Africa has a vast potential as a market for fine jewellery due to a growing population and rising incomes, the CIBJO Congress heard.

The session, which was moderated by Edward Johnson, Corporate Responsibility at Gemfields, looked at African countries not mainly as producers of raw materials for the jewellery sector, but predominantly as centres for cutting, design and manufacturing, and also as jewellery consuming markets.

Africa had not been seen as a big market for fine jewellery, but economic growth and increasing populations across the continent, have created dynamic opportunities.

“I can see a lot of people of my generation having more interest to buy jewellery. It is a growing market as people allocate disposable income to jewellery purchases,” said Molefi Letsiki, President, Diamonds Dealers Club of South Africa.

Mr Letsiki noted increasing demand in South Africa for engagement rings featuring natural diamonds weighing 0.5 to 2 carats, with high clarity.

Mr Letsiki spoke of an accelerating trend of self-purchase of fine jewellery by women in South Africa.

Nigeria, Africa’s most populous country, has seen strong population growth, with rising numbers of young people, which will boost market opportunities for fine jewellery purchases, panellists said.

“The market is young, vibrant and creative, concentrated in the main cities like Lagos and Abuja,” industry consultant Christophe Amenc said.

He also referred to a dynamic entertainment and media industry backdrop in Nigeria, generating incomes and underpinning the market for luxury goods.

Nigeria, for example, is a leading market for sales of French champagne.

Jumoke Oluwatunmibi, founder of Jumoke Lagos, spoke of evolving tastes in jewellery designs among consumers across Africa, with demand for finer pieces developing as disposable incomes rise.

“What our parents wore – we like them but not to own them. We like to buy something fresher,” she said.

She referred to a mood of optimism in Nigeria, where the economy is presently underpinned by buoyant services industries.

Rashmi Sharma, CEO of Jewel of Africa, spoke of the emergence of Zambia as a fine jewellery market and a hub for coloured gemstone-set jewellery, featuring emeralds and other stones.

Longo Mulaisho-Zinsner, founder of the Jewellery and Gemstone Association of Africa, referred to emerging crafts skills and jewellery making initiatives in Zambia.

She has also led a showcase of African jewellery designers recently at GemGeneve, a jewellery and gemstones show in Geneva.

Mr Letsiki spoke of a need to develop jewellery brands in Africa, in order to foster demand for high end, fine jewellery pieces.

Jumoke said she was confident that African designers could tell African stories that can inspire home-grown branding initiatives.

“The African story will be told by Africans,” she said.

African consumers will also embrace purchases of established Western jewellery brands as disposable incomes pick up across middle and higher income groups, panellists said.

Mr Johnson said that the development of Africa as a market for fine jewellery, still faced major challenges due to poverty, corruption and conflict on the continent.

However, panellists saw strong momentum for fine jewellery market growth as economies developed.  

A special guest at the panel discussion, Ms Anino Emuwa, founder of 100 Women @ Davos, called for inclusiveness and emphasised the need to include talented women in the development of Africa’s jewellery market at every point along the supply chain.

Ms Emuwa, who has spoken strongly in favour of the U.N. Sustainable Development Goals, added that women are major participants in jewellery and watches demand, and that their talents need to be fully harnessed in the jewellery making industry.