Color diamonds are more valuable and desirable and a better investment

In 1993, Eyal Cohen started his career as a diamond cutter, sitting by his father’s side as an apprentice. 4 years later, he was recruited by a jewelry firm, where he learned to appreciate natural colored diamonds. In 2003, Eyal opened his own company...

17 september 2018

Debate on the main issues affecting the diamond business is absolutely critical - Ernie Blom

Having taken part in the fruitful discussions with the world leaders at the Asian Summit held recently in Vladivostok, Ernie Blom, President, World Federation of Diamond Bourses (WFDB) now looks forward to taking the worthy inputs received at...

10 september 2018

Reflecting the nature of the industry, US jewellery market is significantly seasonal with great ‘ebb and flow’ in demand, opines Vin Lee

Vin Lee, CEO of Beverly Hills-based Grand Metropolitan, a privately-held luxury goods holding company had migrated from Canada as a child. And one can see that it did not take him long to ascend the US luxury world, establishing himself as a formidable...

27 august 2018

Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

20 august 2018

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

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