Singapore: Diamond Market 2024

Diamond Market Size in Singapore

In 2022, the Singaporean diamond market decreased by X% to $X.8B, falling for the second year in a row after four years of growth. In general, consumption recorded a abrupt slump. Over the period under review, the market hit record highs at $X.8B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Diamond Production in Singapore

In value terms, diamond production declined to $X.2B in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X.6B. From 2019 to 2022, production growth remained at a lower figure.

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Diamond Exports

Exports from Singapore

In 2022, overseas shipments of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the second year in a row after four years of decline. In general, exports showed a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, diamond exports rose notably to $X in 2022. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons), India (X tons) and Thailand (X tons) were the main destinations of diamond exports from Singapore, together comprising X% of total exports. Israel, Hong Kong SAR, Belgium, South Africa and Botswana lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for diamond exported from Singapore were India ($X), Israel ($X) and Belgium ($X), together comprising X% of total exports. The United Arab Emirates, Hong Kong SAR, Thailand, South Africa and Botswana lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, South Africa, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average diamond export price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Botswana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Diamond Imports

Imports into Singapore

In 2022, approx. X tons of diamonds and other precious stones (unworked) were imported into Singapore; which is down by X% on 2021 figures. Overall, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, diamond imports rose remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), Sri Lanka (X tons) and Namibia (X tons) were the main suppliers of diamond imports to Singapore, together comprising X% of total imports. Saudi Arabia, Mozambique, Brazil, Malaysia and France lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Saudi Arabia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest diamond suppliers to Singapore were Mozambique ($X), Namibia ($X) and Saudi Arabia ($X), with a combined X% share of total imports.

Mozambique, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average diamond import price amounted to $X per kg, rising by X% against the previous year. In general, the import price saw a significant expansion. The most prominent rate of growth was recorded in 2013 an increase of X%. The import price peaked at $X per kg in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mozambique ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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