Diamond Market Size, Share, Growth Outlook 2022-2029 | Diamond Industry Analysis and Forecast Report by Fortune Business Insights™

Companies covered in diamond market are De Beers, ALROSA, Applied Diamonds, Sumitomo Electric, Sino-Crystal, Henan Haunghe Whirlwind and Others.


Pune, India, April 18, 2022 (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. This information is published by Fortune Business Insights, in its upcoming report, titled, “Diamond Market Size, Share & Industry Analysis, By Type (Natural, Synthetic), By Application (Jewelry & Ornaments, Industrial) and Regional Forecast, 2022-2029.”

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 its 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

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.

 What does the Report Include?

The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market.

It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

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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 mergers and acquisitions 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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