Report Update Nov 1, 2024

Nigeria - Synthetic or Reconstructed Precious or Semi-Precious Stones - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Nigeria

For the third year in a row, the Nigerien synthetic gemstones market recorded growth in sales value, which increased by 13% to $X in 2021. Over the period under review, consumption continues to indicate significant growth. Synthetic gemstones consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Synthetic Gemstones Production in Nigeria

In value terms, synthetic gemstones production rose markedly to $X in 2021 estimated in export price. In general, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.2% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 63% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Synthetic Gemstones Exports

Exports from Nigeria

In 2021, shipments abroad of synthetic or reconstructed precious or semi-precious stones increased by 900% to X kg, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, continue to indicate a noticeable descent. The exports peaked at X kg in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, synthetic gemstones exports skyrocketed to $X in 2021. Overall, exports, however, saw a deep setback. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X kg) was the main destination for synthetic gemstones exports from Nigeria, accounting for a approx. 50% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +2.5%.

In value terms, Germany ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from Nigeria, comprising 47% of total exports. The second position in the ranking was held by Thailand ($X), with a 3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany was relatively modest.

Export Prices by Country

In 2021, the average synthetic gemstones export price amounted to $X per kg, shrinking by -57.1% against the previous year. Overall, the export price saw a noticeable setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 156% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2020 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Germany.

From 2012 to 2021, the rate of growth in terms of prices for Germany amounted to -2.1% per year.

Synthetic Gemstones Imports

Imports into Nigeria

In 2021, the amount of synthetic or reconstructed precious or semi-precious stones imported into Nigeria surged to X kg, rising by 16% compared with the previous year. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2015 when imports increased by 2,345% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, synthetic gemstones imports skyrocketed to $X in 2021. In general, imports posted significant growth. The growth pace was the most rapid in 2019 when imports increased by 357% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X kg) was the main supplier of synthetic gemstones to Nigeria, with a approx. 100% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States was relatively modest.

In value terms, the United States ($X) constituted the largest supplier of synthetic or reconstructed precious or semi-precious stones to Nigeria.

From 2012 to 2021, the average annual growth rate of value from the United States was relatively modest.

Import Prices by Country

The average synthetic gemstones import price stood at $X per ton in 2021, surging by 3% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 773%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for Italy amounted to -5.8% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for synthetic or reconstructed precious or semi-precious stones in the world?

The countries with the highest volumes of synthetic gemstones consumption in 2021 were the United Arab Emirates, Myanmar and India, together accounting for 79% of global consumption.

What are the largest producers of synthetic or reconstructed precious or semi-precious stones in the world?

The countries with the highest volumes of synthetic gemstones production in 2021 were Russia, Hong Kong SAR and Switzerland, with a combined 71% share of global production. These countries were followed by Lao People's Democratic Republic, Germany, Singapore, France and Taiwan Chinese), which together accounted for a further 20%.

What are the leading suppliers of synthetic or reconstructed precious or semi-precious stones to Nigeria?

In value terms, Italy constituted the largest supplier of synthetic gemstones to Nigeria, comprising 85% of total imports. The second position in the ranking was occupied by China, with a 15% share of total imports.

What are the leading importers of synthetic or reconstructed precious or semi-precious stones from Nigeria?

In value terms, Germany remains the key foreign market for synthetic gemstones exports from Nigeria.

What is the average export price for synthetic or reconstructed precious or semi-precious stones in Nigeria?

In 2021, the average synthetic gemstones export price amounted to $40,079 per ton, surging by 11% against the previous year.

What is the average import price for synthetic or reconstructed precious or semi-precious stones in Nigeria?

In 2019, the average synthetic gemstones import price amounted to $81,069 per ton, picking up by 63% against the previous year.

This report provides an in-depth analysis of the synthetic gemstones 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 20136800 - Synthetic or reconstructed precious or semi-precious stones, u nworked 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