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(India.CityRegions.Com, September 22, 2021 ) The global diamond market size was valued at USD 87.31 billion in 2018 and is predicted to grow at a CAGR of 3.0% from 2021 to 2027. The growth of the industry can be mainly attributed to the rising demand from jewellery application especially in emerging economies in Asia Pacific like India and China.
The value of diamonds results only from their physical properties, which are suitable for industrial applications, though this value has been capped by the development of synthetic diamonds that can act as substitutes. In the absence of scarcity, natural diamonds would become no more than another semiprecious gem.
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Increasing demand is a major factor for the market growth
Today, the vast industrial demand for diamonds is mostly satisfied by synthetic diamonds (also known as lab-grown or lab created diamonds). Lab-grown diamonds are also increasingly being used in jewellery as an ethical and less expensive alternative to mined diamond. On 7 May, it has been declared that Synthetic diamond trading is expected to begin on Bharat Diamond Bourse in FY21.
COVID-19 Poses Great Challenges for Global Diamond Market
The global COVID-19 pandemic had a large impact on all parts of the diamond industry in 2020. Diamond market around the world were closed, polishing centers were either closed or faced rough diamond supply shortages, and consumer demand plummeted.
Globally, diamond market can be classified into North America, Europe, Asia Pacific (APAC), Middle East and Africa, China and Latin America. China emerged as the largest market after US whereas China has been the major consumer of diamonds since few years. Taking into consideration about the growing demand of diamond, the existing industry players are making attempts to further invest.
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Harry Winston, Cartier, Tiffany & Co. Chopard , Zales, Tacori, Inc, Buccellati, James Allen, BVLGARI, Tanishq Limited, De Beers, Blue Nile Inc, Malabar Gold & Diamonds, Palmiero Carlo S.r.l., GRAFF
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
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