North America Diamond Market Outlook, 2029

North America Diamond Market Outlook, 2029

The North American diamond market holds a prominent position in the global jewelry industry, driven by a combination of consumer preferences, industry innovations, and economic factors. With a rich tradition of diamond consumption and a penchant for luxury, North America serves as a key destination for diamonds sourced from around the world. One of the biggest consumer markets for diamonds is found in North America, where sales of diamond jewellery are highest in the US. There are many different types of diamond items available on the market, such as wedding bands, engagement rings, earrings, bracelets, and necklaces. North America imports a sizable amount of raw and polished diamonds from major producing nations, sustaining a robust diamond trade ecosystem despite the country's modest domestic diamond output. Culture, fashion, and lifestyle choices all have an impact on consumer preferences in the North American diamond industry. In North American society, diamonds are a deeply embedded emblem of prestige, love, and dedication. Diamond engagement rings are still a popular choice for engaged couples; sales are driven by the desire for both traditional solitaire settings and cutting-edge styles. Conflict-free and lab-grown diamonds are becoming more and more popular as a result of customers' growing attraction to ethical and sustainable diamond solutions. Innovation and technical improvement are hallmarks of the diamond industry in North America. In order to improve the brightness, fire, and symmetry of diamonds, diamond makers and artisans employ state-of-the-art technology and precision equipment. Diamond jewellery items may be intricately designed and customised by artisans thanks to advanced technology like 3D modelling, CAD, and laser cutting. Furthermore, the emergence of blockchain technology has made the diamond supply chain more transparent and traceable, allaying customer worries about provenance and ethical sourcing.

According to the research report ""North America Diamond Market Outlook, 2029,"" published by Bonafide Research, the North America Diamond Market was valued at more than USD 50 Billion in 2023. Diamonds hold deep cultural significance in North America, symbolising love, commitment, and celebration. Engagement rings featuring diamonds are a longstanding tradition, and diamonds are often exchanged to mark significant milestones such as weddings, anniversaries, and birthdays. This cultural emphasis on diamonds as symbols of affection and devotion drives consistent demand in the market. Diamonds are associated with luxury and prestige in North American society. Owning diamond jewellery is often perceived as a symbol of wealth, success, and social status. As a result, there is a desire among consumers to own and showcase diamond pieces as status symbols, contributing to sustained demand for high-quality diamonds. Marketing and advertising efforts by diamond retailers and brands play a significant role in driving demand. Advertising campaigns that promote the emotional significance of diamonds, such as love stories and romantic gestures, resonate with consumers and stimulate a desire for diamond jewelry. Influential celebrities and influencers also contribute to diamond demand through endorsements and public appearances. Economic factors such as consumer confidence and disposable income levels influence diamond demand. When consumer confidence is high and economic conditions are favourable, consumers are more inclined to make discretionary purchases, including diamond ewelry. Conversely, economic uncertainty may temporarily dampen demand for luxury items like diamonds. Fashion trends and changing consumer preferences drive demand for specific diamond jewellery styles and designs. Influences from popular culture, celebrity fashion, and runway trends shape consumer preferences for diamond shapes, settings, and metal choices. Jewellery designers and retailers respond to these trends by offering on-trend designs that appeal to contemporary tastes. Furthermore, the USA is exporting diamonds above USD 17 billion by 2022.

Market Drivers
• Cultural Tradition: Diamonds hold deep cultural significance in North America, particularly in the United States, where they are a symbol of love, commitment, and celebration. The tradition of exchanging diamond engagement rings and gifting diamond jewellery during special occasions drives consistent demand in the market.
• Wealth and Affluence: North America is home to a large population with high disposable incomes and a strong appetite for luxury goods. Affluent consumers in the region prioritise quality and prestige when purchasing diamonds, driving demand for high-end diamond jewellery from renowned brands.

Market Challenges
• Changing Consumer Preferences: Shifting consumer preferences, particularly among younger demographics, pose a challenge to traditional diamond sales. Millennials and Gen Z consumers may prioritise experiences, travel, and technology over luxury goods like diamonds, leading to reduced demand in certain market segments.
• Economic Uncertainty: Economic downturns, recessions, and fluctuations in consumer spending can impact diamond sales in North America. During periods of economic uncertainty, consumers may postpone discretionary purchases, including diamond jewellery, leading to decreased demand and sales volatility.

Market Opportunity
• Rising Demand for Lab-Grown Diamonds: The increasing popularity of lab-grown diamonds presents an opportunity for the North American market to diversify its offerings and cater to environmentally conscious consumers. By embracing lab-grown diamonds as ethical and sustainable alternatives to mined diamonds, retailers can tap into a growing segment of the market and expand their customer base.
• Customisation and Personalisation: Consumers in North America value personalised and unique products that reflect their individual style and preferences. Jewellery retailers can capitalise on this trend by offering customisation and personalisation services for diamond jewellery, allowing customers to create bespoke pieces tailored to their specifications.

Based on the types, they are segmented into natural and synthetic.

In North America, natural diamonds lead the market. Natural diamonds are prized for their rarity, authenticity, and enduring value. Consumers perceive natural diamonds as timeless and prestigious symbols of love, commitment, and luxury, making them highly desirable for special occasions such as engagements, weddings, and anniversaries. Natural diamonds have a longstanding tradition and cultural significance in North America, particularly in the United States, where they are synonymous with romance and celebration. The tradition of exchanging diamond engagement rings and gifting diamond jewellery during milestone events ensures consistent demand for natural diamonds in the market. Natural diamonds evoke strong emotions and sentimentality among consumers, making them cherished heirlooms and keepsakes passed down through generations. The emotional connection associated with natural diamonds enhances their perceived value and longevity in the market. Established diamond brands and reputable jewellers in North America have built trust and credibility over time, positioning natural diamonds as the preferred choice among consumers. Brand recognition, quality assurance, and assurance of ethical sourcing practices contribute to the dominance of natural diamonds in the market. Natural diamonds are viewed as tangible assets and investment vehicles by some consumers in North America. Diamonds are perceived to retain their value over time, making them attractive as long-term investments and store-value assets. The investment potential of natural diamonds reinforces their status as sought-after luxury items on the market.

In terms of application, it is segmented into jewellery and industry. Furthermore, based on the distribution channel, it includes B2B and B2C.

Diamonds hold deep cultural significance in North America, particularly in the United States, where they are synonymous with love, commitment, and celebration. The tradition of exchanging diamond engagement rings and gifting diamond jewellery during significant milestones such as weddings, anniversaries, and birthdays contributes to the sustained demand for diamonds in the jewellery market. Jewellery serves as a form of self-expression and personal adornment, reflecting individual tastes, preferences, and lifestyle choices. North American consumers value jewellery not only for its intrinsic beauty but also as a fashion statement and status symbol. Diamonds, with their timeless elegance and versatility, are highly prized for their ability to complement a wide range of styles and occasions. Diamonds evoke strong emotions and sentimental attachments among North American consumers, making them cherished heirlooms and keepsakes passed down through generations. Jewellery holds sentimental value as a tangible expression of love, affection, and meaningful relationships, reinforcing its enduring appeal in the market. Furthermore, in North America, the B2C market is growing. North American consumers often prefer the convenience, transparency, and personalised service offered by B2C transactions when purchasing diamond jewelry. B2C platforms provide a wide selection of diamonds and jewellery products, allowing consumers to browse, compare, and purchase items from the comfort of their homes or on-the-go. The rise of direct-to-consumer (DTC) diamond brands has disrupted traditional retail channels in North America. DTC brands bypass intermediaries such as wholesalers and brick-and-mortar retailers, allowing them to offer competitive pricing, higher-quality products, and direct communication with consumers. These brands leverage digital marketing, social media, and influencer partnerships to build brand awareness and attract customers.

Based on the report, the major countries covered include the United States, Canada, Mexico, and the rest of North America.

The USA boasts one of the largest and most robust economies globally, with a high level of consumer spending power. The country's strong economic fundamentals, including GDP growth, disposable income, and consumer confidence, drive demand for luxury goods such as diamonds. The USA has a large and diverse population, comprising millions of consumers with varied tastes, preferences, and purchasing behaviors. The sheer size of the population creates a significant market for diamond jewellery, engagement rings, and luxury accessories, sustaining demand for diamonds in various segments of the market. Diamonds hold deep cultural significance in American society, particularly in the context of engagements, weddings, and other milestone celebrations. The tradition of exchanging diamond engagement rings, popularised by marketing campaigns such as ""A Diamond is Forever"" by De Beers, has become deeply ingrained in American culture, driving sustained demand for diamonds. The USA boasts a well-developed retail infrastructure, with a vast network of brick-and-mortar stores, department stores, specialty boutiques, and luxury retailers offering diamond jewelry. Major cities such as New York, Los Angeles, Chicago, and Miami are renowned for their vibrant jewellery districts and high-end shopping destinations, attracting both domestic and international buyers. The USA serves as a global hub for the diamond trade, with major diamond centres such as New York City and Los Angeles hosting a multitude of diamond dealers, wholesalers, manufacturers, and retailers. The country's established diamond industry facilitates the sourcing, trading, cutting, and distribution of diamonds, driving market activity and innovation.

Diamond manufacturers are constantly developing new, inventive, and fashionable items to fulfill their consumers' evolving needs. They invest in R&D to develop more efficient synthetic diamonds suitable for industrial applications. While developing new goods, improving production processes, and navigating regulatory requirements, diamond market manufacturers typically collaborate with diamond miners, producers, regulatory bodies, and other industry stakeholders. Collaborations allow manufacturers to enhance their capacity, combine their knowledge, and develop unique solutions. To meet expanding market demand for diamonds, manufacturers are working to improve mining and production capacity while minimizing environmental effect. They are committed to supplying the best ethically sourced diamonds to meet the consumer's needs. Diamond manufacturers are generating more fashionable and exquisite items, as well as customisation and personalization options. They are also working with new technology to broaden the scope of the diamond market. The diamond market is expected to grow in the next years for a variety of reasons, including rising demand for trendy items and increased applications of diamonds in the construction, electronics, and automotive industries.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Diamond market Research Report with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Natural
• Synthetic

By Jewellery Application
• Ring
• Necklaces
• Earrings
• Others

By Industrial Application
• Construction and machinery
• Mining Tools
• Electronics
• Automotive
• Others

By Distribution Channel
• B2B
• B2C

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Diamond industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.***Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.