Fiji’s mahogany stock has been valued at $213 million according to a 2017 assessment, managed by the Fiji Hardwood Corporation Ltd (FHCL). The company’s general manager, Semi Dranibaka, has acknowledged that this valuation is outdated and likely has increased over the past seven years as mature trees appreciate in value. Previous assessments indicated a value of $165 million in 2013, highlighting the growth potential of Fiji’s mahogany resources.

To determine more accurate figures, FHCL plans to embark on a comprehensive inventory exercise in 2025 and 2026, which will be followed by a new forest valuation. Dranibaka has emphasized the critical need for forest certification, which Fiji currently lacks, as this limitation restricts access to larger markets and affects potential revenue. At present, Fiji’s mahogany is primarily supplied to the Americas, but achieving certification could open opportunities for broader international market access.

Currently, the average selling price for mahogany is around $2,400 per cubic meter for supplies destined for South America. However, brokers in South America mix certified Fijian mahogany with their own stocks, selling at a premium. This situation underlines the importance of certification, which would significantly increase potential profits for Fiji’s mahogany industry.

In terms of production, recent data indicates a concerning downward trend, with mahogany production declining by 25.7% in November 2023. This decline highlights the urgency for investment in sustainable management practices and the need to improve Fiji’s market position through certification efforts.

The path towards forest certification holds promise for revitalizing Fiji’s mahogany industry. If successful, it could enhance economic opportunities for landowners, promote responsible resource management, and foster environmental stewardship. The ongoing commitment by FHCL and cooperation between stakeholders reflects a hopeful outlook for future growth, with the potential to turn the challenges faced by the industry into opportunities for success in the global market.