The global diamond jewelry market size was valued at USD 90 billion in 2021 and is poised to grow at a significant CAGR of 3.0% during the forecast period 2022-28. Demand for diamond jewelry is expected to be driven by the rapid increase of the middle-class population and changing consumer preferences for fashion and clothes. The fashion-conscious millennial age people are increasingly purchasing branded jewelry and accessories, continually looking for new product options. Diamond rings are popular as engagement and wedding ring in industrialized countries such as the United States and the United Kingdom. Diamond jewelry is available for special events such as Valentine's Day, wedding anniversaries, and birthdays from key brands in the global diamond business. In developed countries, diamond jewelry is frequently given as a present to commemorate special family occasions, Mother's Day, promotions, and academic successes. During festivals and weddings, demand for diamond jewelry is likely to rise in emerging economies.

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Rings Segment to Dominate the Diamond Jewelry Market

The rings segment is expected to account for a larger revenue share in the global diamond jewelry market and is projected to grow at a 2.9% CAGR between 2022 and 2028. The rising demand for wedding rings and a growing desire for corporate clothing are driving ring sales globally. The increased sale of rings among male consumers has been a crucial trend that has gripped the jewelry sector. This can be attributed to advancements in men's jewelry design and an increase in global fashion awareness among males.

The global diamond jewelry market is segmentation:

  • By Type: Rings, Necklaces, Earrings, and Others
  • By Distribution Channel: Online and Offline

Asia Pacific Leads Diamond Jewelry Market

The Asia Pacific is expected to hold a significant market share in the global diamond jewelry market over the forecast period. It is projected to grow at a CAGR of 3.2% in the coming years. This vast market share can be attributed to the enormous demand for jewelry in densely populated countries, such as India and China. Due to the growing purchasing power of the population and a rapidly developing economy, such as China. With a vast distribution network, the region is characterized by a large number of top major firms such as Malabar Golds and Diamonds and Tanishq.

The global diamond jewelry market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

In October 2020, Blue Nile Inc. announced a partnership with Lightbox, the innovative laboratory-grown diamond jewelry firm. The company introduced an exclusive fashion jewelry collection featuring Lightbox lab-grown diamonds on its website, thereby adding the portfolio of lab-created diamonds to its product range.

In 2020, Harry Winston, Inc. introduced the Harry Winston 2020 Novelties collection of timepieces having special features of 36mm diameter, 18k white gold with 199 diamonds, and 100m water resistance. The product portrayed a different trend and style in addition to the existing product line.

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Key players’ profiles in the diamond jewelry market report are Harry Winston, De Beers, Blue Nile Inc., Chopard, Zales, Tacori, Inc, Buccellati, James Allen, BVLGARI, Tanishq Limited, Malabar Gold & Diamonds, Palmiero, Carlo S.r.l., and GRAFF.

 

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