ECOWAS: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in ECOWAS

In 2022, the ECOWAS precious stone and pearl market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2021, and then contracted modestly in the following year.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in ECOWAS

In value terms, precious stone and pearl production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2021, and then shrank modestly in the following year.

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Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports in ECOWAS

In 2022, precious stone and pearl exports in ECOWAS reduced slightly to X tons, which is down by X% against 2021. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious stone and pearl exports totaled $X in 2022. Overall, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria was the major exporter of cultured pearls, precious or semi-precious stones in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Sierra Leone (X tons), constituting a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to precious stone and pearl exports from Nigeria stood at X%. At the same time, Sierra Leone (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Nigeria (X p.p.) and Sierra Leone (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest precious stone and pearl supplying countries in ECOWAS were Nigeria ($X) and Sierra Leone ($X).

Sierra Leone, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a 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 Sierra Leone ($X per ton), while Nigeria totaled $X per ton.

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

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports in ECOWAS

In 2022, approx. X tons of cultured pearls, precious or semi-precious stones were imported in ECOWAS; growing by X% on 2021 figures. Overall, imports, however, recorded a mild decrease. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, precious stone and pearl imports expanded to $X in 2022. Over the period under review, imports, however, saw a perceptible reduction. The pace of growth was the most pronounced in 2019 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Sierra Leone was the major importing country with an import of about X tons, which resulted at X% of total imports. It was distantly followed by Mali (X tons), generating an X% share of total imports. Ghana (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

Imports into Sierra Leone increased at an average annual rate of X% from 2012 to 2022. At the same time, Cabo Verde (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Mali (X%) illustrated a downward trend over the same period. While the share of Sierra Leone (X p.p.), Ghana (X p.p.) and Cabo Verde (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mali (X p.p.) displayed negative dynamics.

In value terms, Mali ($X) constitutes the largest market for imported cultured pearls, precious or semi-precious stones in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Sierra Leone, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mali totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Sierra Leone (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, remaining stable against the previous year. In general, the import price, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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