In the past 10 years, the jewelry market has seen a significant change. Many new businesses have emerged globally in this sector. Customer demands are changing, as they are becoming more knowledgeable than before. Businesses to get successful in this market segment have to keep customer’s changing tastes and preferences in mind. Diamond is the most precious stone which is used by jewelers to beautify their jewelry and ornaments. Diamonds are certified in four categories—cut, color, clarity and carat. Diamond Jewelry is considered a luxury in our society. In today’s scenario, where competitions in every market segment are on the peak, diamond jewelry business also has to compete to survive by inspiring customers to buy the product out of their passionate desire.
COVID-19 Scenario Analysis:
- COVID-19 has negatively impacted the diamond’s industry and this will lead to lowering the revenue generation in the fiscal year 2021.
- Due to extended lockdown, diamond jewelry industries are unable to export their products or perform domestic selling; and therefore, are seeking help from the government to pay wages to their workers.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Diamonds are highly valuable in nature, prices of which are not decided by any regulatory framework or government. Diamonds are also linked with emotional values as it is there from multiple generations. Like any other natural resource, diamonds are becoming rare. Diamond jewelry has quality artworks and is also considered good for investment. Other goods that are considered deluxe might lose their value over the period of time but this will not be the case for diamond jewelry businesses. Nowadays, people want to be more safe and secure while purchasing any products to eliminate the risk of buying fake products. Lab certifications, therefore, plays a very important role in the diamond jewelry brands in order to gain customer’s trust. Businesses need to take some external factors into considerations before they market their product. Some of them are social and cultural, technological, economic, and environmental conditions.
New product launches to flourish the market
Men’s diamond jewelry segment is an emerging and potential market segment where more varieties of jewelry such as rings, bracelets, and chains. are available with innovative designs to choose from. A segment for daily wear is also emerging, where designs are made delicate for daily wear. Personalized diamond jewelry is a new concept that has entered this market segment. Women now can customize the design of the jewelry, which best suits their personality which will make them unique and feel confident.
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Usage and industrial applications
Diamond jewelry comprises rings, necklaces, earrings, bracelets, and pendants. These are used either for gifting at weddings, festivals, or any other relevant occasions. Wearing lightweight delicate diamond pieces is becoming trendy and hence, it has become a fashion statement for people around the globe. Diamonds are perceived as a symbol of love and therefore women are attracted to diamond jewelry as they feel special wearing them. Purchasing diamond jewelry is considered as building the status symbol in the society.
Key Benefits of the Report:
- This study presents the analytical depiction of the global diamond jewelry market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global diamond jewelry market share.
- The current market is quantitatively analyzed to highlight the global diamond jewelry market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global diamond jewelry market analysis based on competitive intensity and how the competition will take shape in the coming years.
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Questions Answered in the Diamond Jewelry Market Research Report:
- What are the leading market players active in diamond jewelry market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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