Technavios market research analyst predicts the diamond mining industry to grow at a CAGR of around 5% during the forecast period. The increased demand from emerging markets such as China and India for diamond jewelry is driving the growth of this industry. The average amount spent on diamond jewelry by married women is around USD 1500 followed by single women who spent an average of USD 1100 during 2013.
The environmental issues arising due to diamond mining is expected to pose challenges for the growth of the market during the forecast period. Diamond mining uses a variety of mining methods, some of which include the evacuation of large amounts of soil from the earth, causing land unsettlement. The mining activities also lead to the removal of other minerals and huge carbon footprints. As a result, new regulations are being set up to ensure evacuation, stockpiling and return of other minerals to allow the region to come back to its natural state.
Segmentation by application and analysis of - industry applications, jewelry making
Industrial applications dominated the market during 2014 with a market share of 70%. This research report predicts this segment to reach a market volume of 105 karats by the end of 2019. Small pieces of diamonds are fixed in a saw blade or a grinding wheel for cutting, drilling, or grinding. Powdered diamond is made into a paste and used for polishing.
The report offers an analysis of each of the following segments and discusses its impact on the overall market growth -
Industry applications Jewelry making Geographical segmentation and analysis of the diamond mining market
Africa Australia Europe North America ROW Africa accounted for 53% of the market share during 2014 and is predicted to retain its leadership until the end of 2019 with a growth rate of 6%. The growth of the diamond industry in this region is due to a large number of mines present in this region. South Africa is the market leader in this region contributing nearly 53% of the revenue.
Competitive landscape and key vendors - ALROSA, De Beers, Rio Tinto, Stornoway, Dominion
The diamond mining market is highly competitive due to the presence of numerous players. The industry has been witnessing consolidation with the smaller entities being acquired by major vendors. Most of the vendors invest heavily in R&D to succeed in this intensely competitive market.
The leading vendors in the market are -
ALROSA De Beers Dominion Diamond Gem Diamonds Lucara Diamond Petra Diamonds Rio Tinto Stornoway Diamond Other vendors in the market include Mountain Province Diamonds, Archon Minerals, Lonrho Mining, Diamond Corp, Peregrine Diamonds, Diamcor Mining, True North Gems, Tsodilo Resources, Shore Gold, Paragon Diamonds, North Arrow Minerals, African Consolidated Resources, Debswana Diamond, Koidu Holdings, Mwana Africa, Rockwell Diamonds, and MIBA.
Key questions answered in the report include
What will the market size and the growth rate be in 2019 What are the key factors driving the diamond mining industry What are the key market trends impacting the growth of the diamond mining industry What are the challenges to market growth Who are the key vendors in the diamond mining market What are the market opportunities and threats faced by the vendors in the diamond mining industry Trending factors influencing the market shares of the Africa, Australia, Europe, North America, and ROW What are the key outcomes of the five forces analysis of the diamond mining industry Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report – Global Diamond Mining Industry Outlook 2015-2019
Technavio recognizes the following companies as the key players in the Global Diamond Mining Industry Outlook: ALROSA, De Beers, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds, Rio Tinto and Stornoway Diamond
Other Prominent Vendors in the market are: Mountain Province Diamonds, Archon Minerals, Lonrho Mining, Diamond Corp, Peregrine Diamonds, Diamcor Mining, True North Gems, Tsodilo Resources, Shore Gold, Paragon Diamonds, North Arrow Minerals, African Consolidated Resources, Debswana Diamond, Koidu Holdings, Mwana Africa, Rockwell Diamonds, and MIBA.
Commenting on the report, an analyst from Technavio’s team said: “Gifting diamond jewelry has become common these days, leading to an increase in the amount spent on jewlery items. Consumers prefer stylish diamond jewelry that makes a fashion statement and which can be given as a gift. The advantage of diamond jewelry is that it triggers an emotional reaction in the consumer.”
According to the report, pre-purchase touch points help in increasing sales of diamonds and diamond jewelry. Pre-purchase touch points include advertisements, magazines, jewelry stores, and online stores. Before investing a sizable amount of money on diamonds, some consumers have a look at the various pre-touch points, such as the online portals of the company, to learn about the quality, prices, and also for the pre-selection of designs and reviews from magazines.
Further, the report states that the cost of operating mines is on the rise as a result of the increasing complexity of mining diamonds. The increase in the cost of mining affects the cost of gem diamonds as well as industrial diamonds.
ALROSA, De Beers, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds, Rio Tinto, Stornoway Diamond, Mountain Province Diamonds, Archon Minerals, Lonrho Mining, Diamond Corp, Peregrine Diamonds, Diamcor Mining, True North Gems, Tsodilo Resources, Shore Gold, Paragon Diamonds, North Arrow Minerals, African Consolidated Resources, Debswana Diamond, Koidu Holdings, Mwana Africa, Rockwell Diamonds, and MIBA.