Updated Sep 26, 2022 11:36

Diamond Market in Ireland

Market Overview
The Irish diamond market was finally on the rise to reach $ in , after three years of decline. Over the period under review, consumption, however, continues to indicate a abrupt decline. Over the period under review, the market attained the peak level at $ in 2007; however, from 2008 to , consumption stood at a somewhat lower figure.


Consumption
In , the amount of diamonds and other precious stones (unworked) consumed in Ireland declined to kg, with a decrease of -% against the year before. In general, consumption continues to indicate a significant curtailment. Over the period under review, consumption hit record highs at tons in 2007; however, from 2008 to , consumption failed to regain momentum.

The size of the diamond market in Ireland declined to $ in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a abrupt downturn. Over the period under review, the market hit record highs at $ in 2007; however, from 2008 to , consumption failed to regain momentum.


Market Forecast
Depressed by shrinking demand for diamond in Ireland, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to kg by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Diamond market in Ireland consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, Ireland relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately ( percentage point) over the period under review.


Trade Balance
Ireland remains a net importer of diamond; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of kg, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.