Singapore: Diamond Market 2024

Diamond Market Size in Singapore

In 2022, the Singaporean diamond market decreased by X% to $X.8B, falling for the second consecutive year after four years of growth. Over the period under review, consumption continues to indicate a deep slump. Over the period under review, the market hit record highs at $X.8B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Diamond Production in Singapore

In value terms, diamond production dropped modestly to $X.2B 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 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X.6B. From 2019 to 2022, production growth failed to regain momentum.

Diamond Exports

Exports from Singapore

In 2022, overseas shipments of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the second consecutive year after four years of decline. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, diamond exports expanded significantly to $X in 2022. Over the period under review, exports saw a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons), India (X tons) and Thailand (X tons) were the main destinations of diamond exports from Singapore, with a combined X% share of total exports. Israel, Hong Kong SAR, Belgium, South Africa and Botswana lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Israel ($X) and Belgium ($X) appeared to be the largest markets for diamond exported from Singapore worldwide, with a combined X% share of total exports. The United Arab Emirates, Hong Kong SAR, Thailand, South Africa and Botswana lagged somewhat behind, together comprising a further X%.

South Africa, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average diamond export price amounted to $X per ton, waning by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Botswana ($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 South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Diamond Imports

Imports into Singapore

Diamond imports into Singapore dropped markedly to X tons in 2022, which is down by X% compared with 2021 figures. In general, imports, however, posted buoyant growth. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of X tons, and then reduced dramatically in the following year.

In value terms, diamond imports rose rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Sri Lanka (X tons) and Namibia (X tons) were the main suppliers of diamond imports to Singapore, together comprising X% of total imports. Saudi Arabia, Mozambique, Brazil, Malaysia and France lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest diamond suppliers to Singapore were Mozambique ($X), Namibia ($X) and Saudi Arabia ($X), together accounting for X% of total imports.

Mozambique, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 kg, surging by X% against the previous year. Overall, the import price enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 an increase of X%. The import price peaked at $X per kg in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mozambique ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

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

Source: IndexBox Platform

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