Pune, India, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global diamond market size is expected to experience significant growth in the coming years, with a considerable CAGR. The growth of the industry can be mainly attributed to the rising demand for jewelry applications especially in emerging economies in Asia Pacific like India and China. Diamonds are used to create jewelry that is in high demand at weddings and other special occasions. Rough diamond revenue growth is primarily due to increased production by smaller players.
Fortune Business Insights™ provides this information in its research report, titled “Diamond Market Size, Share, Growth, Demand and Report Forecast 2023-2030”.
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Diamond is the world's most concentrated form of pure crystalline carbon, with the highest hardness and thermal conductivity. Diamonds are used in various industrial applications, including polishing and cutting tools. It is well-known for its beauty as a gemstone all over the world. Art, science, engineering, and a lot of labor go into making a diamond. Pipe mining, alluvial mining, and marine mining are the three forms of mining utilized to mine diamonds.
The Report Lists the Main Companies in the Diamond Market:
- Petra Diamonds Limited
- RioTinto
- Trans Hex Group
- Lucara Diamond
- ALROSA
- De Beers
- Mountain Province Diamonds
- Dominion Diamond Mines
- Gem Diamonds
- Others Players
Competitive Landscape:
A few major players, including ALROSA, De Beers Group, and Rio Tinto, dominated the growth of the Diamond Market. This diamond market is characterized by several small to medium-sized players that focus on a specific country or region. Upstream business is also carried out by the major players. Due to the presence of established players, entering the upstream sector is challenging.
Report Coverage:
The diamond report provides an in-depth analysis of the key trends propelling the global business landscape over the forthcoming years. It further presents an account of the vital strategies adopted by leading market players for securing a competitive edge and expanding their geographical footprints. Other components include an overview of the driving and restraining factors and the impact of the COVID-19 pandemic on industry expansion.
Segmentation:
The diamond market can be segmented based on type, application, and geography.
By Type
- Natural
- Synthetic
By Application
- Jewellery & Ornaments
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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Market Drivers:
Increasing Spending Power of Millennials to Surge Demand
Ethical and environmentally responsible sourcing of diamonds is increasingly vital. Consumer demand for conflict-free, responsibly mined diamonds stimulates initiatives such as the Kimberley Process, bolstering consumer trust and industry reputation. The emergence of lab-grown diamonds presents an ethical and sustainable alternative, appealing to eco-conscious consumers. As technology advances, these diamonds gain recognition and reshape the market's traditional paradigms. Diamonds, prized for their rarity and timeless value, attract investors seeking to diversify portfolios. Limited supply and enduring cultural significance contribute to diamonds' appeal as a store of value.
Market Restraints:
Diamond prices can be subject to fluctuations driven by changes in economic conditions, consumer demand, and supply dynamics. This volatility can impact investor confidence and consumer purchasing decisions. Despite efforts to promote ethical sourcing, challenges related to traceability and transparency in the supply chain persist. Consumers' increasing demand for responsibly sourced diamonds places pressure on industry participants to ensure ethical practices. Evolving regulations related to diamond certification, trade, and ethical practices can impact market operations. Industry players must stay abreast of changing regulations to ensure compliance.
Regional Analysis:
North America including the United States and Canada, diamonds hold a special place in the realm of engagement rings and timeless jewellery. The market is driven by consumer sentiment, with diamonds symbolizing love and commitment. With a strong emphasis on ethical sourcing, consumers seek conflict-free diamonds, encouraging industry players to prioritize transparency and responsible practices.
Europe particularly countries like Belgium and the United Kingdom, stands as a historical hub for diamond trading and craftsmanship. Belgium's Antwerp Diamond District, for instance, is renowned as the world's diamond capital. The European market combines tradition with innovation, as consumers appreciate both classical designs and contemporary trends.
Asia-Pacific with its diverse range of countries, exhibits a dynamic diamond market. China and India stand out as major consumers of diamonds, driven by growing middle-class populations and increasing disposable incomes. As symbols of status and prosperity, diamonds enjoy strong demand, particularly among younger consumers seeking personalized and unique jewelry.
The Middle East and Africa are intertwined with the diamond market due to their roles in both production and consumption. African nations contribute significantly to diamond production, with countries like Botswana playing a pivotal role. Additionally, the Middle East's luxury market, marked by affluent consumers, fosters demand for high-end diamond jewelry.
Latin America while not a major diamond producer, has emerging markets that engage with diamonds as both symbols of luxury and investment. Brazil, for instance, demonstrates a growing appreciation for diamonds, reflecting changing consumer preferences and economic growth.
Challenges and Opportunities:
Regional variations bring both challenges and opportunities. Market players must navigate cultural preferences, economic disparities, and regulatory frameworks unique to each region. Ethical considerations, such as responsible sourcing and labor practices, gain prominence as consumers demand greater transparency. The rise of lab-grown diamonds further diversifies options for consumers and creates opportunities for sustainable growth.
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