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Fura Gems tempting India with rubies from Mozambique and emeralds from Colombia

A qualified Chartered Account, Dev Shetty heads Fura Gems Inc as President and CEO, who has recently developed world’s largest emerald mine in Zambia and world’s largest ruby mine in Mozambique. Dev started his career in India but moved to the UK in...

15 january 2018

The Exchange plays a significant role in the global jewellery industry - Li Zhiwei, General Manager, GDGJE

Li Zhiwei, has been engaged in the Gems and Jewellery development management in China’s government department for the past 30 years. He served as Vice Chairman of Gems and Jewelry Association of China for more than 10 years and has effectively pushed...

09 january 2018

Yoram Dvash Hits The Ground Running As Second Term Begins

Having completed his first term in office as President of the Israel Diamond Exchange (IDE), Yoram Dvash sat down with Rough & Polished to discuss his achievements during his first period in office, and plans for the second term following his...

04 january 2018

Eurasian Diamond Center should bring profit and open new prospects and opportunities for all its players

The ALROSA affiliate in Vladivostok established in 2016 was headed by Alexey Ivanov about half a year ago. He was charged with the responsibility for developing business on the company's Far Eastern platform and attracting new customers to the Eurasian...

25 december 2017

NDTC to supply rough worth about $400 m this year

The Namibia Diamond Trading Company (NDTC), a joint venture between the Namibian government and De Beers, said it expects to supply rough diamonds worth $390 million this year. The diamond trader, which has 11 sightholders, had a fixed supply...

18 december 2017

Global synthetic diamonds market is estimated to be worth $28.26 bn by 2024

12 january 2018

The global synthetic diamonds market is estimated to be worth $ 28.26 bn by 2024 as a result of its increasing demand for cutting, polishing, and drilling, according to a report in BusinessInsiderIndia.
The report adds that the market is set to grow further due to the increased utilization of the above-mentioned functions for development of infrastructure as well as the increased spending on the sector.
In addition, expansion of the electronics and healthcare production base in countries including India and China is expected to provide new opportunities for the development of the market. Also, the presence of the manufacturing bases of companies including Samsung, Apple, Sony, Abbott, and GSK in the Asia Pacific is expected to drive the demand for synthetic diamonds in various industrial applications.
According to the report, the North America synthetic diamond market, which was valued at $3.89 bn in 2016 is expected to witness above-average growth in light of rebound of the manufacturing sector. However, the presence of a stringent regulatory framework for the mining sector is likely to deter growth. Nonetheless, usage of synthetic diamonds in the existing mining processes is expected to support the market.
Asia Pacific is likely to witness the fastest growth at a 9.1% CAGR by 2024 due to the tremendous untapped potential of the manufacturing sector in the region. Synthetic diamonds in various manufacturing processes will be increasingly used of owing to their relatively low cost and ease of availability. Though industrial application of synthetic diamonds will be relatively slow at a CAGR of 8.3% in the projected period, raising awareness of fashion will see the stones used extensively in jewellery thereby opening new avenues for the growth of the synthetic market.
Over the projected period, electronics, which was the largest application segment and is expected to witness growth at a CAGR of 8.7%. Consumer electronics demand including washing machines, refrigerators, HVAC, smartphone, and tablets is also expected to drive the market substantially for synthetic stones.
Major companies including Centaurus Technologies Inc., Applied Diamond Inc., Element Six, New Diamond Technology, and ILJIN are some of the prominent players in the market. These companies are focusing on R&D to develop stones with a higher carat. For instance, using the HPHT process, New Diamond Technology (NDT) unveiled a 10.07 carat blue stone in September 2016.

Aruna Gaitonde, Editor-in-Chief of the Asian Bureau, Rough & Polished

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