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Diamond Jewelry Market Poised to Expand at a Robust Pace Over 2020-2030
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The global market for diamond jewelry is largely affected by numerous factors, including rise in middle class population and preference for diamond jewelry to celebrate life events such as weddings and anniversaries. The rising trend of lab-grown diamond offers significant opportunities in the global diamond jewelry market.
Diamond Jewelry Market: Key Segments
The global market for diamond jewelry has been segmented based on product type, product category, clarity grade, consumer group, distribution channel, and region.
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Based on product type, the diamond jewelry market has been divided into neckwear/necklace, earrings, rings, bangles/bracelets, pendants, and others (nose pins, etc.). The demand for diamond rings and earrings is very high, and the trend is anticipated to continue during the forecast period, owing to the frequent launch of new products and high consumer preference. Diamond rings are widely preferred as engagement rings and wedding rings in countries such as the U.S., Canada, and the U.K.
In terms of product category, the diamond jewelry market has been divided into daily wear, work wear, and party & festive wear. The party & festive wear segment accounted for a significant market share in terms of revenue in 2019. Furthermore, the segment is estimated to record a CAGR of 3.3% during the forecast period.
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Based on consumer group, the diamond jewelry market has been divided into men, women, and kids. Diamond jewelry is primarily preferred by women consumers. Diamond pendants and earrings are the popular choice of women to enhance their style statement and appearance at offices and special events such as parties and festive celebrations.
Diamond Jewelry Market: Prominent Regions
The global market for diamond jewelry has been divided into North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America). The diamond jewelry market in North America exhibits significant demand followed by Asia Pacific. The market growth in North America can be attributed to the significant consumer preference for diamond jewelry and willingness to spend on luxury accessories.
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Furthermore, the market in the region is anticipated to register a CAGR of ~3% during the forecast period. In Asia Pacific, the market for diamond jewelry generated revenue worth US$ 23.3 Bn in 2019. China is a major country contributing to the overall demand for diamond jewelry in the region. In Asia Pacific, the market for diamond jewelry is anticipated to expand at a CAGR of 3.3% during 2020-2030. Diamond jewelry in gold settings is widely preferred for wedding and engagement ceremonies. Jewelry designers tend to incorporate low carat weight diamonds to offer affordable daily wear and work wear diamond jewelry, since consumers in emerging economies are price sensitive.
Diamond Jewelry Market: Key Players
Key players operating in the global diamond jewelry market are Harry Winston, Cartier, Tiffany & Co., De Beers, Blue Nile Inc., Chopard, Zales, Tacori, Inc, Buccellati, James Allen, BVLGARI, Tanishq Limited, Malabar Gold & Diamonds, Palmiero Carlo S.r.l., and GRAFF.
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