in 2015 when imports increased by 455% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, jewelry imports rose sharply to $X in 2021. In general, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 215% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

The United Arab Emirates (X tons), the UK (X tons) and Italy (X tons) were the main suppliers of jewelry imports to Nigeria, together comprising 87% of total imports. China, Hong Kong SAR, South Africa and the United States lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +140.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of jewelry to Nigeria, comprising 34% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by the UK, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy totaled +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+61.0% per year) and the UK (+15.7% per year).

Import Prices by Country

The average jewelry import price stood at $X per ton in 2021, picking up by 65% against the previous year. Over the period under review, the import price continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2016 an increase of 168%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+32.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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