Western Africa: Diamond Market 2024

Diamond Market Size in Western Africa

The West African diamond market reduced markedly to $X in 2022, which is down by X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Diamond Production in Western Africa

In value terms, diamond production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Diamond Exports

Exports in Western Africa

In 2022, diamond exports in Western Africa surged to X tons, growing by X% against 2021. Over the period under review, exports posted pronounced growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, diamond exports fell to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Sierra Leone (X tons) was the major exporter of diamonds and other precious stones (unworked), generating X% of total exports. It was distantly followed by Nigeria (X tons) and Liberia (X tons), together creating a X% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Sierra Leone experienced a relatively flat trend pattern with regard to volume of exports of diamonds and other precious stones (unworked). At the same time, Nigeria (X%), Liberia (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. While the share of Nigeria (X p.p.) and Liberia (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sierra Leone (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest diamond supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Liberia ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Sierra Leone was relatively modest. In the other countries, the average annual rates were as follows: Liberia (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, which is down by X% against the previous year. In general, the export price showed a noticeable reduction. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced a decline in the export price figures.

Diamond Imports

Imports in Western Africa

In 2022, imports of diamonds and other precious stones (unworked) in Western Africa shrank remarkably to X tons, falling by X% against 2021. In general, imports showed a perceptible slump. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, diamond imports contracted remarkably to $X in 2022. Over the period under review, imports showed a pronounced contraction. The most prominent rate of growth was recorded in 2016 with an increase of X%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Sierra Leone (X tons), Gambia (X tons), Guinea (X tons) and Liberia (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Senegal (X kg), constituting a X% share of total imports. Cote d'Ivoire (X kg) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Senegal (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Sierra Leone ($X) constitutes the largest market for imported diamonds and other precious stones (unworked) in Western Africa, comprising X% of total imports. The second position in the ranking was held by Guinea ($X), with a X% share of total imports. It was followed by Liberia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Sierra Leone amounted to X%. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Liberia (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the import price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2016 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Sierra Leone ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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