PUBLISHER: Allied Market Research | PRODUCT CODE: 1365653
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365653
According to a new report published by Allied Market Research, titled, "Diamond Market," The diamond market was valued at $100.4 billion in 2022, and is estimated to reach $155.5 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
The diamond market is analyzed on the basis of product type, application, distribution channel, and region. By product type, the market is bifurcated into natural and synthetic. By application, the market is divided into jewelry and industrial. Furthermore, the jewelry segment is classified into rings, necklaces, earrings, and others. The industrial segment is also divided into construction and machinery, mining tools, electronics, automotive, and others. By distribution channel, the market is fragmented into B2B and B2C. Furthermore, the B2C segment is bifurcated into retail stores and online stores. By region, the market is analyzed across North America (U.S., Canada, Mexico), Europe (UK, France, Germany, Italy, Spain, Netherlands, Russia, Belgium, Switzerland, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Indonesia, Australia, Thailand, Malaysia, Hong Kong, Singapore, and Rest of Asia- Pacific)and LAMEA(Brazil, United Arab Emirates, South Africa, Israel, Nigeria, Qatar, Turkey, Saudi Arabia, and Rest of LAMEA.
The impact of the COVID-19 outbreak was moderate on the growth of the diamond market. The trade restrictions and lockdown resulted in halting of manufacturing and distribution units. Conversely, a recovery of the diamond market is expected in the near future.
The participation of brands in the diamond market is expanding rapidly. The brand equity of trustworthy brands has positive consumer perception in terms of quality and desirability. The diamond market has witnessed rapid growth due to increasing numbers of brand purchases. Moreover, with the improving economic conditions along with cultural and traditional trends, the demand for diamonds has increased significantly. In addition, the increasing involvement of Gen Z and millennials in the use of diamonds has increased owing to a surge in consumer preferences for valuable and luxury products. The acquisition of diamonds is also associated with some symbolic representations, such as status and style. According to the 'Diamond Insight Report 2022' of De Beers Group, 60 % of Gen Z and millennials are expected to aim for diamonds as a symbol of success, 64% of them observe diamonds as a personality strength and 40% can make luxury purchases. Furthermore, the growth of population of the middle class has contributed a lot to the economic growth of several countries.The rise in demand for diamond jewelry in countries such as the U.S., China, and India.
The ethical credential of the diamond plays an essential role during the purchase journey. Nowadays, consumers have some realistic expectations regarding the transparency of the services. The changing mindset of consumers regarding the sustainability considerations of diamond products is more prioritized along with ethical business practices followed by the organizations. The demand for detailed invoices along with information about the legal source of the diamond acquisition has increased in recent years. Owing to this, the market is facing relatable constraints, as they are forced to establish a standard assurance process for the diamond sale. Moreover, despite having numerous applications in the industrial sector, synthetic diamonds are still considered underrated. The considerations are based on the retention value of synthetic diamonds over a period of time, as they are laboratory-made and exhibit the uniqueness of natural diamonds. The major players operating in the diamonds market are Petra Diamonds Limited, RioTinto, Lucara Diamonds, ALROSA, Anglo American, Arctic Canadian Diamond Company (Dominion Diamond Mines), Mountain Diamonds, Gem Diamonds, Stornoway Diamonds, Rosy Blue, Lucapa Diamond Company, Star Diamond Corp., Mittal Diamonds, Henan Huanghe Whirlwind CO., Ltd. and, Tsodilo Resources Limited.
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