The South African Louis Oosthuizen came from five strokes behind the Scot to win by one with a final round 66 for a 16-under-par tally on the Durban Country Club course.
Jamieson began with back-to-back birdies at two and three but then had to go back to the tee when he lost his ball at the fifth hole on his way to a double bogey.
The Glaswegian, looking to secure a Durban winning double after capturing the Nelson Mandela Championship last month, was no match for the former Open champion despite his chip shot for a birdie and play-off putt at the last just missing the hole.
However, the current world No.100-ranked will move well inside the top-64 after carding a final day 72 for a tally of 15-under. It also means he qualifies for next month's $8.75m WGC-Accenture Match-Play Championship in Arizona's Ritz-Carlton Golf Club.
The Aberdonian duo of Paul Lawrie and Richie Ramsay celebrated the New Year with top-10 finishes in Durban.
Lawrie posted a final round 69 for a 10-under finish and a share of seventh in the elite 33-player field event, while Ramsay carded a similar final day score for a share of ninth on nine-under.
"I feel as though I have two-putted every green this week," Lawrie declared. "I think I've hit it between six and 30 feet all week, not good enough that you'd expect to knock them all in, but I've played consistenly and been in play all week.
"It's been a decent week and the good thing is that, once again, I've not putted well but I've been able to churn out a decent finish, which shows I'm a much better player than I've ever been.
"It's the start of a new year so you never know what to expect but I started last year well and went on to have a string of top-10s and hopefully it can be the same again this season."
Colin Montgomerie ended his first event of his 27th season on Tour with a round of 70 for a final score of 290.
"It was good to get four rounds in and get rid of some of the rust before an important week for everybody playing-wise, next week," said Montgomerie.
"I am just not holing the putts at present and the driving isn't quite right and the irons aren't quite right – though I'm good out of bunkers. So the whole game is a bit rusty and certainly needs sharpening up.
"But I'm playing the next three weeks and looking forward to them."
VOLVO CHAMPIONS Second place enough for qualification, writes Bernie McGuire