ECOWAS: Industrial Diamond Market 2023

Industrial Diamond Market Size in ECOWAS

The ECOWAS industrial diamond market shrank to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption, however, recorded a buoyant increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Industrial Diamond Production in ECOWAS

In value terms, industrial diamond production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, posted buoyant growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Industrial Diamond Exports

Exports in ECOWAS

In 2022, after two years of growth, there was decline in overseas shipments of diamonds (industrial), when their volume decreased by X% to X carats. In general, exports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X carats in 2021, and then reduced in the following year.

In value terms, industrial diamond exports fell dramatically to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was 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 lower figure.

Exports by Country

Sierra Leone represented the major exporting country with an export of around X carats, which recorded X% of total exports. Guinea (X carats) ranks second in terms of the total exports with a X% share, followed by Liberia (X%).

Exports from Sierra Leone increased at an average annual rate of X% from 2012 to 2022. At the same time, Liberia (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Sierra Leone (X p.p.) and Liberia (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

Among the main exporting countries, Liberia, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the export price in ECOWAS amounted to $X per kg, shrinking by X% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2014 to 2022, the export prices failed to regain momentum.

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

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

Industrial Diamond Imports

Imports in ECOWAS

In 2018, industrial diamond imports in ECOWAS surged to X carats, picking up by X% against the previous year's figure. Over the period under review, imports recorded a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial diamond imports fell dramatically to $X in 2018. In general, imports, however, continue to indicate a precipitous shrinkage. The level of import peaked at $X in 2013; however, from 2014 to 2018, imports remained at a lower figure.

Imports by Country

In 2018, Senegal (X carats) was the main importer of diamonds (industrial) in ECOWAS, comprising X% of total import.

Senegal experienced a relatively flat trend pattern with regard to volume of imports of diamonds (industrial). From 2013 to 2018, the share of Senegal increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported diamonds (industrial) in ECOWAS.

In Senegal, industrial diamond imports remained relatively stable over the period from 2013-2018.

Import Prices by Country

In 2018, the import price in ECOWAS amounted to $X per kg, which is down by X% against the previous year. Overall, the import price faced a sharp contraction. The growth pace was the most rapid in 2015 a decrease of X% against the previous year. The level of import peaked at $X per kg in 2013; however, from 2014 to 2018, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Senegal.

From 2013 to 2018, the rate of growth in terms of prices for Senegal amounted to X% per year.

Source: IndexBox Platform

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