United Kingdom: Diamond Market 2024

Diamond Market Size in the UK

The UK diamond market was finally on the rise to reach $X.9B in 2022, after three years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, consumption reached the peak level of $X.2B. From 2019 to 2022, the growth of the market failed to regain momentum.

Diamond Production in the UK

In value terms, diamond production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X.6B in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Diamond Exports

Exports from the UK

Diamond exports from the UK fell sharply to X tons in 2022, declining by X% on 2021 figures. Overall, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, diamond exports expanded slightly to $X in 2022. Over the period under review, exports recorded a dramatic slump. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Saint Helena, Ascension and Tristan da Cunha (X tons), Gibraltar (X tons) and France (X kg) were the main destinations of diamond exports from the UK, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Gibraltar (with a CAGR of X.9%), while the other leaders experienced more modest paces of growth.

In value terms, Botswana ($X), France ($X) and India ($X) appeared to be the largest markets for diamond exported from the UK worldwide, with a combined X% share of total exports. Israel, Belgium, Gibraltar, Switzerland, Saint Helena, Ascension and Tristan da Cunha, Norway and Iceland lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Gibraltar, with a CAGR of X.1%, recorded the highest rates of growth with regard to 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

In 2022, the average diamond export price amounted to $X per kg, picking up by X% against the previous year. In general, the export price, however, showed a dramatic contraction. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per kg in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Botswana ($X per kg), while the average price for exports to Saint Helena, Ascension and Tristan da Cunha ($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 Gibraltar (X%), while the prices for the other major destinations experienced a decline.

Diamond Imports

Imports into the UK

In 2022, supplies from abroad of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, diamond imports reduced notably to $X in 2022. Over the period under review, imports, however, showed a sharp curtailment. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Botswana (X tons) constituted the largest supplier of diamond to the UK, with a X% share of total imports. Moreover, diamond imports from Botswana exceeded the figures recorded by the second-largest supplier, South Africa (X tons), threefold. China (X tons) 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 Botswana amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and China (X% per year).

In value terms, South Africa ($X) constituted the largest supplier of diamonds and other precious stones (unworked) to the UK, comprising X% of total imports. The second position in the ranking was taken by Botswana ($X), with a X% share of total imports. It was followed by China, with a X% share.

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

Import Prices by Country

The average diamond import price stood at $X per kg in 2022, shrinking by X% against the previous year. Over the period under review, the import price showed a dramatic slump. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. The import price peaked at $X per kg in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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