The global Diamond Market is forecast to reach USD 113.63 Billion by 2027, according to a new report by Reports and Data. The growth of the industry can be mainly attributed to the growing demand for diamond applications, in jewelry and construction, in emerging Asia-Pacific economies like India and China.
Industrial diamonds are those intended for industrial use, mainly as a cutting or abrasive tool. In general, industrial diamonds are irregularly shaped, of the wrong color, and are of vital importance in the modern metallurgy and mining industries. Their usefulness comes from the fact that diamond is the hardest natural substance known. Globally, the increased demand for high-strength abrasives for several industrial purposes and the increase in disposable income and overall economic growth of a region are the main drivers of industrial diamond growth.
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The COVID-19 impact:
The initial Covid-19 epidemic caused demand in the Chinese market to fall, which is estimated to account for 15% of global demand. The spread of the virus in China and the quarantine measures that followed led to the closure of most jewelry stores for approximately two months. There have been additional challenges for sales. Since the virus has spread to other parts of the world, travel restrictions have an impact on sales events, with, for example, De Beers, canceling a sales event, its third ‘sight’ of the year, which was too take place from March 30 to April 3 in 2020.
With more limited production due to mines taking care and maintenance or operating at reduced capacity, initial expectations are that production will drop to 133 million carats, a decrease of 9%. If the bottlenecks continue or if the market continues to deteriorate, an even more significant decline is expected.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/diamond-market
Further key findings from the report suggest
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For this report, Reports and Data have segmented into the global Diamond market based on the product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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