A new report by Report Ocean, an “in-depth analysis of the diamond jewelry market characteristics […] market shares and trends,” claims that the global diamond jewelry market is valued at approximately $325.60 billion in 2021 and is anticipated to grow “with a healthy growth rate of more than 4.60%” over the period 2022-2029.
The growth in this market is mainly driven “by the expansion of the beauty and fashion industries, which has led to an increase in fashion sensibility among the general public worldwide,” according to the report.
According to the report, the market in Asia Pacific will be the fastest growing, as well as dominating region in 2022-2029. Notably, the report says that the regional industry is being driven by the demand for jewelry made in laboratories – AKA lab-grown diamonds (LGDs). According to the study, the price of lab-grown units in Surat increased from $164.52 million in April and May 2021 to $325.45 million in April and May 2022.
Read the full report here.
