Published By : 16 Feb 2016 | Published By : QYRESEARCH
Synthetic diamonds, also known as cultured or cultivated diamonds are produced using high pressure high temperature or chemical vapor deposition. These diamonds usually have the cut, clarity, and color quite similar to the real diamonds, but they are produced at a much lesser cost. Furthermore, the cut, clarity, and color of these diamonds can be modified depending on consumer requirements. As the price of real diamonds increases corresponding to their demand in the jewelry market, it is expected to boost the demand for synthetic diamonds in response. In the last couple of years, the demand for semi-precious jewelry and costume jewelry has surged exponentially, in turn bolstering demand from the synthetic diamonds market.
According to a report published by Transparency Market Research, the global synthetic diamonds market, which in 2014 stood at US$15.7 bn, is anticipated to reach US$28.8 bn by the end of 2023.
Rising Demand for Jewelry-Making and Designing Boosts Synthetic Diamonds Market
Synthetic diamonds are broadly classified into two types, namely, polished and rough diamonds. The demand for polished diamonds is high in jewelry industry where it is used as gem stones. These diamonds are produced in a wide range of colors such as red, pink, yellow, blue, purple, green, and others. These colors represent an important parameter for determining the final price of synthetic diamonds. Other factors considered before deciding the final price for synthetic diamonds are color, carat, and clarity. Rough synthetic diamonds on the other hand are used for industrial purposes,
Global Synthetic Diamonds Market Witnesses Rising Demand from Industries
Based on applications, synthetic diamonds witnesses rising demand from industries such as electronics, mining, construction, jewelry, and others. In core industries synthetic diamonds are often used for drilling, polishing, grinding, and cutting materials due to their impressive thermal and electrical properties. Owing to its unique properties synthetic diamonds are also used in the electronics industry for making conductors.
Despite witnessing positive growth, rising environmental concerns associated with mining activities performed to explore diamonds inhibit the growth of the global synthetic diamonds market. Nevertheless, enterprises operating in the market are likely to capitalize on lucrative opportunities in Asia Pacific.