Western Africa: Industrial Diamond Market 2023

Industrial Diamond Market Size in Western Africa

The West African industrial diamond market dropped modestly to $X in 2022, falling by X% against the previous year. In general, consumption, however, showed prominent growth. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Industrial Diamond Production in Western Africa

In value terms, industrial diamond production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, posted a strong increase. The growth pace was the most rapid in 2015 with an increase of X%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Industrial Diamond Exports

Exports in Western Africa

In 2022, shipments abroad of diamonds (industrial) decreased by X% to X carats for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The volume of export peaked at X carats in 2021, and then contracted modestly in the following year.

In value terms, industrial diamond exports fell significantly to $X in 2022. Over the period under review, exports, however, recorded 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 somewhat lower figure.

Exports by Country

In 2022, Sierra Leone (X carats) was the largest exporter of diamonds (industrial), generating X% of total exports. It was distantly followed by Guinea (X carats) and Liberia (X carats), together committing a X% share of total exports.

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 Western Africa, with a CAGR of X% from 2012-2022. Sierra Leone (X p.p.) and Liberia (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X), Sierra Leone ($X) and Liberia ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Liberia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per kg in 2022, which is down by X% against the previous year. Over the period under review, the export price faced a abrupt setback. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 Western Africa

In 2022, imports of diamonds (industrial) in Western Africa was estimated at X carats, remaining relatively unchanged against 2021. In general, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports reached the peak of X carats. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, industrial diamond imports amounted to $X in 2022. Over the period under review, imports showed a precipitous slump. The smallest decline of X% was in 2018. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Import Prices by Country

In 2022, the import price in Western Africa amounted to less than $X per kg, reducing by X% against the previous year. In general, the import price showed a sharp descent. The pace of growth was the most pronounced in 2017 a decrease of X%. Over the period under review, import prices attained the peak figure at $X per kg in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2013 to 2022, the rate of growth in terms of prices for Mauritania amounted to X% per year.

Source: IndexBox Platform

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