South Africa: Diamond Market 2024

Diamond Market Size in South Africa

For the sixth year in a row, the South African diamond market recorded decline in sales value, which decreased by X% to $X in 2022. Overall, consumption showed a deep contraction. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Diamond Production in South Africa

In value terms, diamond production contracted to $X in 2022 estimated in export price. In general, production, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Diamond production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Diamond Exports

Exports from South Africa

In 2022, the amount of diamonds and other precious stones (unworked) exported from South Africa surged to X tons, picking up by X% compared with the year before. In general, exports saw a buoyant increase. The growth pace was the most rapid in 2018 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, diamond exports dropped to $X in 2022. Over the period under review, total exports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for diamond exports from South Africa, accounting for a X% share of total exports. Moreover, diamond exports to the United Arab Emirates exceeded the volume sent to the second major destination, Botswana (X tons), twofold. Belgium (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Botswana (X% per year) and Belgium (X% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for diamonds and other precious stones (unworked) exports from South Africa, comprising X% of total exports. The second position in the ranking was held by Botswana ($X), with a X% share of total exports. It was followed by Belgium, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Botswana (X% per year) and Belgium (X% per year).

Export Prices by Country

The average diamond export price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 Switzerland ($X per ton), while the average price for exports to China ($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 Switzerland (X%), while the prices for the other major destinations experienced a decline.

Diamond Imports

Imports into South Africa

In 2022, after two years of growth, there was significant decline in overseas purchases of diamonds and other precious stones (unworked), when their volume decreased by X% to X tons. Over the period under review, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, diamond imports rose notably to $X in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Botswana (X tons) constituted the largest supplier of diamond to South Africa, with a X% share of total imports. Moreover, diamond imports from Botswana exceeded the figures recorded by the second-largest supplier, Namibia (X tons), sevenfold. Angola (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Botswana stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Namibia (X% per year) and Angola (X% per year).

In value terms, Botswana ($X) constituted the largest supplier of diamonds and other precious stones (unworked) to South Africa, comprising X% of total imports. The second position in the ranking was taken by Namibia ($X), with a X% share of total imports. It was followed by Angola, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Botswana amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Namibia (X% per year) and Angola (X% per year).

Import Prices by Country

In 2022, the average diamond import price amounted to $X per ton, increasing by X% against the previous year. Overall, the import price, however, showed a noticeable setback. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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