Western Africa: Industrial Diamonds Market 2022

Industrial Diamonds Market Size in Western Africa

The West African industrial diamonds market rose remarkably to $X in 2021, growing by X% against the previous year. Over the period under review, consumption showed resilient growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Industrial Diamonds Production in Western Africa

In value terms, industrial diamonds production totaled $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -X% against 2018 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Industrial Diamonds Exports

Exports in Western Africa

After two years of decline, overseas shipments of industrial diamonds, dust and powder of precious or semi-precious stones increased by X% to X tons in 2021. Overall, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2018 when exports increased by X%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, industrial diamonds exports soared to $X in 2021. In general, exports, however, continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Sierra Leone (X tons) was the largest exporter of industrial diamonds, dust and powder of precious or semi-precious stones, comprising X% of total exports. It was distantly followed by Guinea (X tons), Ghana (X tons) and Nigeria (X tons), together making up a X% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to industrial diamonds exports from Sierra Leone stood at -X%. At the same time, Guinea (+X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +X% from 2012-2021. By contrast, Ghana (-X%) and Nigeria (-X%) illustrated a downward trend over the same period. Sierra Leone (+X p.p.) and Guinea (+X p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Nigeria saw its share reduced by -X% and -X% from 2012 to 2021, respectively.

In value terms, the largest industrial diamonds supplying countries in Western Africa were Nigeria ($X), Sierra Leone ($X) and Guinea ($X), with a combined X% share of total exports.

Among the main exporting countries, Guinea, with a CAGR of +X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per kg in 2021, waning by -X% against the previous year. Overall, the export price, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2020 an increase of X%. As a result, the export price attained the peak level of $X per kg, and then declined significantly in the following year.

Prices varied noticeably by the country of origin: the country with the highest price was Nigeria ($X per kg), while Sierra Leone ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+X%), while the other leaders experienced more modest paces of growth.

Industrial Diamonds Imports

Imports in Western Africa

In 2021, approx. X tons of industrial diamonds, dust and powder of precious or semi-precious stones were imported in Western Africa; surging by X% compared with the previous year's figure. Over the period under review, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, industrial diamonds imports declined rapidly to $X in 2021. In general, imports continue to indicate noticeable growth. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

Nigeria (X tons) and Burkina Faso (X tons) prevails in imports structure, together comprising X% of total imports. It was distantly followed by Ghana (X tons), making up an X% share of total imports.

From 2012 to 2021, the biggest increases were in Ghana (with a CAGR of +X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported industrial diamonds, dust and powder of precious or semi-precious stones in Western Africa, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with a X% share of total imports.

In Ghana, industrial diamonds imports expanded at an average annual rate of +X% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-X% per year) and Burkina Faso (+X% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per kg, shrinking by -X% against the previous year. Over the period under review, the import price faced a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The level of import peaked at $X per kg in 2020, and then fell sharply in the following year.

Prices varied noticeably by the country of destination: the country with the highest price was Ghana ($X per kg), while Burkina Faso (less than $X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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