United Kingdom: Industrial Diamond Market 2024

Industrial Diamond Market Size in the UK

In 2022, after two years of decline, there was significant growth in the UK industrial diamond market, when its value increased by X% to $X. Over the period under review, consumption, however, continues to indicate a sharp shrinkage. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Industrial Diamond Production in the UK

In value terms, industrial diamond production surged to $X in 2022 estimated in export price. In general, production, however, showed a abrupt downturn. The growth pace was the most rapid in 2014 when the production volume increased by X%. Industrial diamond production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

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Industrial Diamond Exports

Exports from the UK

In 2022, the amount of diamonds (industrial) exported from the UK fell to X carats, which is down by X% on the previous year's figure. Overall, exports, however, showed a noticeable expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of X carats, and then shrank in the following year.

In value terms, industrial diamond exports fell slightly to $X in 2022. Over the period under review, exports saw a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ireland (X carats) was the main destination for industrial diamond exports from the UK, with a X% share of total exports. Moreover, industrial diamond exports to Ireland exceeded the volume sent to the second major destination, Belgium (X carats), more than tenfold. The third position in this ranking was held by Israel (X carats), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ireland stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Israel (X% per year).

In value terms, Ireland ($X) remains the key foreign market for diamonds (industrial) exports from the UK, comprising X% of total exports. The second position in the ranking was taken by Belgium ($X), with a X% share of total exports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Ireland amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average industrial diamond export price amounted to $X per kg, growing by X% against the previous year. In general, the export price, however, continues to indicate a sharp setback. The export price peaked at $X per kg in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per kg), while the average price for exports to Ireland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (X%), while the prices for the other major destinations experienced a decline.

Industrial Diamond Imports

Imports into the UK

In 2022, purchases abroad of diamonds (industrial) decreased by X% to X carats, falling for the third year in a row after three years of growth. Over the period under review, imports saw a dramatic descent. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X carats in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, industrial diamond imports surged to $X in 2022. In general, imports showed a precipitous decline. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Africa (X carats) constituted the largest industrial diamond supplier to the UK, with a X% share of total imports. Moreover, industrial diamond imports from South Africa exceeded the figures recorded by the second-largest supplier, India (X carats), fourfold. Iceland (X carats) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Africa stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Iceland (X% per year).

In value terms, Belgium ($X), South Africa ($X) and Botswana ($X) constituted the largest industrial diamond suppliers to the UK, together comprising X% of total imports. India, Iceland and China lagged somewhat behind, together comprising a further X%.

China, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average industrial diamond import price stood at $X per kg in 2022, growing by X% against the previous year. Over the period under review, the import price, however, saw a abrupt slump. The import price peaked at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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