Latest News- Diamond Market: Jewelry making is expected to lead the Application segment during 2024-2028

The Diamond Market is being driven by Growing demand for wedding jewelry

The Diamond Market is expected to grow at a CAGR of 8.09% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 42.72 billion. In the burgeoning market for diamonds, synthetic diamonds are experiencing significant growth due to their increasing utilization in various sectors, particularly electronics and semiconductor applications. These synthetic diamonds offer distinct advantages, including superior thermal management properties. With a higher thermal conductivity than metals like copper and aluminum, synthetic diamonds effectively dissipate heat, enhancing power densities and extending operational life by reducing junction temperatures. Synthetic diamonds' unique three-dimensional heat spreading capability makes them an essential component in high-power optical-electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Jewelry making
  • Industrial applications
• Type
  • Natural
  • Synthetic
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for wedding jewelry
• Innovation in terms of design and manufacturing technology
• Growing demand for synthetic diamonds from APAC

However, the market also witnesses some limitations, which are as follows:

• Presence of counterfeit products in e-retailing space
• Rising labor costs and fluctuating raw material prices
• Impact of government policies and regulations

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Market Scope in Diamond Market Research Report

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Research Analysis Overview

In the diamond market, rare mineral formations undergo extreme pressure and high temperature to create the hardest material known to man. These precious gems, valued for their thermal conductivity, are used in various industries, including abrasives, and for jewelry applications. Rough diamonds are transformed into polished diamonds through intricate jewelry designing processes. With the advent of lab-grown diamonds and synthetic products, consumer buying habits are shifting, making this market dynamic and diverse. Type Ia diamonds, while still in demand for their natural origins, face competition from their synthetic counterparts.

Market Research Overview

The Diamond Market is a significant segment of the global diversified metals and mining industry, encompassing companies involved in the production and extraction of this rare mineral. Diamonds, a valuable abrasive and industrial commodity, are classified as non-ferrous minerals, alongside metals such as lead, nickel, tin, and others. The industry includes both natural diamond mining and the production of synthetic diamonds through advanced techniques like Chemical Vapor Deposition. With increasing focus on environmental sustainability, lab-grown diamonds have emerged as a viable alternative, reducing the environmental impact of traditional mining operations. The global diversified metals and mining market size is calculated based on the combined revenue generated from the production or extraction of these non-ferrous metals and minerals, including diamonds, and diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/