South Africa: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in South Africa

In 2022, the South African market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 11% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption showed a pronounced expansion. Consumption of peaked in 2022 and is likely to see gradual growth in years to come.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in South Africa

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver expanded significantly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 37%. As a result, production attained the peak level of $X. From 2015 to 2022, production of growth remained at a lower figure.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from South Africa

In 2022, overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 53% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of 852% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. Over the period under review, exports saw a slight increase. The growth pace was the most rapid in 2014 with an increase of 3,450% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Namibia (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from South Africa, with a 71% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Namibia exceeded the volume sent to the second major destination, Lesotho (X kg), fourfold. Botswana (X kg) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume to Namibia stood at +22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (-8.6% per year) and Botswana (-23.4% per year).

In value terms, the largest markets for non-silver precious metal goldsmiths ware articles exported from South Africa were Namibia ($X), Angola ($X) and Lesotho ($X), with a combined 82% share of total exports.

In terms of the main countries of destination, Angola, with a CAGR of +104.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per ton in 2022, with an increase of 309% against the previous year. Overall, the export price posted significant growth. The pace of growth was the most pronounced in 2014 when the average export price increased by 1,582%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Lesotho ($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 Angola (+41.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into South Africa

In 2022, purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 493% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a noticeable descent. The growth pace was the most rapid in 2018 when imports increased by 539%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. Over the period under review, imports, however, continue to indicate a sharp setback. Over the period under review, imports of attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest non-silver precious metal goldsmiths ware articles supplier to South Africa, accounting for a 88% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from China exceeded the figures recorded by the second-largest supplier, India (X kg), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +54.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.1% per year) and the UK (-50.3% per year).

In value terms, China ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to South Africa, comprising 96% of total imports. The second position in the ranking was taken by India ($X), with a 0.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +60.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-11.9% per year) and the UK (-58.0% per year).

Import Prices by Country

In 2022, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, with an increase of 11% against the previous year. Overall, the import price, however, recorded a sharp downturn. The most prominent rate of growth was recorded in 2017 an increase of 218% against the previous year. Over the period under review, average import prices reached the peak figure at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 the UK ($X per kg), while the price for India ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+11.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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