A new report by Technavio discusses the Top 5 emerging trends that will impact the global diamond jewelry market from 2015 through 2019. The report expects diamond jewelry market to grow at a CAGR of 3% and exceed USD 93 billion globally by 2019. Increase in per capita disposable income, rise of diamond jewelry retailers and more consumers accepting culture of diamond jewelry are some of the factors attributed to expected rise in demand from countries like India, China and Japan.
Key trends influencing global diamond jewelry market
1) Rising preference for branded jewelry
In both developed and developing economies, especially in emerging markets, consumers are preferring branded products and services, which reduces a risk of wrong purchase. Being lab certified, consumers trust branded jewelry more than from privately owned jewelers. This view was also echoed by McKinsey earlier. Several brands including Louis Vuitton, Hermes, Dior et al are expanding their collection of diamond jewelry.
2) Emerging market for men’s diamond jewelry
Jewelry culture among men has already started percolating and in this emerging trend more men have started wearing bracelets, rings, studs, chains and other forms of jewelry. Though much of this is fashion jewelry and does not necessarily include diamonds, seeing the burgeoning trend, De Beers during last year announced a holiday ad campaign ‘Seize the Day’ targeted at men.
3) Rise in online sales of diamond jewelry
Online jewelry has been witnessing a stupendous growth worldwide. More than 1 out of 6 diamond purchases in US in 2013 was online, a 30% growth over 2011. With rising habit among consumers of shopping online, several brands have started selling diamond jewelry online. Recently, 2 major jewelry retail chains in India entered into exclusive tie-ups with national e-commerce companies.
4) Rising demand for vintage diamond jewelry
Connoisseurs are attracted by vintage jewelry and are willing to pay higher prices for such collections. Some players like Estate Diamond Jewelry and Single Stone are focusing on this segment and manufacture antique and vintage diamond jewelry collections.
5) Innovative options in daily wear
Diamond jewelry designs is undergoing innovation, coming in lightweight and delicate designs for daily wear. Fine Jewelry group launched innovative wearable diamond jewelry collection last year, with more than 450 unique designs.