Industry Background:
A Synthetic Diamond, also known as man-made diamonds, lab-grown diamonds, cultured diamond, or a cultivated diamond. Synthetic Diamond is created in laboratories and research centres. It is produced by following similar methods as that of the mined diamond but costs far less. They are pure carbon and its physical or chemical properties are identical to natural diamonds. Creation of man-made diamond includes various types of the process including HPHT (High-Pressure High Temperature) and CVD (Chemical Vapor Deposition). Man-made diamonds have various properties such as thermal conductivity, hardness, and electron mobility that are superior to those of most naturally formed diamonds. Man-made diamond is mostly used in cutting and polishing tools, abrasives, and in heat sinks.This growth is primarily driven by Cost Advantage of Synthetic Diamond
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Apparel, Accessories & Luxury Goods sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Applied Diamond Inc. (United States), D.NEA (United States), New Diamond Technology LLC (Russia), Element Six (Luxembourg), Sandvik Hyperion (India), ILJIN Diamond (South Korea), Zhongnan Diamond (China), HUANGHE WHIRLWIND (China) and Scio Diamond Technology Corporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 19th July 2018, De Beers Canada Inc. which is specialized in diamond exploration, diamond mining, diamond retail, diamond trading and industrial diamond completes its acquisition with Peregrine Diamonds Ltd. The deal was established for 0.24 dollar per share in cash.
In 2019, Former Dominion chief executive of world’s third largest diamond miner is launching a company making lab-grown diamonds. According to the report, “The world’s largest diamond miner De Beers to start selling lab-grown diamond jewellery in September for the first time. The miner is spending USD 94 Million on a Plant in Oregon to produce the diamond using cheap hydropower, but is targeting the fashion jewellery market.”
Regulatory Insights:
The Federal Trade Commission (FTC) has changed its definition of diamonds to expand its scope to include man-made diamonds. The FTC has further qualified the word “cultured” when describing man-made stones. Marketers must use words like “man-made”, “lab-grown” or “foundry” to avoid confusion about a diamond’s origins. Marketers are explicitly told to avoid the word “synthetic” as it would create confusion and lead consumers to believe it is an artificial diamond. and Reactions from organizations like the DPA is awaited. They’ve been advocating for a global standard wherein the word “diamond” on its own implied natural origin.
Influencing Trend:
Rising Consumption of Polished Diamond in Jewelry Industries and Celebrity and Social Media Influence on Consumer Purchasing Behavior
Market Growth Drivers:
Cost Advantage of Synthetic Diamond, Increasing Disposable Income and Consumer Spending on Luxury Goods and Increasing Demand from Fashion Industry
Challenges:
Penetration of Counterfeit Products and Complexity Involved in The Manufacturing of Synthetic Diamond
Restraints:
Negative Perception of Synthetic Jewellery Among Consumers and Trouble in Conveying Brand Loyalty and Promoting A Fine Piece of Jewellery
Opportunities:
Improvement in Marketing and Promotional Strategies, Growing Application of Synthetic Diamond in Electronics and Semiconductor Industries and Innovation of Technology to Avoid Impurities
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Synthetic Diamond Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Synthetic Diamond Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Synthetic Diamond players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Synthetic Diamond Study Sheds Light on
The Synthetic Diamond Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Synthetic Diamond industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Synthetic Diamond industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.