Diamond is the most concentrated form of pure crystalline carbon in nature and has the properties of highest hardness and thermal conductivity. These are the most durable, expensive, and rarest metal found across the globe. Diamonds are used in multiple industrial applications such as polishing tools, and cutting. It has gained popularity across the globe for its beauty as a gemstone. The major producers of diamond across the globe are the Central & Southern Africa countries, Russia, Australia, Canada, and Botswana. Diamonds are attractive among end-users for its usage in the industrial and fashion sector. Moreover, it is found to be popular among consumers as it is considered to be the most precious ornament. Diamonds are used to make jewelry which has high demand during weddings, and on special occasions. They are also used as a fashion statement. Revenue growth of rough diamonds is largely attributed to increased production by smaller players.
Major drivers of the global diamond market include exploration of new deposits, acceptance of diamond as jewelry in wedding and engagement functions, and growth in the global economy and purchasing power of individuals. In addition, continuous robust growth in jewelry products, and innovative design across the globe are expected to propel the market during the forecast period. However, availability of limited deposit sources of diamond, and rise in cost of diamond processing are major restraints of the market. Development of new diamond based industrial products, targeting customers with new jewelry design, and penetration of diamond sale through e-commerce business are expected to create significant opportunities for the market.
The global diamond market can be segmented based on diamond type, application, end-user, distribution channel, and region. Based on diamond type, the diamond market can be bifurcated into natural and synthetic. Furthermore, natural diamond is sub-segmented into diamond stone, and diamond bort. Based on application, the global diamond market can be segmented into cutting, grinding, and polishing. In terms of end-user, the diamond market is bifurcated into industrial and jewelry. The industrial segment is further sub-segmented into construction mining services,stone cutting, polishing, machinery manufacturing, and others. The jewelry segment is further classified into rings, necklaces, earrings, and others. In terms of distribution channel, the diamond market can be classified into online and offline. The online segment is sub-segmented into company websites, and e-commerce sites.
Based on region, the diamond market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The diamond market in North America is expected to expand due to increase in manufacturing of high capacity industrial equipment. Rise in celebrity endorsement of diamond based products, and its usage in wedding jewelry has increased the usage of diamonds in the global market. This is expected to boost the sales of the product in the coming years. Rapid growth in the jewelry sector has propelled the usage of diamonds in Asia Pacific. A resurgence of luxury spending among Chinese millennial has also contributed to the increase in demand.
Additionally, acceptance of diamond as a precious metal and purchasing of jewelry products during festive seasons or special occasions across the region has driven the demand for diamonds. Rise in adoption of diamond as a luxury product is driving the market in Middle East & Africa. In South America, increase in the purchasing power of individuals, and demand for innovative designs are expected to drive the diamond market.
Major players operating in the global diamond market include Lucara Diamond Corp, Petra Diamonds Ltd, Dominion Diamond Mines, Rio Tinto Plc, Endiama E.P., De Beers Group, ALROSA Group ,Signet Jewelers Ltd., Tiffany & Co., The Swatch Group AG, Compagnie Financière Richemont SA, Rockwell Diamonds, Anglo American plc, and Stornoway Diamond.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.