Western Africa: Market for Cultured Pearls, Precious Or Semi-Precious Stones 2024

Market Size for Cultured Pearls, Precious Or Semi-Precious Stones in Western Africa

The West African precious stone and pearl market rose modestly to $X in 2023, with an increase of X% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level in 2023 and is expected to retain growth in years to come.

Production of Cultured Pearls, Precious Or Semi-Precious Stones in Western Africa

In value terms, precious stone and pearl production rose slightly to $X in 2023 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. The level of production peaked in 2023 and is likely to see steady growth in the immediate term.

Exports of Cultured Pearls, Precious Or Semi-Precious Stones

Exports in Western Africa

In 2023, the amount of cultured pearls, precious or semi-precious stones exported in Western Africa rose modestly to X tons, growing by X% against the previous year's figure. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, precious stone and pearl exports skyrocketed to $X in 2023. In general, exports showed significant 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 attained the peak figure in 2023 and are likely to see gradual growth in the near future.

Exports by Country

Nigeria represented the major exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Sierra Leone (X tons), comprising a X% share of total exports.

Exports from Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Sierra Leone (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.) and Sierra Leone (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest precious stone and pearl supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria amounted to X%.

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, increasing by X% against the previous year. Overall, the export price continues to indicate temperate growth. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. Over the period under review, the export prices hit record highs in 2023 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%).

Imports of Cultured Pearls, Precious Or Semi-Precious Stones

Imports in Western Africa

Precious stone and pearl imports expanded modestly to X tons in 2023, growing by X% against the year before. In general, imports, however, saw a slight curtailment. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports reached the peak of X tons. From 2014 to 2023, the growth of imports remained at a lower figure.

In value terms, precious stone and pearl imports reached $X in 2023. Overall, imports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2019 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Sierra Leone (X tons) represented the main importer of cultured pearls, precious or semi-precious stones, committing X% of total imports. It was distantly followed by Mali (X tons) and Burkina Faso (X tons), together achieving a X% share of total imports.

Imports into Sierra Leone increased at an average annual rate of X% from 2012 to 2023. At the same time, Burkina Faso (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Mali (X%) illustrated a downward trend over the same period. While the share of Sierra Leone (X p.p.) and Burkina Faso (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Mali (X p.p.) displayed negative dynamics.

In value terms, Mali ($X) constitutes the largest market for imported cultured pearls, precious or semi-precious stones in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with an X% share of total imports.

In Mali, precious stone and pearl imports shrank by an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Burkina Faso (X% per year) and Sierra Leone (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, surging by X% against the previous year. In general, the import price, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform