South Africa: Jewelry Market 2024

Jewelry Market Size in South Africa

The South African jewelry market surged to $X in 2021, growing by 27% against the previous year. In general, consumption, however, continues to indicate a slight slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Jewelry Production in South Africa

In value terms, jewelry production amounted to $X in 2021 estimated in export price. Overall, production, however, showed a pronounced decline. Jewelry production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Jewelry Exports

Exports from South Africa

In 2021, shipments abroad of jewelry was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 71% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, jewelry exports soared to $X in 2021. Over the period under review, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2018 when exports increased by 62%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Namibia (X tons), the United States (X tons) and Botswana (X tons) were the main destinations of jewelry exports from South Africa, with a combined 66% share of total exports. Zambia, Lesotho, Swaziland and Mauritius lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mauritius (with a CAGR of +42.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for jewelry exports from South Africa, comprising 92% of total exports. The second position in the ranking was held by Namibia ($X), with a 0.9% share of total exports. It was followed by Mauritius, with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Namibia (-10.9% per year) and Mauritius (+11.3% per year).

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, with an increase of 7.6% against the previous year. Over the period under review, the export price recorded a significant increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by 89%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per kg), while the average price for exports to Lesotho ($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 Swaziland (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into South Africa

In 2021, approx. X tons of jewelry were imported into South Africa; picking up by 97% on the previous year's figure. In general, total imports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, jewelry imports surged to $X in 2021. Over the period under review, imports, however, recorded a abrupt decrease. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons), China (X tons) and Italy (X tons) were the main suppliers of jewelry imports to South Africa, with a combined 84% share of total imports. Germany, the United States, India, the UK, Hong Kong SAR and Norway lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +15.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Thailand ($X) and China ($X) were the largest jewelry suppliers to South Africa, together accounting for 67% of total imports.

Thailand, with a CAGR of +1.1%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average jewelry import price amounted to $X per ton, dropping by -11.7% against the previous year. Over the period under review, the import price faced a abrupt downturn. The pace of growth was the most pronounced in 2015 when the average import price increased by 15% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (-1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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