Global Diamond Jewelry Market Value to Surpass $265.29 Billion by 2030, Registering a Strong 5.19% CAGR, Driven by Increasing Disposable Incomes in Emerging Nations, Estimates Kings Research
DUBAI, UAE, Feb. 6, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Diamond Jewelry Market revenue was recorded at USD 178.70 billion in 2022 and is estimated to grow to USD 265.29 billion by 2030, exhibiting a 5.19% CAGR over the forecast period of 2023-2030. The market is experiencing strong growth as a result of the timeless allure of diamonds, which hold significance as symbols of love, social status, and elegance. Moreover, the diamond jewelry market has been positively impacted by rapid urbanization and growing disposable incomes in emerging economies. Additionally, the demand for diamond jewelry has been further boosted by the pursuit of luxury and the impact of celebrity endorsements.
Diamond jewelry is categorized as a form of luxury jewelry that is often crafted with valuable metals such as gold, silver, or platinum. The design and style of diamond jewelry have undergone significant transformations across various regions around the world. Factors such as local culture, consumer preferences, and access to advanced technology play a role in shaping the design of diamond jewelry. Historically, diamond jewelry predominantly featured natural diamonds, resulting in high prices and popularity among affluent individuals. However, the emergence of lab-grown diamonds has enabled jewelers to provide more affordable diamond jewelry options for the middle-class demographic.
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Trending Now: NDC and Leading Jewelry Brands Unite Strategically to Foster the 'Natural Diamond Dream'
On September 12, 2023, The Natural Diamond Council (NDC) unveiled a strategic collaboration with two industry leaders: DR Diamond Ring i.e. Darry Ring, the world's foremost engagement ring brand, and distinguished Chinese jewelry brand LIU GUI FU JEWELRY. This partnership will involve the creation of a diverse range of digital content and both online and offline communication initiatives.
Additionally, the organizations plan to harness their educational expertise to empower the industry and highlight the inherent values of natural diamonds on a global scale. The collective efforts of Darry Ring, NDC, and LIU GUI FU JEWELRY aim to amplify the fundamental message of sustainable industry growth and champion the "Natural Diamond Dream".
Competitive Landscape
Top players in the global diamond jewelry market are placing a strong emphasis on forming partnerships as a primary tactic to broaden their product offerings. For instance, Tiffany & Co. and the United States Tennis Association (USTA) have recently renewed their partnership for several more years. Tiffany & Co. will continue to be the official trophy partner for the US Open, according to the agreement renewed in August 2023.
Prominent participants in the global diamond jewelry market include:
- Tiffany & Co.
- Bulgari S.p.A.
- Cartier
- Signet Jewelers
- De Beers plc
- Pandora Jewelry, LLC
- Chow Tai Fook Jewellery Group Limited
- Swarovski AG
- Petra Diamonds Limited
- Trans Hex Group
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The global Diamond Jewelry Market is segmented as:
By Jewelry Type
- Rings
- Earrings
- Necklaces
- Pendants
- Others
Increasing Popularity of Pendants to Support Diamond Jewelry Market Development
Based on diamond jewelry type, the pendants segment led the market in 2022 and is estimated to account for a valuation of USD 74.52 billion by 2030, driven by their versatility and rising popularity among consumers. Pendants come in a diverse selection of designs and styles, making them appropriate for a multitude of occasions and attires. Moreover, pendants are frequently regarded as enduring and sophisticated jewelry items that can be passed down from one generation to another, thereby bolstering their popularity in the market. As personalized jewelry gains momentum, pendants also offer the chance for personalization, enabling individuals to showcase their uniqueness and fashion one-of-a-kind pieces that possess emotional significance.
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By Sales Channel
- Online
- Offline
Extensive Range of Products Available at Offline Stores to Propel Diamond Jewelry Market Expansion
On the basis of sales channel, the offline segment led the market share in 2022 and is likely to grow at a staggering CAGR of 5.65% through the projection period of 2023-2030. The growth of the segment is fueled by the extensive range of products found in brick-and-mortar stores, along with the added convenience of being able to test them out before buying. Moreover, offline channels offer a more tailored shopping experience and the immediate gratification of acquiring a product on the spot.
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Increasing Demand for Diamonds Sourced Through Ethical and Sustainable Means to Boost Market Revenue
A significant trend observed in the diamond jewelry market is the rising demand for diamonds that are sourced through ethical and sustainable means. Customers are becoming increasingly aware of the environmental and ethical consequences associated with traditional diamond mining, which has resulted in a surging preference for diamonds that are either lab-grown or sourced from regions free from conflicts. In addition, buyers now consider ethical certifications and supply chain transparency as crucial factors when making purchasing decisions.
Jewelry companies are placing increased emphasis on the ethical sourcing and sustainability of their diamonds. They are partnering with certifying organizations to ensure that the diamonds are responsibly mined. Furthermore, these companies are enhancing transparency in their supply chains, providing customers with comprehensive information about the diamond's journey, starting from the mining process to the final jewelry product.
North America to Lead Diamond Jewelry Market Due to the Presence of Wealthy Demographic
North America is anticipated to lead the global diamond jewelry market in the forthcoming years, accruing a valuation of USD 82.14 billion by 2030. The growth in the region is being fueled by increasing buying power and strong consumer demand. North America is projected to maintain its dominant position in the global diamond jewelry industry due to its substantial population of wealthy individuals and a culture that places a high value on luxury and prestige.
Furthermore, the region is home to various well-known diamond mining companies, which gives it a competitive advantage in terms of both supply and distribution. In summary, North America's economic prowess, consumer preferences, and industry infrastructure collectively position it to uphold its position as the leader in the diamond jewelry space.
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Key Points from TOC:
1 Introduction of The Global Diamond Jewelry Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Diamond Jewelry Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Diamond Jewelry Market, By Type
7 Global Diamond Jewelry Market, By Jewelry Type
8 Global Diamond Jewelry Market, By Consumer Orientation
9 Global Diamond Jewelry Market, By Sales Channel
10 Global Diamond Jewelry Market, By Geography
11 North America
12 Europe
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Diamond Jewelry Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 Tiffany & Co
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Bulgari S.p.A.
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Cartier
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Signet Jewelers
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
Continued………
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