Global Diamond Market Size, Trends & Growth Opportunity, By product (Natural and synthetic), By Application (jewellery and industrial). Region and Forecast till 2027.
Diamond is known as the hardest material on Earth, and has long-since been recognized for its beauty as a gemstone. Some 142 million carats of diamonds were estimated to have been produced from mines worldwide in 2019. Diamonds also have a high industrial value. They are especially well regarded as a material for cutting and grinding tools due to their extreme hardness
Gem quality rough diamonds are sorted by size, colour, quality and shape, and then are sold to buyers in conformity with the sales policy adopted in a rough diamond production company. Depending on the quality of the mined rough diamonds, the current state of the market, the adopted marketing policy, companies use different approaches to diamond sales: sights, tenders, auctions, spot transactions and long-term contracts.
Since the countries are making large contribution to the market hence increasing the market demand. The millennials in the country mainly contribute to the demand for diamond jewellery. This indicates a large potential for the market to expand further. Considering the growing potential for diamond jewellery in the country, the existing industry players are making attempts to further invest and expand their target audience. Development of new diamond based industrial products, targeting customers with new jewelry design, and perforation of diamond sale through e-commerce business can create significant opportunities for the market.
Restricting imports of rough diamonds from conflict areas can hamper the market growth due to which the embargo can tighten controls on the illegal diamond trade funding civil wars hence causing hindrance to the market.
Globally market is segmented into product outlook and application outlook. Product outlook is classified into natural and synthetic. The piece of natural diamonds are volatile due to the uncertainty in the supply and demand. Synthetic diamonds are mainly used for industrial applications such as cutting and drilling. Whereas application outlook is classified into jewellery and industrial. Jewellery application is estimated to grow at a CAGR of 3.0% from 2021 to 2027. For industrial applications, synthetic or lab-grown products have significantly higher penetration.
Globally, diamond market can be classified into North America, Europe, Asia Pacific (APAC), Middle East and Africa, China and Latin America. About 96% of the global diamond production in value terms falls to the share of the market’s leading countries. Europe is one of the prominent markets in the globe. Fine jewellery, particularly diamond products, is gaining prominence in the European market. In the US, China and India, 60 to 70 percent of respondents believe diamonds are an essential part of a marriage engagement.
The global diamond market is largely dominated by a hand-full of companies. The top three companies – Alrosa from Russia, De Beers from Luxembourg, and British-Australian Rio Tinto – account for more than 60 percent of global diamond mine production. Other companies are Harry Winston, Cartier, Tiffany & Co. Chopard , Zales, Tacori, Inc, Buccellati, James Allen, BVLGARI, Tanishq Limited.
On 11 March 2021, India was all set to become a major hub of lab-grown diamonds as it accounted for about a quarter of the estimated global laboratory grown diamonds output of 6 to 7 million crates.
Key Questions Addressed by the Report?
Global Diamond Market
Diamond is known as the hardest material on Earth, and has long-since been recognized for its beauty as a gemstone. Some 142 million carats of diamonds were estimated to have been produced from mines worldwide in 2019. Diamonds also have a high industrial value. They are especially well regarded as a material for cutting and grinding tools due to their extreme hardness
Gem quality rough diamonds are sorted by size, colour, quality and shape, and then are sold to buyers in conformity with the sales policy adopted in a rough diamond production company. Depending on the quality of the mined rough diamonds, the current state of the market, the adopted marketing policy, companies use different approaches to diamond sales: sights, tenders, auctions, spot transactions and long-term contracts.
Market Drivers
Since the countries are making large contribution to the market hence increasing the market demand. The millennials in the country mainly contribute to the demand for diamond jewellery. This indicates a large potential for the market to expand further. Considering the growing potential for diamond jewellery in the country, the existing industry players are making attempts to further invest and expand their target audience. Development of new diamond based industrial products, targeting customers with new jewelry design, and perforation of diamond sale through e-commerce business can create significant opportunities for the market.
Market Restraints
Restricting imports of rough diamonds from conflict areas can hamper the market growth due to which the embargo can tighten controls on the illegal diamond trade funding civil wars hence causing hindrance to the market.
Market Segmentation
Globally market is segmented into product outlook and application outlook. Product outlook is classified into natural and synthetic. The piece of natural diamonds are volatile due to the uncertainty in the supply and demand. Synthetic diamonds are mainly used for industrial applications such as cutting and drilling. Whereas application outlook is classified into jewellery and industrial. Jewellery application is estimated to grow at a CAGR of 3.0% from 2021 to 2027. For industrial applications, synthetic or lab-grown products have significantly higher penetration.
Regional Analysis
Globally, diamond market can be classified into North America, Europe, Asia Pacific (APAC), Middle East and Africa, China and Latin America. About 96% of the global diamond production in value terms falls to the share of the market’s leading countries. Europe is one of the prominent markets in the globe. Fine jewellery, particularly diamond products, is gaining prominence in the European market. In the US, China and India, 60 to 70 percent of respondents believe diamonds are an essential part of a marriage engagement.
Key Players
The global diamond market is largely dominated by a hand-full of companies. The top three companies – Alrosa from Russia, De Beers from Luxembourg, and British-Australian Rio Tinto – account for more than 60 percent of global diamond mine production. Other companies are Harry Winston, Cartier, Tiffany & Co. Chopard , Zales, Tacori, Inc, Buccellati, James Allen, BVLGARI, Tanishq Limited.
Industry development
On 11 March 2021, India was all set to become a major hub of lab-grown diamonds as it accounted for about a quarter of the estimated global laboratory grown diamonds output of 6 to 7 million crates.
Global Diamond Market Segmentation
Product Outlook
- Natural
- Synthetic
Application Outlook
- Jewellery
- Industrial
By region
- North America
- Latin America
- Europe
- China
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report?
- What will be the CAGR of the global diamond jewellery market between 2021 and 2027?
- What is the revenue of the global diamond jewellery market based on respective segments?
- Which are the leading companies in the global diamond jewellery market?
Table of Contents
1 Introduction
2 Research Methodology
4 Global Diamond Market Outlook
5 Global Diamond Market, By Product
6 Global Diamond Market, By Application
7. Global Diamond Market, By Region
8. North America Diamond Market Analysis and Forecast (2021- 2027)
9. Europe Diamond Market Analysis and Forecast (2021-2027)
10. Asia Pacific Diamond Market Analysis and Forecast (2021-2027)
11. Latin America Diamond Market Analysis and Forecast (2021-2027)
13 Competitive Analysis
14 Company Profiles
Companies Mentioned
- Alrosa from Russia
- De Beers from Luxembourg
- British-Australian Rio Tinto
- Harry Winston
- Cartier
- Tiffany & Co. Chopard
- Zales
- Tacori Inc
- Buccellati
- James Allen
- BVLGARI
- Tanishq Limited
