Cyprus: Diamond Market 2020

Diamond Market Size in Cyprus

The revenue of the diamond market in Cyprus amounted to $X in 2018, coming down by -X% against the previous year. Overall, diamond consumption continues to indicate a deep shrinkage. The pace of growth was the most pronounced in 2013 when the market value increased by X% against the previous year. Over the period under review, the diamond market reached its peak figure level at $X in 2014; however, from 2015 to 2018, consumption stood at a somewhat lower figure.

Diamond Production in Cyprus

In value terms, diamond production totaled $X in 2018 estimated in export prices. In general, diamond production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2009 when production volume increased by X% year-to-year. In that year, diamond production reached its peak level of $X. From 2010 to 2018, diamond production growth remained at a somewhat lower figure.

Diamond Exports

Exports from Cyprus

In 2018, the exports of diamonds and other precious stones (unworked) from Cyprus totaled X kg, picking up by X% against the previous year. In general, diamond exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2010 when exports increased by X% y-o-y. Over the period under review, diamond exports reached their maximum at X tons in 2011; however, from 2012 to 2018, exports failed to regain their momentum.

In value terms, diamond exports totaled $X in 2018. In general, diamond exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Cyprus exports peaked in 2018 and are expected to retain its growth in the immediate term.

Exports by Country

Brazil (X tons), Uruguay (X tons), China, Hong Kong SAR (X tons), Madagascar (X tons) and South Africa (X tons) represented roughly X% of total exports of diamonds and other precious stones (unworked) in 2018. Mozambique (X tons) took a X% share (based on tons) of total exports, which put it in second place, followed by Myanmar (X%). The following exporters - Mexico (X tons), India (X tons) and Singapore (X tons) - together made up X% of total exports.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by India, while the other leaders experienced more modest paces of growth.

In value terms, the largest diamond markets from Cyprus were China, Hong Kong SAR ($X), India ($X) and South Africa ($X), together comprising X% of total exports. Singapore, Myanmar, Brazil, Mozambique, Madagascar, Uruguay, Mexico and Cyprus lagged somewhat behind, together accounting for a further X the main exporting countries, Mozambique experienced the highest rates of growth with regard to exports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2018, the diamond export price in Cyprus amounted to $X per ton, coming down by -X% against the previous year. In general, the diamond export price continues to indicate an abrupt setback. The pace of growth was the most pronounced in 2013 when the export price increased by X% y-o-y. Cyprus export price peaked at $X per ton in 2009; however, from 2010 to 2018, export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was India ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Myanmar, while the other leaders experienced mixed trends in the export price figures.

Diamond Imports

Imports into Cyprus

In 2018, the amount of diamonds and other precious stones (unworked) imported into Cyprus totaled X kg, waning by -X% against the previous year. In general, diamond imports continue to indicate an abrupt descent. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Cyprus imports peaked at X tons in 2014; however, from 2015 to 2018, imports stood at a somewhat lower figure.

In value terms, diamond imports totaled $X in 2018. In general, diamond imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2011 with an increase of X% y-o-y. Cyprus imports peaked at $X in 2012; however, from 2013 to 2018, imports remained at a lower figure.

Imports by Country

China prevails in diamond imports structure, reaching X tons, which was near X% of total imports in 2018. It was distantly followed by China, Hong Kong SAR (X tons) and India (X tons), together making up a X% share of total imports. The following importers - the U.S. (X tons), Brazil (X tons), Thailand (X tons) and South Africa (X tons) - together made up X% of total imports.

Imports into China decreased at an average annual rate of -X% from 2007 to 2018. At the same time, India (+X%), Brazil (+X%) and South Africa (+X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, the U.S. (-X%), Thailand (-X%) and China, Hong Kong SAR (-X%) illustrated a downward trend over the same period. While the share of India (+X p.p.) and Brazil (+X p.p.) increased significantly in terms of the global imports from 2007-2018, the share of China, Hong Kong SAR (-X p.p.) and China (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported diamonds and other precious stones (unworked) into Cyprus, comprising X% of global imports. The second position in the ranking was occupied by China, Hong Kong SAR ($X), with a X% share of global imports. It was followed by China, with a X% share.

In India, diamond imports expanded at an average annual rate of +X% over the period from 2007-2018. In the other countries, the average annual rates were as follows: China, Hong Kong SAR (+X% per year) and China (-X% per year).

Import Prices by Country

In 2018, the diamond import price in Cyprus amounted to $X per ton, falling by -X% against the previous year. Overall, the diamond import price, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2012 when the import price increased by X% y-o-y. In that year, the import prices for diamonds and other precious stones (unworked) attained their peak level of $X per ton. From 2013 to 2018, the growth in terms of the import prices for diamonds and other precious stones (unworked) failed to regain its momentum.

Prices varied noticeably by the country of destination; the country with the highest price was India ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, Hong Kong SAR, while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform