Consumer Goods

Diamond Jewelry Market is Expected to Reach USD 265.29 Billion by 2030

Mar 2024

Consumer Goods

As per the report published by Kings Research, the global Diamond Jewelry Market was valued at USD 178.70 billion in 2022 and is projected to reach USD 265.29 by 2030, growing at a CAGR of 5.19% from 2023 to 2030.

The rising disposable income among consumers, coupled with their increased capacity for spending on precious jewelry to signify their status, is poised to boost product demand in the coming years. Presently, millennials prioritize self-expression, thereby fueling the need for fresh and trendy jewelry designs. Furthermore, the surging popularity of bridal makeup has spurred the global demand for diamond jewelry.

Moreover, the rise of social media platforms has exerted a significant influence on consumer buying habits. Individuals are keen on showcasing their opulent lifestyles and a desire to flaunt their prosperity. This cultural shift has led to a greater appreciation for and investment in high-quality, statement jewelry pieces, with diamonds taking the lead due to their timeless appeal and association with enduring love and commitment. Consequently, the global market for diamond jewelry is expected to witness substantial growth in the forthcoming years.

Key Insights

  • Based on type, the natural diamond segment held the largest market share of 56.69% in 2022
  • Based on jewelry type, the pendants segment accounted for 31.80% of the segment’s share in 2022
  • On the basis of region, North America dominated the market with a share of 34.50%  in 2022

Swarovski is Set to Introduce Lab-created Diamond Jewelry on a Global Scale

September 2023 (Expansion & Product Launch): Swarovski will be expanding its reach in the lab-grown diamond market by making its "Created Diamonds" available in all its flagship stores and key markets worldwide. This includes major countries like China, Italy, Korea, Japan, the UK, Australia, France, Germany, Austria, and the UAE. Additionally, they are launching their first lab-grown diamond jewelry collection, "Galaxy," designed by their Global Creative Director.

Growing Popularity of Custom Jewelry and Rising Trend of Colored Diamonds to Foster Market Growth

In recent years, there has been a significant rise in the popularity of custom jewelry, where customers can design their own unique pieces with the help of expert craftsmen. This trend has fueled the global demand for diamond jewelry as a mounting number of individuals seek to create one-of-a-kind pieces adorned with exquisite diamonds. Furthermore, the rising trend of colored diamonds has brought a fresh wave of enthusiasm to the industry, as clientele are attracted to the vivid and enchanting shades these gemstones present. As a result, the global demand for diamond jewelry is expected to continue its upward trajectory in the coming years.

Growing Demand for Ethically and Sustainably Sourced Diamonds to Drive Market Growth

The global market is observing an upsurge in the demand for ethically and sustainably sourced diamonds. Consumers are increasingly concerned about the environmental and social impact of diamond mining. Companies that can demonstrate responsible sourcing practices gain a competitive edge. These companies are able to attract a larger customer base who prioritize ethical and sustainable practices.

Moreover, they can establish partnerships with organizations and retailers that share the same values, further enhancing their reputation. By investing in responsible sourcing, companies not only contribute to the conservation of ecosystems and local communities but also ensure the longevity of their business in an industry that is evolving toward greater transparency and accountability.

North America to Dominate the Market with a CAGR of 5.32% over the Forecast Period

In 2022, North America dominated the market, accounting for a 34.50% share of the global value. Customization trends observed in North America have contributed significantly to the diamond jewelry market growth. Many consumers seek unique pieces that reflect their individual style, prompting jewelers to respond by offering a wide range of options for customization.

This trend has led to the rise of personalized diamond jewelry, where customers can choose the cut, color, and clarity of the diamonds, along with the metal and design of the setting. In addition, jewelers offer engraving services, allowing customers to add their initials, names, or special messages to their jewelry. With these customization options, consumers can create one-of-a-kind pieces that reflect their personality and taste.

Companies Focus On Product Launches and Collaborations to Fulfill Consumer Demands

The global diamond jewelry market is consolidated with key players such as Tiffany & Co., Bulgari S.p.A., Cartier, Signet Jewelers, De Beers plc, Pandora Jewelry LLC, Chow Tai Fook Jewellery Group Limited, Swarovski AG, Petra Diamonds Limited, Trans Hex Group. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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