Growing diamonds will redefine the diamond industry
Date:
21/12/07
In the jewelry industry, diamonds are the most famous and popular gemstone. The global diamond industry has experienced a period of high volatility and challenges over the past few years, impacting revenues from mining and midstream revenues. Driven mainly by declines in the US, China and India, the three largest jewellery markets, jewellery sales in these markets are
In the jewelry industry, diamonds are the most famous and popular gemstone. The global diamond industry has experienced a period of high volatility and challenges over the past few years, impacting revenues from mining and midstream revenues. Driven mainly by declines in the US, China and India, the three largest jewellery markets, jewellery sales in these markets are declining. Rumors of a possible recession and falling consumer confidence due to trade tensions have been major factors in the downturn in the U.S. jewelry market. In China, the depreciation of the yuan and falling consumer confidence due to Sino-US trade tensions, as well as a sharp drop in sales in Hong Kong amid the turmoil were the main reasons for the decline. As for India, the depreciation of the Indian rupee and the bankruptcy of Gitanjali, one of the largest jewellery retailers, have been the main reasons for the slight decline in the Indian jewellery market.
Although the diamond industry has been in decline in recent years, one of the latest developments in the industry's recent steady growth is lab-grown diamonds. When it was first introduced some five to six years ago, the gem-grade bred diamond market has made great strides in different varieties of diamonds, from the original 1 carat varieties to the current 10 carat varieties, while developing diamonds of better quality and color. Mr. Qin Wei, who has 7 years of research experience in the cultivated diamond industry, said that the total output of cultivated diamonds used in jewelry in these years has now exceeded 15 million carats.
Although the annual production of cultivated diamonds accounts for only about 3% of the global diamond supply, it is expected to reach 15% by 2035 (Mr. Qin Wei, who has seven years of experience in the industry), while other analysts and foreign research institutions estimate that it may reach 10% by 2035. The main drivers of this growth are mainly technological advances and affordable prices.
Cultivated diamonds are becoming increasingly popular in the diamond industry
According to several studies, the main customers for cultivating diamonds are environmentally conscious millennials. Cultivated diamonds are cheaper and more affordable than natural diamonds and are highly price competitive.
In a very short period of time, the cultivated diamonds have reached gemstone quality standards and thus become a strong competitor in the overall diamond market in the future. As technology has advanced, it has become a sustainable and reliable source of high-quality synthetic diamonds for the luxury industry. With the positive response of the market, it seems that cultivated diamonds will continue to be popular in the future. Even De Beers, which is famous for controlling the world diamond market, and Pandora, the internationally famous jewelry company, Swarovski, have entered the cultivated diamond market as the market share of lab-grown diamonds has increased year by year. This initiative has helped to change consumer perceptions of lab-grown and natural diamonds.
Nurturing the future prospects of diamonds
Natural diamonds currently account for a large proportion of the global diamond jewelry market, but the supply of natural diamonds is expected to decline in the next few years. Of course, there may still be some undiscovered deposits, but overall, global gem-grade diamond deposits continue to decline. Therefore, in the long run, fostering the diamond industry is conducive to filling the supply gap of natural diamonds. At the same time, the acceptance and perception of consumers on cultivated diamonds also affect the market of cultivated diamonds to a certain extent.
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