Fiji’s mahogany stock has been valued at $213 million based on a 2017 assessment, held under the management of Fiji Hardwood Corporation Ltd (FHCL). As noted by FHCL’s general manager, Semi Dranibaka, this valuation is likely outdated and has potentially increased over the last seven years, as the value of standing mahogany trees appreciates with growth.

Dranibaka acknowledged that a new inventory exercise set to occur in 2025 and 2026 will provide updated figures. He emphasized the critical need for forest certification, which Fiji currently lacks, as it limits market access and revenue potential for their genuine mahogany. Currently, Fiji exports predominantly to America and South America, but without certification, these markets remain restricted.

For comparison, officials from Vanua Levu estimate that logging all mahogany trees on the island could yield approximately $745 million, given the extensive mahogany plantations and the potential for higher revenue from processed timber. The average price for logs from these plantations is currently around $298 per cubic meter, a value that could double if processed into sawn timber.

The lack of certification prevents access to larger international markets, where certified timber fetches higher prices. For instance, brokers in South America mix certified Fiji mahogany with local supplies, enhancing their market offering. Dranibaka conveyed optimism that with future certification, Fiji could tap into these lucrative markets, significantly boosting profits and wood value.

In the context of broader industry trends, Fiji’s mahogany production has faced declines, with figures showing a 25.7% decrease reported in November 2023. This decline underscores the urgency for both investment in sustainable practices and improvements in market position through certification.

In summary, while the mahogany sector in Fiji is grappling with challenges, including market access and production declines, the path forward seems promising with planned certification efforts and ongoing engagement with landowners. The collective drive to enhance sustainability in forestry practices could lead to significant economic benefits for Fiji’s mahogany industry, fostering growth and expanding access to international markets. This not only aids the economy but also demonstrates a commitment to responsible resource management and environmental stewardship.