According to a new report by market research company Technavio, the global diamond jewelry market is projected to expand by $16.6 billion between 2022 and 2027, exhibiting a compound annual growth rate (CAGR) of 3% throughout the forecast period.
The report also predicts that North America will contribute significantly to the market’s growth, accounting for 44% of the overall expansion. It states that within the North American region, the demand for personalized and one-of-a-kind diamond jewelry, particularly in the form of wedding rings, is witnessing a substantial surge. Additionally, the market experiences a peak in demand for designer jewelry during festive and wedding seasons. Furthermore, the advancement of technology in online retail is also fueling the growth of the diamond jewelry market in the US.
According to the report, the growth in the global diamond jewelry market is largely driven by the shift towards e-commerce platforms. It adds that the presence of counterfeit products in the e-retailing sector “is the major challenge impeding market growth.” The prevalence of counterfeit products is particularly prominent in the Middle East and Southeast Asia, including countries like the UAE, Saudi Arabia, Indonesia, China, India, Malaysia, and Singapore. This issue is expected to hinder market growth in these regions during the forecast period.
