Diamond Market To Hit Value $123.83 Billion By 2030 |Grand View Research, Inc.
The global diamond
market size is anticipated to reach USD 123.83 billion by 2030,
expanding at a CAGR of 3.0% over the
forecast period, according to a new report by Grand View Research, Inc. The
market is mainly driven by strong jewelry demand from emerging economies.
Natural
diamonds dominated the market in 2018 as they are one of the hardest materials
available on earth and are mainly utilized for jewelry applications. Industrial
applications of natural diamond account for a comparatively smaller share as
compared to their synthetic counterparts, while their share in jewelry
application is expected to gain prominence over the coming years.
The global
diamond market is characterized by several small to medium-scale players
catering to a particular country or region and a few major players such as De Beers Group, ALROSA and Rio Tinto
catering to the global market. The major players are also involved in upstream
business. It is difficult to enter the upstream sector owing to the presence of
established players.
To Request Sample Copy of this report, click the link:
Natural
product segment dominated the market with a revenue share of 96.2% in 2018.
They are rare and are mainly used for jewelry applications. Finding and
processing them involves complex processes, which makes them expensive in the
jewelry industry. Despite the challenges presented by cheaper lab-grown jewelry
counterparts, the inherent allure of natural diamonds continues to exist, and
is predicted to remain resilient over the coming years.
Synthetic
diamonds are mainly produced using High-Pressure, High-Temperature (HPHT) and
Chemical Vapor Deposition (CVD) processes. They are mainly used for industrial
applications such as cutting and drilling. However, since the past five years,
the share of synthetic jewelry has increased owing to massive reduction in its
production cost.
Further key findings from the report suggest:
·
Natural segment held the largest
revenue share accounting for 96.2% of the global diamond market in 2018, owing
to strong demand from jewelry application particularly from the U.S. and China
·
Synthetic segment is predicted to
grow at the fastest CAGR of 10.0% from 2019 to 2030 owing to its rapid
penetration in the jewelry application. Synthetic diamond jewelry has been
gaining popularity in the past few years on account of high affordability and
low cost.
·
Industrial application is projected
to grow at a CAGR of 2.8% from 2019 to 2030 due to rising construction
activities in terms of new construction as well as refurbishment activities
around the globe
·
North America dominated the market
with a revenue share of 51.7%. The future outlook in North America is likely to
be influenced by changing buying patterns of the millennials shifting from
natural diamonds to synthetic or lab grown ones on account of low cost
·
In March 2019, Debswana Diamond launched
a new project called the Cut-9 with the aim to extend the life of the Jwaneng
Mine until 2035. The new project is expected to yield 53 million carats of
rough diamonds from 44 million tons of treated material. The project is worth
an investment of USD 2 billion and has been given to the Majwe Mining Company
for providing diamond mining services.
The presence
of De Beers has compelled ALROSA to increase its spending in the country. As of
2018, De Beers, with its 1,000 stores that contributed 14% to its sales, was
ahead of ALROSA, which had contracts with 6 jewelry companies including Chow
Tai Fook.
China has
been a major consumer of mined diamonds over the past several years. However,
with growing technological advancements, the country is expected to become a
leading supplier of synthetic or lab-grown products. Synthetic diamonds
produced in the country are majorly used for industrial applications like
abrasives.
Browse Press
Release of this report:
Grand
View Research has segmented the global diamond market on the basis of product,
application
Diamond Product Outlook (Revenue, USD Million, 2014 -
2030)
·
Natural
·
Synthetic
Diamond Application Outlook (Revenue, USD Million, 2014 -
2030)
·
Jewelry
·
Industrial
The
global diamond market is characterized by several small to medium-scale players
catering to a particular country or region and a few major players such as De
Beers Group, ALROSA and Rio Tinto catering to the global market. The major
players are also involved in upstream business. It is difficult to enter the
upstream sector owing to the presence of established players.
The
prices of natural diamonds are volatile owing to the uncertainty in the supply
and demand .However, there are no production constraints associated with
lab-grown products. As a result, major manufacturers are focusing their
attention on introducing lab grown counterparts for jewelry applications. For
instance, in May 2018, De Beers announced new laboratory-grown diamonds brand
called Lightbox for jewelry application.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Comments
Post a Comment