(MENAFN- GetNews) According to a report published by Grand View Research, the rising demand for jewelry from emerging countries is driving the global diamond market.
According to a report, ' Diamond Market Size, Share & Trends Analysis Report By Product (Natural, Synthetic), By Application (Jewelry & Ornaments, Industrial), By Region, And Segment Forecasts, 2019 - 2030 published by 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. 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 diamonds 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.
Synthetic or lab-grown diamonds were mainly used for industrial purposes, however, in recent years, the market has witnessed significant investments in synthetic production technologies for making quality products intended for jewelry applications. Approximately 2% of the diamond jewelry sold in 2018 was estimated to be produced synthetically or in a lab.
Diamond Market Report Highlights
On the basis of the product, the natural product segment held the highest revenue share of 96.2% of the global diamond market in 2018. The dominance can be attributed to the strong demand for the diamond in jewelry application in countries such as U.S. and China. The synthetic segment is predicted to grow at the fastest CAGR of 10.0% during the forecast period 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. On the basis of application, the 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 held the highest revenue share of 51.7% in 2018. The strong demand for engagement rings from the U.S. is a significant factor for its dominant share. The Asia Pacific region is predicted to grow with the fastest CAGR of 3.4% over the forecast period. Ascending demand for jewelry in China and India is driving the market in the region. Have Any Query? Ask Our Experts for More Details on Report :
Diamond Market Segmentation
Grand View Research has segmented the global diamond market on the basis of product, application, and region
Diamond Product Outlook (Revenue, USD Million, 2014 - 2030)
Natural Synthetic Diamond Application Outlook (Revenue, USD Million, 2014 - 2030)
Jewelry Industrial Diamond Regional Outlook (Revenue, USD Million, 2014 - 2030)
North America The U.S. Canada Europe Germany France The U.K. Belgium Poland Asia Pacific India China South & Central America Brazil Middle East and Africa Key Players in the Diamond Market
Petra Diamonds Limited RioTinto Trans Hex Group Lucara Diamond ALROSA De Beers Mountain Province Diamonds Dominion Diamond Mines Gem Diamonds Have Any Query? Ask Our Experts for More Details on Report :
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About Grand View Research
Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service.
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