Diamond jewelry is classed as a form of high-end jewelry. It generally has a mix of precious metal settings, including platinum, silver, and gold. Diamond jewelry pattern and design have changed over time in different regions of the world. Availability of technology, customer preferences, and local culture all affect design of diamond jewelry. Natural diamonds have traditionally been used mostly in diamond jewelry, which is typically expensive and favored amongst the wealthy people. The development of lab-grown diamonds, on the other hand, has enabled jewelers to provide affordable diamond jewelry to the middle class, which is likely to drive sales in the global diamond jewelry market in the years to come.
The 4 C's of diamonds, which comprise color, carat weight, clarity, and cut or form, have a significant impact on the refinement, fineness and beauty of diamond jewelry. Heart, pear, princess, round, and oval are the most popular diamond shapes in diamond earrings and rings. When determining the selling price of diamond jewelry, all four Cs are taken into account.
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Global Diamond Jewelry Market: Key Trends
For both major and small companies in the diamond jewelry business, branding has become a critical component. However, branding is associated with expensive marketing expenditures, which is likely to have an impact on small company owners' profit margins since these costs are passed on to the retailer and, eventually, the customer. As a result, in order to compete with branded and established enterprises in the diamond jewelry industry, small businesses must demonstrate greater value in their goods and designs.
Small business entrepreneurs are emphasizing on the need of teaching the public about carat weight, color, cut, and clarity, which are the characteristics shared by all diamonds, regardless of whether they are sold by a reputable firm or not. Even branded firms must be cautious about their statements, lest a buyer feel misled if a branded diamond loses its worth.
On the other side, advancements in cutting technologies are witnessing the rise of robotics technology like Fenix, which is employed by Baunat, a Belgian firm that produces high-quality diamond jewelry and can cut any diamond. As a result, both major and small companies in the diamond jewelry industry may plan funding on cutting robots to essentially cut any diamond that is not beyond the reach of manual cutting to benefit on incremental prospects.
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Global Diamond Jewelry Market: Competitive Assessment
One of the recent developments in the global diamond jewelry market is mentioned as below
- In October 2020, Zales collaborated with American fashion designer, Vera Wang, to develop a unique diamond bridal jewelry collection. The Vera Wang bridal line is now available at Zales shops in the Puerto Rico and the US. The business concentrates on coordinating various bridal diamond designs with the bridal apparel department.
Some well-known companies in the global diamond jewelry market are listed below:
- Cartier International SNC
- Buccellati Holding Italia
- Tiffany & Co.
- Blue Nile Inc.
- De Beers Group
- Harry Winston
Global Diamond Jewelry Market: Regional Assessment
There is considerable demand for diamond jewelry in North America, followed by Asia-Pacific. The substantial customer desire for diamond jewelry and readiness to invest on luxury accessory items can be linked to the growth of the Diamond Jewelry Market in North America. Another important region is Asia Pacific. China is estimated to contribute significantly to the total demand for diamond gems in the region.
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