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Feb 12, 2024

Diamond Market to Reach $155.5 billion, Globally, by 2032 at 4.5% CAGR: Allied Market Research

News provided by 24 Jul, 2023, 10:15 ET Share this article The global Diamond Market is driven by rise in participation of trusted brands in the diamond market, expansion of physical retail, the

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24 Jul, 2023, 10:15 ET

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The global Diamond Market is driven by rise in participation of trusted brands in the diamond market, expansion of physical retail, the growing foothold of Gen Z as a consumer of natural diamonds, growth trajectory of middle-class and high-net-worth individuals.

PORTLAND, Ore, July 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Diamond Market by product type (Natural and Synthetic), application (Jewelry and Industrial), and Distribution Channel (B2B and B2C): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the diamond market was valued at $100.4 billion in 2022, and is projected to reach $155.5 billion by 2032, registering a CAGR of 4.5% from 2023 to 2032.

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Prime determinants of growth

The rising demand for luxury and high-value products is likely to propel the market for diamonds to significant growth in the upcoming years. The rising popularity of technologies like augmented reality which can provide in-person experience during digital purchases is providing a new source of revenue for the market. The increasing alertness of consumers towards the ethical credentials of the diamonds along with the sustainability consideration has led the players to ensure a reassurance process, shrinkage of finance in the diamond industry and harmful impact of diamond mining on the environment restrain the market growth to some extent. Nevertheless, rise in concern for sustainable environmental growth and

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$100.4 billion

Market Size in 2032

$155.5 billion

CAGR

4.5 %

No. of Pages in Report

497

Segments covered

Product type, Application, Distribution channel, and Region.

Drivers

The rise in participation of trusted brands in the diamond market. Expansion of physical retail.

The growing foothold of Gen Z as a consumer of natural diamonds.

The growth trajectory of middle-class and high-net-worth individuals

Opportunities

The rise in concern for sustainable environmental growth.

Restraints

The ethical credentials of brands have a tangible impact on purchasing decisions.

The consideration of lab-grown diamonds is underrated.

Shrinkage of finance in the diamond industry.

The harmful impact of diamond mining on the environment.

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The natural segment to maintain its leadership status throughout the forecast period

Based on product type, the natural segment held the highest market share in 2022, accounting for more than two-thirds of the diamond market and is estimated to maintain its leadership status throughout the forecast period. Natural diamonds are widely used in the jewelry industry because of their extraordinary physical and visual properties such as exceptional hardness, longevity light reflectivity along with dispersion. Natural diamonds have more resale value with high attractiveness. The synthetic segment is observed as the fastest-growing segment, registering a CAGR of 5.2%. This is attributed to the growing demand for synthetic diamond industrial purposes.

The jewelry segment to maintain its leadership status throughout the forecast period

Based on application, the jewelry segment held the highest market share in 2022, accounting for more than four-fifths of the diamond market and is estimated to maintain its leadership status throughout the forecast period. Diamonds play a critical role in the jewelry industry. The addition of rare gems increases the value of the pieces of jewelry. The gleaming property along with its hardness makes it the perfect prop for designing jewelry. The industrial segment is observed as the fastest-growing segment, registering a CAGR of 5.8%. Owing to the expansion of demand for diamond tools and diamond dust for industries such as construction and machinery, automotive, and electronics along with others.

The B2C segment to maintain its leadership status throughout the forecast period

Based on the distribution channel, the B2C segment held the highest market share in 2022, accounting for nearly three-fourths of the diamond market and is estimated to maintain its leadership status throughout the forecast period. This segment is associated with the closing out sale of diamonds either in the form of jewelry or lose diamonds or dust. The B2C segment operates through both online and offline stores. The changing industry scenarios have made the expansion of online sales channels in the diamond industry. The B2B segment is observed as the fastest-growing segment, registering a CAGR of 5.0%. This is characterized by an increase in diamond trading across the regions.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022 contributing to more than two-fifths of market share and is likely to dominate the market during the forecast period. North America is a mature market with a high demand for diamonds for the purpose of jewelry as industrial. The inclination of Western culture towards jewelry for occasional purposes has increased the implementation of diamonds in the region. Moreover, the developed nations in this region are involved in the re-infrastructure process which increases the use of industrial diamonds in various corporations like construction and machinery. Asia-Pacific is observed as the fastest-growing region, registering for a CAGR of 5.2%. This is attributed to the growing population of high-net-worth individuals along with an increase in purchasing power.

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global diamond market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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