The diamond jewelry market is estimated to be valued at USD 90 billion in 2022 and is poised to grow at a CAGR of 3.0% over 2022–2028. The global diamond market is increasing due to increased demand for ethical, high-quality, and cutting-edge designs. The need for diamond-encrusted couple rings, bracelets, and other luxury jewelry based accessories is expanding, which has a beneficial impact on the market by opening up new options. Furthermore, cutting advances are seeing the introduction of robots like Fenix, which Baunat utilizes. This Belgian firm offers high-quality diamond jewelry and is capable of cutting any diamond. As a result, big and small companies in the diamond jewelry market plan to invest in cutting robots to virtually cut any diamond that isn’t beyond the reach of manual cutting to benefit from additional prospects. The demand for bespoke diamond jewelry has risen dramatically over the years as customers increasingly want their personal preferences to be incorporated into wedding and engagement jewelry design. The most popular settings for diamonds are expected to increase shortly. New trends include hoop earrings and chain jewelry in the market. During and after the COVID-19 lockdown, customers preferred colorful and statement jewelry, allowing many resellers the opportunity to develop their businesses through YouTube and social media channels. The attention of high-end customers is drawn to innovative designs in artistic jewelry. For example, the Swiss luxury jeweler Shawish debuted a 150-carat diamond ring made entirely of diamonds. The market players extensively spend R&D to launch exclusive diamond jewelry collections under various brands. For brand endorsement, significant corporations are collaborating with well-known celebrities. In the global diamond jewelry industry, partnerships with international laboratories and rigorous adherence to the criteria proclaimed by international regulatory groups such as the GIA (Gemological Institute of America) and the AGS (American Gem Society) are the primary trends.
Recent Market Developments:
In October 2020, Blue Nile Inc. opened a new showroom at Park Meadows in Lone Tree, Colorado, near Denver. The company opened two more showrooms in November 2020 in Fashion Island, California, and Illinois. The jewelry retailer plans to expand the business by opening 50 stores in the U.S. over the next three years. The opening of showrooms led to the expansion of trade.
In October 2020, Zales partnered with Vera Wang, an American fashion design company, to create an exclusive collection of diamond bridal jewelry. The Vera Wang designs (bridal collection) arrived in Zales stores in the U.S. and Puerto Rico. The company focuses on matching different bridal diamond styles with the bridal clothing section.