Demand
for synthetic diamonds is increasing due to strong economic growth in
the developing markets, which continues to create a wealthy middle
class. Furthermore, the wealthy middle class are often considered
primary consumers of synthetic diamonds. Hence, demand for synthetic
diamonds is rising at a significant rate and is expected to increase
substantially in the near future. Changing consumer preferences for
branded and authentic jewelry is anticipated to be another key factor
boosting the global synthetic diamond market. However, the perception
of consumers that synthetic diamonds are cheap, fake, an imitation,
and artificial is the keyfactor hindering the growth of the synthetic
diamond market globally.
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Diamonds
are very high in demand as a jewelry item and make a valuable
investment option globally. They are extremely hard and have a
complex structure. Additionally, diamonds are one of the most
precious stones. They possess a broadband spectral transparency that
stretches from ultraviolet rays to infrared rays and have excellent
thermal conductivity. Thus, diamonds are often considered as an ideal
material for multi spectral optical applications. On the other hand,
synthetic diamonds are similar to natural diamonds; however, they are
artificially produced by different manufacturing processes. Some of
the prominent manufacturing processes include high pressure and high
temperature (HPHT), chemical vapor deposition (CVD), explosive
formation, and sonication of graphite solutions. Synthetic diamonds
are also known as cultured or cultivated diamonds.
Synthetic
diamonds have applications similar to that of natural diamonds; they
are largely used in the construction and mining industry as a
drilling tool. These diamonds are also used in the telecommunications
& microelectronics industry as a heat sink. Furthermore,
synthetic diamonds are used to cut metal sheets in the foundry and
automotive industry. Industrial and household water treatment is
another chief application segment in the global synthetic diamond
market. Besides this, synthetic diamonds are used in advanced health
care applications as surgical scalpels and detectors. The usage of
synthetic diamonds as gemstone in jewelries and ornaments is the
largest application segment in the global synthetic diamond market.
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Global
demand for synthetic diamonds is estimated to increase significantly
due to high demand for synthetic diamonds in the emerging economies
such as China, India, and Taiwan. Growth of the wealthy middle class
in China, India, Russia, Brazil, and Indonesiais projected to drive
the market in Asia Pacific. China constitutes the largest market in
Asia Pacific due to strong industrialization in the country. This has
resulted in significant growth of the construction and mining
industry in China. Europe held a substantial share of the global
synthetic diamond market in 2014. Automotive and telecommunications &
microelectronics are major application segmentsfueling the synthetic
diamond market in Europe.The jewelries and ornaments application
segment is the largest in the Middle East & Africa. Affinity of
consumers towards precious gems and stonesispropelling the global
synthetic diamond market in the Middle East.Latin America held a key
share of the global synthetic diamond market in 2014.Brazil and
Argentina are major consumers of synthetic diamond in Latin America.
Some
of the major players in the global synthetic diamond market include
Element Six, Scio Diamond Technology Corporation, Graff Diamonds
Ltd., Gemesis Inc., The De Beers Group of Companies, Washington
Diamonds Corporation, LifeGem, Pure Grown Diamonds, New Diamond
Technology (NDT, LLC), and Applied Diamond, Inc.
This
research report analyzes this market on the basis of its market
segments, major geographies, and current market trends. Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
This
report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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and new entrants along with detailed value chain analysis.
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