Africa: Diamond Market 2024

Diamond Market Size in Africa

The African diamond market was estimated at $X.6B in 2022, approximately equating the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The level of consumption peaked at $X.7B in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Diamond Production in Africa

In value terms, diamond production reached $X.5B 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; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, production reached the peak level of $X.5B. From 2021 to 2022, production growth failed to regain momentum.

Diamond Exports

Exports in Africa

For the fourth consecutive year, Africa recorded growth in shipments abroad of diamonds and other precious stones (unworked), which increased by X% to X tons in 2022. In general, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, diamond exports amounted to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, Angola (X tons) represented the major exporter of diamonds and other precious stones (unworked), creating X% of total exports. Mozambique (X tons) ranks second in terms of the total exports with a X% share, followed by South Africa (X%), Lesotho (X%) and Zambia (X%). Democratic Republic of the Congo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to diamond exports from Angola stood at X%. At the same time, Mozambique (X%), Zambia (X%), Lesotho (X%) and South Africa (X%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest-growing exporter exported in Africa, with a CAGR of X% from 2012-2022. Democratic Republic of the Congo experienced a relatively flat trend pattern. Mozambique (X p.p.), Angola (X p.p.), Zambia (X p.p.) and Lesotho (X p.p.) significantly strengthened its position in terms of the total exports, while Democratic Republic of the Congo saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Angola, diamond exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Africa (X% per year) and Lesotho (X% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, declining by X% against the previous year. Overall, the export price recorded a deep setback. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 South Africa ($X per ton), while Mozambique ($X per ton) was amongst the lowest.

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

Diamond Imports

Imports in Africa

After two years of growth, supplies from abroad of diamonds and other precious stones (unworked) decreased by X% to X tons in 2022. Overall, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, diamond imports contracted remarkably to $X in 2022. In general, imports continue to indicate a mild setback. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

South Africa prevails in imports structure, recording X tons, which was approx. X% of total imports in 2022. It was distantly followed by Zambia (X tons), committing a X% share of total imports.

Imports into South Africa increased at an average annual rate of X% from 2012 to 2022. At the same time, Zambia (X%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing importer imported in Africa, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Zambia increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported diamonds and other precious stones (unworked) in Africa, comprising X% of total imports. The second position in the ranking was taken by Zambia ($X), with a X% share of total imports.

In South Africa, diamond imports expanded at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Africa amounted to $X per kg, reducing by X% against the previous year. Overall, the import price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Africa ($X per kg), while Zambia amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zambia (X%).

Source: IndexBox Platform

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