Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Global Diamond Market Overview, 2024-29" report has been added to ResearchAndMarkets.com's offering.
The global diamond market is poised for significant growth, with projections indicating an increase from USD 110.41 billion in 2023 to over USD 140 billion by the year 2029, driven by a CAGR of 4.85% from 2024 to 2029. This expansion is largely influenced by supply dynamics, with Russia, Botswana, Canada, and Australia at the forefront of production, propelled by their unique geological resources and mining techniques. Economic growth and wealth creation, particularly in Asia's emerging economies, have notably fueled the demand for this precious gemstone.
Despite robust growth prospects, the diamond industry faces critical challenges, most notably concerning ethical sourcing. The industry's efforts to curb conflict diamonds and uphold labor standards continue to shape consumer confidence and corporate accountability. The inclination towards ethical practices and transparent supply chains have become quintessential in maintaining the stature of the diamond market among discerning consumers, especially millennials and Generation Z.
A key trend within the diamond market is the rise of lab-grown diamonds, which are chemically and physically indistinguishable from mined diamonds. As consumers increasingly prioritize sustainability and ethical considerations, lab-grown diamonds are gaining market share, challenging traditional diamond mining entities. Technological advancements such as blockchain have further revolutionized the industry by enhancing transparency and traceability across the diamond supply chain.
The application of diamonds in jewelry continues to dominate the market, with consumers seeking personalized and bespoke pieces. The role of synthetic diamonds is also gaining traction, with anticipated growth in industrial applications where cost-effectiveness and durability prevail over rarity. Cutting-edge research and development are propelling the use of synthetic diamonds across burgeoning markets and specialized applications.
The COVID-19 pandemic has imparted an unmistakable impact on the industry, causing disruptions across operations from mining to retail. Impeded by pandemic-induced closures and economic uncertainties, the market faced a temporary downturn in demand, particularly in the luxury segments. However, strategies adapting to online platforms and digital sales have helped to mitigate some of these challenges.
Regional Spotlight: Middle East & Africa
The Middle East and Africa are expected to emerge as key contributors to the expansion of the global diamond industry, with considerable diamond reserves and significant involvement in the diamond trade. Countries like Botswana and the UAE are central to both production and luxury consumption, showcasing diverse landscapes and cultural narratives that shape the industry dynamics.
Companies Profiled
- Rio Tinto Group
- Anglo American plc
- Gem Diamonds Ltd.
- Petra Diamonds Ltd.
- Sumitomo Electric Industries, Ltd.
- Charles & Colvard, Ltd.
- Alrosa PJSC
- Hari Krishna Exports Pvt. Ltd.
- Lucara Diamond Corp.
- Asian Star Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/wyv9a7
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