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The Diamond market size is forecasted to increase by USD 39,665 million, at a CAGR of 8.04% between 2022 and 2027. The growth of the market depends on several factors, including the growing demand for wedding jewelry, innovation in terms of design and manufacturing technology, and the growing demand for synthetic diamonds from APAC.
This market growth and forecasting, as well as trends reports also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for wedding jewelry is notably driving market growth, although factors such as the presence of counterfeit products in the e-retailing space may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for wedding jewelry is notably driving market growth. Bridal jewelry accounts for a major share of the global market. India is a major market for wedding jewelry. The expenditure on bridal jewelry in India is growing. This rise in the budget for wedding functions is led by the expanding middle-class population and their rising disposable income. Thus, the rise in savings fuels the spending power of consumers on wedding functions and related products such as bridal jewelry.
The demand for jewelry in India, especially during the wedding season, is higher when compared to other regions. Thus, companies are launching new brands and products to gain a competitive advantage. For instance, in Q1 2021, Tanishq reinvented its wedding brand Rivaah for wedding jewelry. These strategies are increasing the demand for wedding jewelry, which, in turn, will drive the global market growth during the forecast period.
The rising demand for synthetic diamonds from emerging applications is a key trend shaping the market. The demand for synthetic diamonds is rising, especially for applications such as electronics and semiconductor applications. They are widely used in several electronic devices, such as high-power optical-electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices.
It is preferred in semiconductor applications owing to its unique thermal management properties. The thermal conductivity of synthetic diamonds is higher than that of metals such as copper and aluminum. They can spread heat across various. The combination of electrical and thermal properties of synthetic diamonds is increasing their applications in the electronic industry. Synthetic diamond is used in diodes and high-power switches. Thus, the rising consumption of synthetic diamonds in electronic materials and devices is likely to support the market during the forecast period.
The presence of counterfeit products in the e-retailing space is challenging the market. The penetration of counterfeit products and brands is increasing at a significant rate in the online retailing space. Customers are unable to check the products physically before purchasing in online retailing to make profits after receiving the entire payment for fake jewelry.
The growing brand consciousness and the preference for luxury products have resulted in the proliferation of fake products in the e-retailing space of diamond jewelry. Counterfeit brands offer fake products at lower prices to attract customers through online retailing. Moreover, these brands mimic the digital marketing strategies of top brands by building pay-per-click (PPC) campaigns that misuse company names and popular search terms. The presence of such counterfeit brands is high in the Middle East and Southeast Asia. This, in turn, will hinder the growth of the market during the forecast period.
This market research and report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anglo American plc - The company offers diamonds through the De Beers Group, which sells rough diamonds to global diamantaires through its trading and auction businesses.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share by the jewelry-making segment will be significant during the forecast period. The expanding middle-class population base and their increasing spending power are driving the segment. As a result, customers are investing more in personal accessories such as diamond jewelry. Therefore, these jewelry manufacturers create unique designs to attract more customers.
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The jewelry making segment was valued at USD 56,376.59 million in 2017 and continued to grow until 2021. Culture, ethnicity, and fashion influence customers' buying decisions for jewelry products. In addition, the growing demand for daily wear jewelry has created opportunities for companies. The preference for online shopping in the global diamond jewelry market is growing. Thus, companies operating in the market are introducing various technological innovations to support the online purchase decisions of customers. Moreover, the expansion of offline distribution channels by leading companies will leverage the market. All these factors will drive the jewelry-making segment during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The rising economic growth, expanding middle-class population base, and presence of various players are driving market growth in the region. China, India, and Japan are some of the key leading countries. The rapid increase in the presence of organized retailers, coupled with their rising promotional activities and advertisement campaigns, is expected to fuel market growth during the forecast period. Rising income levels and growing awareness about the availability of jewelry items online are some of the key drivers for the growth of this market in the region. The availability of fashionable varieties and international brands for both men and women online is also aiding the market growth and trends.
The Market is a multifaceted industry encompassing various processes from upstream exploration to downstream retail. It begins with the upstream process of sourcing rough diamonds through exploration and mining, followed by the midstream process involving cutting, polishing, and grading to produce the finished product. Jewelry usage remains a primary driver of demand, particularly among Millennials seeking both natural and lab-grown products. Understanding the crystal structure, chemical composition, and physical properties of diamonds is crucial in both jewelry and industrial applications such as metal machining and exploration drilling. With the rise of synthetic diamonds produced through methods like High-Pressure, High-Temperature (HPHT) and Chemical Vapor Deposition (CVD), the market caters to diverse segments including the building & construction industry and the middle-class population's demand for jewelry & ornaments.
This market forecasting report projects market growth by revenue at global, regional, and country levels and provides market trends and analysis of the latest trends and growth opportunities from 2017 to 2027.
Diamond Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.04% |
Market growth 2023-2027 |
USD 39,665 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.94 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, UAE, China, India, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, Kalyan Jewellers India Ltd., Kering SA, Malabar Gold and Diamonds, Pandora AS, Sheetal Group, Signet Jewelers Ltd., Swarovski AG, Tacori Inc., The Swatch Group Ltd., and Vaibhav Global Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market analysis and report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Vendor Landscape
12 Vendor Analysis
13 Appendix
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