Diamond Market to grow by USD 39,665 million from 2022 to 2027; Growing demand for wedding jewelry boosts the market

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10 Aug, 2023, 19:30 ET

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NEW YORK, Aug. 10, 2023 /PRNewswire/ -- The diamond market is set to grow by USD 39,665 million from 2022 to 2027 progressing at a CAGR of 8.04% during the forecast period. 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!

The diamond market covers the following areas:

Diamond Market SizingDiamond Market ForecastDiamond Market Analysis

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.

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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).

Diamond Market - Regional Market Outlook

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.

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Companies Mentioned

What's New?

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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Diamond Market Scope

Report Coverage

Details

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, United Arab Emirates, 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, 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., 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, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

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