Pune, India, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The global diamond market size is expected to gain momentum during the forecast period. This is attributable to the growing demand for e-commerce websites and the high spending capacity of millennials across the globe. The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
A diamond is an exotic and naturally occurring mineral that is formed when the carbon is subjected to high pressure for over millions of years. They are formed under high pressure and temperature conditions and are sourced from about 100 miles below the earth’s surface. In addition to this, they are about 58 times harder than any material present on the globe. The growing demand for this natural gem leads to their high price in the global marketplace.
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List of the Companies Profiled in the Diamond Market:
- De Beers
- ALROSA
- Applied Diamonds
- Sumitomo Electric
- Sino-Crystal
- Henan Haunghe Whirlwind
- Others
Key Players Assessment in this Research:
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in this market
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
DRIVING FACTORS
Increasing Spending Power of Millennial to Surge Demand
High disposable income and the rising living standards are leading to high spending habits by the millennial across the globe. According to a study by the Diamond Miner’s, back in 2017, two-thirds of the demand for the exotic gem was from the GEN Z and the millennial. Presently, the advancement in technology has surged traffic on ecommerce sites to buy luxury products. This is propelling the demand for the exotic products that is expected to contribute to the growth of the global diamond market in the forthcoming years.
The rising uncertainty over the prices of this natural gem owing to the high cost incurred in their extraction and the high demand for products is anticipated to hinder the market growth to some extent. However, the surging demand for lab-grown synthetic diamonds is expected to drive the market growth largely during the forecast period.
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Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
REGIONAL INSIGHTS
Growing Demand for Exotic Wedding Rings in North America to Favor Growth
Among all the regions, North America is expected to hold the largest share of the global diamond market in terms of revenue in the forthcoming years. This is attributable to the increasing demand for exotic diamond-studded wedding rings among the people in countries such as the U.S. in the region.
On the other hand, Europe is expected to hold the second position in the market owing to the growing demand for fine jewelry and rings for occasions such as wedding, engagement, and birthdays in the region between 2019 and 2026.
COMPETITIVE LANDSCAPE
Major Companies Focus on Collaboration to Expand Their Product Portfolio
The global diamond market comprises of several small, medium, and large companies that are focusing on collaboration activities to expand their diamond product portfolios. These companies are further striving to consolidate their positions in the fiercely competitive global marketplace by adopting strategies such as partnership, the introduction of new products, and merger and acquisition during the forecast period.
Key Industry Development:
January 2020 – De Beers Group announced its collaboration with RDI Diamonds Inc. According to the company, the collaboration is aimed at sourcing diamond grading reports that is expected to consolidate their position in the highly competitive market.
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US:+1 424 253 0390
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APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
