Hungary: Diamond Market Overview 2021

Diamond Market Size in Hungary

In 2020, the Hungarian diamond market decreased by -X% to $X for the first time since 2016, thus ending a three-year rising trend. Over the period under review, consumption, however, saw a prominent expansion. The growth pace was the most rapid in 2017 with an increase of X% year-to-year. Over the period under review, the market hit record highs at $X in 2019, and then shrank sharply in the following year.

Diamond Production in Hungary

In value terms, diamond production declined to $X in 2020 estimated in export prices. Overall, production showed a abrupt shrinkage. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2007; however, from 2008 to 2020, production remained at a lower figure.

Diamond Exports

Exports from Hungary

In 2020, after two years of decline, there was significant growth in overseas shipments of diamonds and other precious stones (unworked), when their volume increased by X% to X tonnes. Overall, exports continue to indicate a strong expansion. As a result, exports reached the peak and are likely to continue growth in the immediate term.

In value terms, diamond exports soared to $X in 2020. Over the period under review, exports continue to indicate a abrupt curtailment. Over the period under review, exports hit record highs at $X in 2007; however, from 2008 to 2020, exports failed to regain the momentum.

Exports by Country

India (X tonnes) was the main destination for diamond exports from Hungary, accounting for a X% share of total exports. Moreover, diamond exports to India exceeded the volume sent to the second major destination, the Netherlands (X kg), more than tenfold.

From 2007 to 2020, the average annual rate of growth in terms of volume to India stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+X% per year) and Slovakia (+X% per year).

In value terms, India ($X) remains the key foreign market for diamond exports from Hungary, comprising X% of total exports. The second position in the ranking was occupied by the Netherlands ($X), with a X% share of total exports.

From 2007 to 2020, the average annual growth rate of value to India stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-X% per year) and Slovakia (-X% per year).

Export Prices by Country

In 2020, the average diamond export price amounted to $X per tonne, almost unchanged from the previous year. Over the period under review, the export price continues to indicate a significant decrease. The growth pace was the most rapid in 2013 when the average export price increased by X% y-o-y. The export price peaked at $X per tonne in 2007; however, from 2008 to 2020, export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2020, the country with the highest price was India ($X per tonne), while the average price for exports to Slovakia ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to India, while the prices for the other major destinations experienced a decline.

Diamond Imports

Imports into Hungary

Diamond imports into Hungary amounted to X tonnes in 2020, leveling off at 2019. In general, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% y-o-y. Over the period under review, imports hit record highs in 2020 and are likely to see steady growth in the near future.

In value terms, diamond imports stood at $X in 2020. Overall, imports recorded a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of X% y-o-y. Over the period under review, imports attained the maximum in 2020 and are likely to continue growth in years to come.

Imports by Country

In 2020, Belgium (X tonnes) constituted the largest diamond supplier to Hungary, with a X% share of total imports. Moreover, diamond imports from Belgium exceeded the figures recorded by the second-largest supplier, Madagascar (X kg), sixfold.

From 2007 to 2020, the average annual rate of growth in terms of volume from Belgium stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Madagascar (+X% per year) and the Czech Republic (+X% per year).

In value terms, Belgium ($X) constituted the largest supplier of diamond to Hungary, comprising X% of total imports. The second position in the ranking was occupied by the Czech Republic ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from Belgium amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+X% per year) and Madagascar (+X% per year).

Import Prices by Country

The average diamond import price stood at $X per tonne in 2020, with an increase of X% against the previous year. Overall, the import price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 an increase of X% y-o-y. As a result, import price reached the peak level of $X per tonne. From 2014 to 2020, the growth in terms of the average import prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Belgium ($X per tonne), while the price for Madagascar ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the Czech Republic, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for diamonds and other precious stones (unworked) in the world?

+

India (114K tonnes) constituted the country with the largest volume of diamond consumption, accounting for 30% of total volume. Moreover, diamond consumption in India exceeded the figures recorded by the second-largest consumer, the Dominican Republic (48K tonnes), twofold. The third position in this ranking was occupied by China (48K tonnes), with a 13% share.

What are the largest producers of diamonds and other precious stones (unworked) in the world?

+

The countries with the highest volumes of diamond production in 2020 were Russia (47K tonnes), Canada (32K tonnes) and the United Arab Emirates (27K tonnes), with a combined 49% share of global production. These countries were followed by Angola, Botswana, Myanmar, South Africa, Singapore, Democratic Republic of the Congo, Lesotho, Mozambique and Tanzania, which together accounted for a further 42%.

What are the leading suppliers of diamonds and other precious stones (unworked) to Hungary?

+

In value terms, Belgium ($436K) constituted the largest supplier of diamond to Hungary, comprising 92% of total imports. The second position in the ranking was occupied by the Czech Republic ($10K), with a 2.2% share of total imports.

What are the leading importers of diamonds and other precious stones (unworked) from Hungary?

+

In value terms, India ($35K) remains the key foreign market for diamond exports from Hungary, comprising 93% of total exports. The second position in the ranking was occupied by the Netherlands ($27), with a 0.1% share of total exports.

What is the average export price for diamonds and other precious stones (unworked) in Hungary?

+

The average diamond export price stood at $5,781 per tonne in 2020, approximately reflecting the previous year.

What is the average import price for diamonds and other precious stones (unworked) in Hungary?

+

The average diamond import price stood at $71,297 per tonne in 2020, surging by 7.1% against the previous year.