Jewellery application is expected to grow at a compound annual growth rate (CAGR) of 3% from 2019 to 2030, according to Trusted Business Insights.
It said in its latest study of the diamond market that growing middle-class population coupled with the increasing spending power of millennials and generation Z are among the key factors contributing to the growth of the jewellery segment."According to De Beers Group, millennials represent almost 60% of the U.S. jewellery market while millennials in China drive an outstanding 80% of the total jewellery demand in China," it said.
"Millennials tend to spend their extra money on experiences like travel rather than luxury items. Thus, manufacturers and retailers are now embracing the idea of attaching a story in their marketing campaigns that include the journey of a diamond from the mine to the consumers."
Commenting on regional insights of the diamond market, Trusted, said North America held the highest revenue share of 51.7% in 2018.
It said the strong demand for engagement rings from the U.S. is a significant factor for its dominant share.
There are over 40,000 retail stores present in the country.
Leading jewellery sellers include Zales, Signet Jewelers, and Fred Meyer Jewelers have captured the majority of the market share in the U.S.
Meanwhile, Trusted, said the global diamond market size was valued at $87.31 billion in 2018 and is predicted to grow at a CAGR of 3% from 2019 to 2030.
The growth of the industry is attributed to the rising demand from jewellery application, particularly in emerging economies in the Asia Pacific like India and China, it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
