Egypt’s natural diamond imports decline 56.8% over four years

Egypt’s natural diamond imports declined by 56.8% between 2021 and 2024, despite recording the market’s first noticeable recovery last year following two consecutive years of decline. The downturn comes as the global diamond industry undergoes a major restructuring after one of its sharpest contractions in recent years.

According to data from the World Bank’s World Integrated Trade Solution (WITS) database, Egypt’s imports of non-mounted natural diamonds fell from approximately US$698,160 in 2021 to US$301,870 in 2024, a decline of US$396,290, or 56.8%. The report noted that Egypt imported US$698,160 worth of natural diamonds in 2021, before imports dropped to US$208,960 in 2022 and reached a four-year low of US$122,980 in 2023. Imports rebounded to US$301,870 in 2024, marking a 145.5% year-on-year increase.

According to WITS data, India remained Egypt’s largest supplier of natural diamonds in 2024, with exports valued at US$207,420, followed by Turkey at US$87,540, and Thailand at US$6,920. The report emphasised that these figures relate only to non-mounted natural diamonds and therefore do not reflect the full size of Egypt’s diamond market. A significant share of domestic demand is met by finished diamond jewellery, including engagement rings, wedding sets, and diamond-studded gold jewellery, rather than by imported loose stones.