Western Africa: Jewelry Market 2024

Jewelry Market Size in Western Africa

After two years of growth, the West African jewelry market decreased by -0.5% to $X in 2021. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Jewelry Production in Western Africa

In value terms, jewelry production shrank to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 30%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Jewelry Exports

Exports in Western Africa

In 2021, after three years of growth, there was significant decline in shipments abroad of jewelry, when their volume decreased by -92.6% to X tons. Overall, exports, however, saw a tangible expansion. The pace of growth was the most pronounced in 2020 with an increase of 1,648% against the previous year. As a result, the exports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, jewelry exports totaled $X in 2021. In general, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2019 when exports increased by 38%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X tons) and Niger (X tons) dominates exports structure, together mixing up 84% of total exports. It was distantly followed by Nigeria (X kg), comprising a 5.6% share of total exports. Ghana (X kg), Burkina Faso (X kg) and Togo (X kg) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Togo (with a CAGR of +13.0%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X) remains the largest jewelry supplier in Western Africa, comprising 75% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 9.4% share of total exports. It was followed by Nigeria, with a 1.6% share.

In Niger, jewelry exports increased at an average annual rate of +1.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-15.2% per year) and Nigeria (-16.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per kg in 2021, rising by 1,300% against the previous year. Over the period under review, the export price, however, recorded a abrupt downturn. Over the period under review, the export prices hit record highs at $X per kg in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Niger ($X per kg), while Ghana ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (-0.8%), while the other leaders experienced a decline in the export price figures.

Jewelry Imports

Imports in Western Africa

In 2021, overseas purchases of jewelry decreased by -24.3% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 97%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, jewelry imports soared to $X in 2021. Overall, imports, however, saw significant growth. The growth pace was the most rapid in 2017 when imports increased by 89% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

Nigeria represented the largest importer of jewelry in Western Africa, with the volume of imports amounting to X tons, which was near 77% of total imports in 2021. Burkina Faso (X tons) took the second position in the ranking, followed by Senegal (X tons). All these countries together took near 17% share of total imports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to jewelry imports into Nigeria stood at +4.5%. At the same time, Senegal (+30.6%), Burkina Faso (+24.3%) and Ghana (+7.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +30.6% from 2012-2021. While the share of Burkina Faso (+8.7 p.p.) and Senegal (+4.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported jewelry in Western Africa, comprising 74% of total imports. The second position in the ranking was held by Ghana ($X), with a 6.9% share of total imports. It was followed by Nigeria, with a 0.7% share.

In Senegal, jewelry imports increased at an average annual rate of +58.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+38.1% per year) and Nigeria (+13.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per kg in 2021, growing by 133% against the previous year. Over the period under review, the import price enjoyed a significant increase. The growth pace was the most rapid in 2016 when the import price increased by 465% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Senegal ($X per kg), while Burkina Faso ($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 (+28.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :