According to the market research company Technavio's report, the global diamond jewellery market is projected to expand by $16.6 bn 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 jewellery, particularly in the form of wedding rings, is witnessing a substantial surge.
Additionally, the market experiences a peak in demand for designer jewellery during the festive and wedding seasons. Furthermore, the advancement of technology in online retail is also fueling the growth of the diamond jewellery market in the US.
The report also shows that the growth in the global diamond jewellery market is largely driven by the shift towards e-commerce platforms, adding that the presence of counterfeit products in the e-retailing sector is the major challenge impeding the 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.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
