United Kingdom: Diamond Market 2024

Diamond Market Size in the UK

In 2022, the UK diamond market was finally on the rise to reach $X.9B after three years of decline. Over the period under review, consumption saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by X% against the previous year. As a result, consumption attained the peak level of $X.2B. From 2019 to 2022, the growth of the market remained at a lower figure.

Diamond Production in the UK

In value terms, diamond production totaled $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X.6B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Diamond Exports

Exports from the UK

In 2022, diamond exports from the UK contracted notably to X tons, which is down by X% against the previous year's figure. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, diamond exports expanded to $X in 2022. Over the period under review, exports saw a sharp decrease. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Saint Helena, Ascension and Tristan da Cunha (X tons), Gibraltar (X tons) and France (X kg) were the main destinations of diamond exports from the UK, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Gibraltar (with a CAGR of X.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for diamond exported from the UK were Botswana ($X), France ($X) and India ($X), together accounting for X% of total exports. Israel, Belgium, Gibraltar, Switzerland, Saint Helena, Ascension and Tristan da Cunha, Norway and Iceland lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Gibraltar, with a CAGR of X.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average diamond export price stood at $X per kg in 2022, jumping by X% against the previous year. Over the period under review, the export price, however, showed a dramatic shrinkage. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per kg in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Botswana ($X per kg), while the average price for exports to Saint Helena, Ascension and Tristan da Cunha ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Gibraltar (X%), while the prices for the other major destinations experienced a decline.

Diamond Imports

Imports into the UK

In 2022, purchases abroad of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, diamond imports reduced markedly to $X in 2022. Overall, imports, however, continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Botswana (X tons) constituted the largest diamond supplier to the UK, accounting for a X% share of total imports. Moreover, diamond imports from Botswana exceeded the figures recorded by the second-largest supplier, South Africa (X tons), threefold. The third position in this ranking was held by China (X tons), with a X% share.

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

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

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

Import Prices by Country

In 2022, the average diamond import price amounted to $X per kg, declining by X% against the previous year. Overall, the import price recorded a sharp downturn. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per kg in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 South Africa ($X per kg), while the price for China ($X per kg) was amongst the lowest.

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

Source: IndexBox Platform

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