Diamond Prices Rise at the End of the COVID-19 Outbreak
The coronavirus outbreak’s most notable effect was felt on the diamond market. Since the prices for diamonds have increased in the final stage of the COVID-19 epidemic, diamond firms have begun trading and mining activities due to a shift in customer perception of COVID-19. In this way, they have seen funding for health care within the communities around their mines in Russia as well as other regions around the globe.
Coronavirus vaccines that could be developed are being advertised and expected to bring back the diamond market. Important events like The India International Jewelry Show (IIJS) are scheduled to take place in April 2021. Businesses are stepping up efforts to keep operations running in mines by providing regular coronavirus screenings to their workers.
Branding Plays Major Role for Big, Small Business Owners
Branding is now a major aspect for both large and small-sized players in diamond jewelry. But it comes with high marketing costs, which impact the business of small-scale business owners because this expense reflects on the retailer and eventually the customer. Thus, small businesses that sell diamonds demonstrate superior value in their designs and products to compete with established brands and companies on the market.
Small-scale businesses are working to educate the public about cut and color, clarity, and carat weight. These are the same in every diamond, regardless of whether a brand-name company offers diamond jewelry. Even brands need to be aware of the statements made by their firm if consumers feel betrayed when the diamond they purchased from a brand does not keep its worth.
Innovative Designs, New Trends Boost Growth of Diamond Jewelry Market
Chain jewelry and hoop earrings are a new trend in diamond jewelry. The statement and colorful jewelry have been popular with customers during and after the COVID-19 lockdown. This provides many resellers the chance to grow their business using YouTube and other social media platforms. Creative designs and artistic jewelry are catching the eye of high-end buyers.
Rings entirely made of diamonds, novel methods of cutting diamonds, and research expenses to discover the origin of diamonds are an integral part of the firm’s marketing and business operations. For instance, the luxury jeweler Shawish from Switzerland has introduced its 150-carat diamond-based ring comprised of diamonds.
Cutting Robots Likely to Maximize Diamond Production Capacities
The market for diamond jewelry is expected to grow to total revenue of US$1 97 billion by the year 2030. The printing of jewelry in 3D is a rapidly expanding trend in the marketplace because of its benefit that it can be produced in large quantities. There is a deficiency of skilled craftsmen in 3D jewelry printing that can manually modify and refine designs.
Cutting-edge technologies, however, are witnessing the rise of robotics like Fenix that are used by Baunat, a Belgian brand that provides premium diamond jewelry that can cut any diamond. So, small and big players in the diamond jewelry industry seeking to take advantage of potential growth opportunities can invest in cutting machines that can cut diamonds beyond the reach of manual cut.
Synthetic Diamonds Pose Threat to Real Diamonds
Due to the shortage of real diamonds, synthetic diamonds are being viewed as a threat to selling genuine jewelry. Since synthetic diamonds cannot replace genuine diamonds, firms who sell diamonds profit from the fact that diamonds of real are scarce to obtain a higher cost for their products.
Alongside India, manufacturers are exploring mining opportunities in Africa, Australia, and Canada. Innovative designs in high-end jewelry like round-cut diamonds or sets of removable diamonds are catching the public’s attention. Artistic jewelry has become an ongoing trend in the market for diamond jewelry.
Diamond Jewelry Market: Overview
- The diamond jewelry category is one form of jewelry that is considered to be luxurious. It is usually the combination of precious metals such as silver, gold, and platinum. Through the years, the design and style of diamond jewelry have changed across various parts of the globe. The design of diamond jewelry is determined by the local culture, consumer preferences, and technological advancements. In the past, natural diamonds were mostly included in diamond jewelry which is generally expensive and sought-after by the upper-income populace. However, the advent of lab-grown diamonds made it possible for jewelers to sell affordable diamond jewelry to the middle-class population.
- The 4 Cs of diamonds determine the quality and beauty of diamond jewelry. These comprise clarity, the carat weight, color, and the cut or shape. The most common shapes in diamond rings and earrings are round, oval princess, pear, and heart. The 4 Cs are all considered when determining the price to sell diamond-based jewelry. Regarding value, the industry of diamond jewelry is expected to grow at a CAGR of approximately 3% between 2020-2030.
Preference for Diamond Jewelry to Celebrate Special Occasions: A Key Driver of Diamond Jewelry Market
- The rapid growth of the middle-class population and changing consumer preferences towards fashion and clothes, are predicted to increase jewelry sales with diamonds over the forecast timeframe.
- The young generation that is fashion conscious is investing more and more in brand accessories and jewelry and is always looking for new options for their products. In advanced countries like the U.S. and the U.K., diamond rings are popular as wedding and engagement rings. Diamonds cut in ovals and set-in platinum rings have become among the main developments in the U.S. market.
- Leading brands operating in the world of diamonds offer a broad selection of diamond-based jewelry for special occasions, such as Valentine’s Day, wedding anniversaries, or birthdays. Additionally, today’s consumers are inclined to purchase jewels made of diamonds as a unique present for their loved people. Events in the family, such as promotions, mothers’ day, and academic achievements, are typically celebrated with diamond jewelry in the developed world. In emerging economies, the demand for diamonds is expected to increase at weddings and festivals.
Diamond Jewelry Market: Key Market Trends
- In recent years, the demand for custom diamond jewelry has risen substantially, as customers want their designs to be included in the style of engagement and wedding rings. Gold and platinum are two of the most commonly used settings for diamonds, and the demand for platinum is predicted to increase substantially shortly.
- Companies are investing heavily in R&D to develop exclusive diamond jewelry designs under various brands. Companies are collaborating with celebrities with a wide-ranging profile for brand recognition. Collaborations with international laboratories and strict compliance with the standards established by international regulatory organizations like GIA (Gemological Institute of America) and AGS (American Gem Society) are the most prominent development in the world diamond jewelry business.
High Cost and Demand for Diamond Certifications
- Diamonds are a crucial component of diamond jewelry. They make up a large portion of the total cost of jewelry. Most diamond jewelry on the market is created using natural or mined diamonds. Natural diamonds are expensive and raise the price of diamond jewelry. Furthermore, better consumer knowledge is crucial to ensure transparency in the financial market.
- For amateur consumers, variation in diamond jewelry prices is often baffling. This is because of the variations in the prices of identical-sized diamonds. This is why diamond certificates are crucial for jewelers to provide the public with transparency in their finances and assurance of the quality of their products. The market is increasingly demanding diamond certificates from accredited and certified certification laboratories. Diamond certificates confirm that the diamonds used in jewelry are authentic and by the specifications set by associations and industry authorities.
|Diamond Jewelry Market Report Scope and Segmentation|
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Diamond Jewelry Market Segmentation
MWR’s report on the diamond jewelry market contains information divided into six sections: product kind, product type, consumer segment, grade distribution channel, and region. The changing trends in the industry and other vital market dynamics about these segments that comprise the diamond market are examined in depth.
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Diamond Jewelry Market: Competition Landscape
- The report offers comprehensive descriptions of the diamond jewelry companies to analyze their financial performance, the most important products, the latest developments and strategies
- Principal players operating in the international diamond jewelry market
- Harry Winston
- Cartier, Tiffany & Co.
- De Beers
- Blue Nile Inc.
- Tacori, Inc
- James Allen
- Tanishq Limited
- Malabar Gold & Diamonds
- Palmiero Carlo S.r.l.
Diamond Jewelry Market: Key Developments
- Companies operating in the world marketplace for diamonds and jewelry are investing in cutting-edge technology, such as computer-aided design (Computer-aided design) software, 3D printers, lasers, and so on. to introduce a brand-new line of exquisite and lightweight diamond jewelry with different brands. Some major brands choose laboratory-grown diamonds instead of natural diamonds for jewelry manufacturing to create affordable selections of diamond necklaces and rings.
- In addition, companies are focusing on strategic collaborations, new products, and the expansion of physical stores to draw new customers. The most significant trends in the global market for diamonds are highlighted below:
- In October 2020, Blue Nile Inc. inaugurated a brand-new showroom in Park Meadows in Lone Tree, Colorado, near Denver. Blue Nile Inc. opened two additional showrooms in November 2020. it is located in Fashion Island in Irvine, California, and Oakbrook Center in Oakbrook, Illinois, near Chicago. The jewelry retailer intends to expand its business by opening 50 shops across the U.S. over the next three years. The opening of showrooms has led to an increase in the business.
- In November 2020, Zales partnered with Vera Wang, the American fashion designer company, to develop an exclusive line of bridal jewelry made from diamonds. Its Vera Wang styles (bridal collection) have been introduced in Zales stores across the U.S. and Puerto Rico. The company focuses on coordinating various styles of diamonds for weddings with the bridal apparel section.
- In October 2020, Blue Nile Inc. announced a partnership with Lightbox, The innovative lab-grown diamond jewelry manufacturer. The company unveiled an exclusive collection of fashion jewelry with Lightbox Lab-grown diamonds on their website. They were increasing the number of lab-created diamonds in the company’s range of products.
- For The year 2000, Harry Winston, Inc. launched the Harry Winston 2020 Novelties collection of timepieces with unique features such as 36mm in diameter, 18k white gold that has diamonds of 199, and water-resistant up to 100 meters. The collection reflected a distinct style and trend in addition to the current collection of products.
- The diamond jewelry market report also focuses on the product portfolio and the most important business strategies used by diamond jewelry firms. In addition, the Competition Landscape section has also been included to give readers an overview of the competitive landscape and a market share analysis for the key companies operating within the global diamond marketplace.