NEW YORK, Nov. 8, 2023 /PRNewswire/ — The diamond market is set to grow by USD 39.66 billion from 2022 to 2027 progressing at a CAGR of 8.04% during the forecast period. APAC is estimated to account for 33% of the market growth during the forecast period. Some of the key factors which are significantly contributing to the growth of the diamond market in APAC include the increasing economic growth, expanding middle-class population base, and presence of different market players. Furthermore, the rapid rise increase in the presence of established retailers, along with their growing promotional activities and advertisement campaigns, is expected to fuel market growth. Hence, such factors are expected to drive market growth in the region. Discover Apparel, Accessories & Luxury Goods industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
Company Landscape
The diamond market is fragmented and the companies are deploying organic and inorganic growth strategies to compete in the market. Some companies that are experts in the process industry are trying to increase their presence and market share by horizontally integrating with system integrators. End-users in discrete industries rely on their experiences from past purchases, based on which they maintain future relationships with companies. This enables global and established RPA companies to dominate the local and regional companies in terms of quality, durability, reliability, and technological innovations. Hence, the competition among the companies in the global RPA market is expected to intensify during the forecast period.
- Anglo American plc: The company offers diamonds with De Beers group which sells rough diamonds to global diamantaires through its diamond trading and auctions businesses.
- BlueStone Jewellery and Lifestyle Pvt. Ltd: The company offers diamonds such as rings, pendants, and nosepins.
- Brilliant Earth LLC: The company offers diamonds such as round, oval, and pear.
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Diamond Market – Market Segmentation
This diamond market report extensively covers market segmentation by application (jewelry making and industrial applications), type (natural and synthetic), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The market share growth by the jewelry making segment is significant during the forecast period. Some of the key factors which are significantly contributing to the growth of this segment are the growing middle-class population base and their rising spending power. Thus, there is an increase in investment by consumers for more personal accessories, including diamonds. As a result, several manufacturers are increasingly focusing on unique designs to cater to the growing demand of consumers. Some of the key factors which influence the purchasing decision of consumers for diamonds include culture, ethnicity, and fashion. Additionally, many market players in the market are launching new technological innovations to promote the online purchase decisions of customers. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth.
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Companies Mentioned
- Anglo American plc
- Asian Star Co Ltd.
- BlueStone Jewellery and Lifestyle Pvt. Ltd.
- Brilliant Earth LLC
- CHANEL Ltd.
- Compagnie Financiere Richemont SA
- DAMIANI S.p.A.
- F.lli Pisa SRL
- Graff Diamonds Ltd.
- Kalyan Jewellers India Ltd.
- Kering SA
- Malabar Gold and Diamonds
- Pandora AS
- Sagar Diamonds Ltd.
- Sheetal Group
- Signet Jewelers Ltd.
- Swarovski AG
- Tacori Inc.
- The Swatch Group Ltd.
- Vaibhav Global Ltd.
What’s New?
- Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial - buy the report!
Diamond Market – Market Dynamics
Major Driver
The increasing demand for wedding jewelry drives the market growth in the global diamond market. One of the major segments with a dominant market share in the global diamond market is wedding jewelry. Some of the key factors which are fuelling the growth of the global diamond market are the increase in budget for wedding functions, expanding middle-class population, and increasing disposable income. Hence, the increase in disposable income leads to an increase in purchasing power of consumers which is positively impacting the market. There is an increasing demand for diamond jewelry in India, specifically during the wedding season. Furthermore, many market players are promoting new brands and products in order to have a competitive advantage. Hence, such factors are driving the global diamond market growth during the forecast period.
Major Trend
The increasing demand for synthetic diamonds from emerging applications is the primary trend in the global diamond market. There is an increase in demand for synthetic diamonds, mainly for applications including electronics and semiconductor applications. Some of the key applications of these synthetic diamonds include many electronic devices such as high-power optical-electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices. Additionally, there is an increasing preference for synthetic diamonds in semiconductor applications due to their unique thermal management properties. One of the main advantages of synthetic diamonds is that the thermal conductivity of synthetic diamonds is higher than that of metals such as copper and aluminum. Hence, such benefits are expected to drive market growth during the forecast period.
Significant Challenge
The presence of counterfeit products in the e-retailing space is a major challenge hindering the global diamond market growth during the forecast period. There is an increasing penetration of counterfeit products and brands. As most of the consumers are purchasing the product through online channels, they are unable to check it physically before buying it and the counterfeit retailers make profits by selling these fake jewelry. The proliferation of fake products in the e-retailing space of diamond jewelry is due to the increasing brand consciousness and the preference for luxury products. Hence, such factors are expected to negatively impact the market, which in turn will hinder the market growth during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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