Diamond Market size to grow by USD 39.66 billion from 2022 to 2027, The increasing demand for synthetic diamonds from emerging applications is the primary trend, Technavio

NEW YORK, March 11, 2024 /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. The surge in demand for synthetic diamonds across emerging applications stands as a pivotal trend influencing the market landscape. Particularly noteworthy is the escalating need within the electronics and semiconductor sectors. Synthetic diamonds find extensive utility in an array of electronic devices, including high-power optical-electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices. Their superior thermal management properties make them a preferred choice in semiconductor applications, boasting a thermal conductivity surpassing that of metals like copper and aluminum. This unique blend of electrical and thermal characteristics is expanding their footprint in the electronics industry, with synthetic diamonds finding utilization in diodes and high-power switches. As the demand for synthetic diamonds continues to soar in electronic materials and devices, the market is poised for sustained growth throughout the forecast period.

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Key Companies

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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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.

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.

• The presence of counterfeit products in the e-retailing space is a major challenge hindering the global diamond market growth during the forecast period. 

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Regional Analysis

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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Analyst Review

In the intricate tapestry of global commerce, few industries boast the allure and complexity of the diamond market. From the depths of the earth to the gleaming showcases of jewelry stores, diamonds traverse a labyrinth of processes and players, influenced by a myriad of factors ranging from socio-economic trends to technological advancements.

Millennials and Gen Z, the torchbearers of modern consumerism, are reshaping the landscape of the diamond market. Their preferences and purchasing behaviors are driving a shift towards sustainability and ethical sourcing, prompting industry players to embrace lab-grown products. These synthetic gems, with their controlled crystal structure and identical chemical composition to natural diamonds, offer a compelling alternative, particularly in the jewelry & ornaments segment.

Within the value chain, three key stages define the journey of a diamond: upstream, midstream, and downstream processes. While the upstream process involves exploration drilling and rough diamond production, the midstream process encompasses diamond cutting and polishing, essential for enhancing the gem's brilliance and value. Finally, the downstream process culminates in the creation of finished products, ready for retail sales.

Industrial applications form a significant aspect of the diamond market, with abrasives playing a pivotal role in metal machining and construction. High-Pressure, High-Temperature (HPHT) and Chemical Vapor Deposition (CVD) techniques enable the synthesis of diamonds tailored for industrial use, catering to the growing demand driven by the expanding building & construction industry.

Fluctuations in diamond prices, influenced by currency fluctuations and changing consumer buying patterns, pose challenges and opportunities for industry stakeholders. Moreover, consumer perception regarding the socio-economic and environmental impact of diamond mining and production shapes market dynamics, highlighting the importance of transparency and responsible practices.

Despite the volatility, the diamond market continues to hold promise, buoyed by the burgeoning middle-class population and their increased spending power. As industry players navigate through uncertainties, leveraging innovation and aligning with evolving consumer trends remain imperative for unlocking the full potential of this timeless gem.

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Market Overview

In the industry of jewelry usage, diamonds reign supreme, adorning everything from engagement rings to luxury accessories. Understanding the market involves examining its upstream process, where raw diamonds are mined, its midstream process, involving cutting and polishing, and its downstream process, encompassing retail and consumer engagement. A notable shift in consumer preferences, especially among Millennials, has led to a surge in demand for sustainable and ethical options, including lab-grown products. These alternatives mimic the crystal structure of natural diamonds while offering a more environmentally conscious choice. The end result is a diverse market offering finished products that cater to evolving tastes and values.

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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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