The worldwide diamond and gemstone market is likely to display lucrative growth by 2021. Factors such as high investment in research and development (R&D) in diamonds and gemstones, rising demand for designer and branded jewelry, and improving strength of private brands can drive the market during the forecast period (2017 to 2021). Rapid urbanization, improving lifestyles, rising middle class population, growing e-commerce sales, and existence of organized retail channels can result in a positive outlook for the market.
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Diamonds and gemstones have been marketed as gifts of love and symbols of marriage – a powerful motivation that has persisted as the foundation of the industry. The demand for valuable gemstones is growing largely owing to rising number of young consumers choosing them over yellow metal, i.e. gold. They can be also utilized in a variety of jewelry. Growing preference for branded diamond jewelry may create growth opportunities for diamond and gemstone retailers in developed as well as emerging nations across the world. Consumers opt for branded products as it reduces the risk of purchasing counterfeit stones. However, challenges such as environmental risks, high operational costs, and excess production of synthetic diamonds may hamper market growth to an extent.
The worldwide diamond and gemstone market can be fragmented on the basis of product and end user/application. Based on product, the market can be segmented into diamond, sapphire, and others. As per end user/application, the market can be classified into collections, fashion, and others.
Geographically, the diamond and gemstone market can be divided into North America, Europe, and Asia Pacific. North America is one of the attractive markets. The rate of self-purchase of diamond is high among women in the region. Asia Pacific is considered as the fastest growing market due to high demand from countries including China, India, Indonesia, Thailand, Vietnam, and Japan. The growth can be associated with increasing disposable income and aggressive promotional and marketing strategies by leading companies. Additionally, availability of highly skilled and relatively inexpensive workforce, especially in India, is driving growth in the region.
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Key players operating in the diamond and gemstone market include Chow Tai Fook, Harry Winston, Cartier, Chow Sang Sang, and De Beers. Gems and jewelry companies are increasingly investing in and developing fancy designs to attract more customers. They are also selling their products via a large number of distribution channels like showrooms as well as online retail. In addition, pre-purchase hints such as advertisements and websites can help increase the sales of diamond products. Before investing massive amounts of money on diamonds, consumers go through websites of companies to know the quality, prices, designs, and other aspects that will help them make a purchase. They also look at reviews from magazines.
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In 2017, HRD Antwerp, a prime authority in diamond certification in Europe, introduced an analysis tool for all diamonds and gemstones called D-Scope+ at the Hong Kong Jewellery and Gem Fair. Its illumination offers an innovative dark-field lighting technology, which helps the user select between three different colors of light: extremely strong white light, white daylight, and yellowish light. These diverse color-temperatures are perfect for analyzing all types of internal and external features of a diamond.
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