Synthetic diamonds are commonly known as cultured or cultivated diamonds. While these diamonds have a cut and clarity very similar to real diamonds, they are produced at a much lesser cost, a key factor aiding their demand in the global market. The color, cut, and clarity of synthetic diamonds can be modified as per consumer requirements. As the cost of real diamonds rises exponentially, it is expected to pave the way for synthetic diamonds to emerge at the forefront of the global semi-precious and synthetic jewelries market.
Transparency Market Research, in its latest report, pegs the overall value of the global synthetic diamonds market at US$15.7 bn in 2014. The market, according to the report, is likely to reach US$28.8 bn by the end of 2023.
Browse the full Global Synthetic Diamond Market report at http://www.mrrse.com/synthetic-diamond-market
Synthetic diamonds are produced using high pressure high temperature (HPHT) or chemical vapor deposition (CVD). The demand for synthetic diamonds mainly rises from end-use industries such as mining and construction, jewelry, healthcare, and electronics. These diamonds are also used for coating, particularly in machine tool industries.
Polished Diamonds Segment Witnesses Rising Demand from Jewelry Industry
Based on type, the synthetic diamond market is broadly classified into polished and rough diamonds. Of these, polished diamonds are mainly used as gemstones in jewelry and are produced in a wide range of colors such as red, blue, yellow, pink, green, purple, and others.
The cost of polished synthetic diamonds is determined on the basis of their cut, color, clarity, and carat. Rough synthetic diamonds, however, find strong demand in the industrial segment. On the basis of product type, the global market for synthetic diamond can be segmented into grit, bort, powder, stone, and dust.
Rising Demand from Electronic Industry Boosts Global Synthetic Diamonds Market
In terms of application, construction, electronics, and mining have emerged as major end-use segments of the market for synthetic diamond. These diamonds are mostly used in industries for grinding, drilling, polishing, milling, and cutting materials owing to their excellent physical properties such as high rigidity. Synthetic diamonds boast good thermal and electrical properties; hence, they are also demanded in the electronics industry as materials used for making conductors and wafer substrates. Furthermore, due to their excellent chemical, thermal, and optical characteristics, the demand for synthetic diamonds from the electronics industry will continue to rise in the forthcoming years.
Growing Restrictions on Mining will Propel Synthetic Diamond Market
The growing environmental concerns pertaining to the mining process carried out for exploring natural diamonds will create bottlenecks for the global natural diamonds market, thus boosting the demand for synthetic diamonds. Since synthetic diamonds are not mined but artificially created with minimal emission of harmful substances and minimal impact on the environment otherwise, they have emerged as an environmentally viable alternative to natural diamonds.
Asia Pacific Emerges as Largest Market for Synthetic Diamonds
Regionally, Asia Pacific has emerged as the largest market for synthetic diamonds due to the rapid expansion of the construction, electronics, and jewelry industries in the region. Asia Pacific accounted for over 50% of the global synthetic diamonds market in 2014. The demand for synthetic diamonds will be largely driven by the surging mining activities in India, China, and other ASEAN countries. The Middle East and Africa will exhibit the fastest growth in demand for synthetic diamonds due to their increasing usage in construction activities. Demand in Europe, however, has been sluggish in 2014 owing to the impact of the recent eurozone crisis. Nevertheless, the synthetic diamond market in Latin America is likely to witness positive growth as the region recovers from the aftermath of economic downturn.