The global diamond cutting and polishing market is gaining traction due to technological advancements and growing disposable income. Diamond cutting, and polishing is the process of converting a rough diamond to a shaped and beautiful gem. Cutting and polishing of a diamond is based on various factors such as shape, facet proportions, and quality of the cut. Diamonds are cut into various shapes such as round, oval, emerald, marquise, and pear among others. The different steps involved in diamond cutting include planning, cleaving, bruiting, polishing and inspecting. The different methods of cutting diamonds include cleaving, sawing, and grinding. Cleaving involves splitting a diamond with a chisel and is a relatively rare method used these days whereas sawing involves use of a circular copper blade embedded with diamond dust particles for cutting of diamonds. Another process used for diamond cutting is grinding, which presses the diamond to be cut against a diamond-dust-covered steel wheel that spins at 3,000 rpms. Sawing is preferred over grinding as it leaves behind saleable pieces of diamonds as compared to grinding, which produces only dust. Most diamonds provide a yield of 40 to 45 percent from rough diamonds during the cutting and polishing process.
Advanced computer programs with three dimensional images are used to cut diamonds efficiently and determine most profitable cuts. With technological advancements, computer-driven machines with robot arms that have the ability to cut 24 diamonds at the same time are available in the market. Over the past few years, lasers have been used for bruiting, and beveling process to provide characteristic sharp-edged shapes to diamonds. Calibrated Diamonds, based in Johannesburg, has introduced an automated laser-cutting system to make more precise cuts and even polish diamonds.
The factors driving the growth of this market include increasing standards of livings, and growing fashion trends. The increasing demand of branded and luxury jewelry, increasing disposable income, and technological advancements further supplement the growth of this market. Expansion of established companies into emerging economies and increase in sales of diamonds through online channels would provide numerous growth opportunities in the diamond cutting and polishing market. Leading players are also implementing new technologies such as automated cutting processes and advanced digital mapping and modelling for cutting and polishing of diamonds and optimizing yields.
The growing disposable income has encouraged consumers to buy quality diamond jewelry that is in perfect amalgamation with their increasing living standards. Moreover, people are now opting for trendy and designer diamond jewelry according to latest trends prevailing in the market. Youth prefer to wear trendy diamond jewelry in an effort to accentuate their overall appearance. Besides the use of diamonds in engagement rings, they are increasingly being used in everyday wearable jewelry designs that are fun, casual, and fashionable. Marketers are shifting their focus from men to women consumers with the increase in sale of diamonds by women for themselves. Lofty living standards and increasing fashion consciousness, would contribute to the growth in the demand for diamond jewelry, thereby positively affecting the diamond cutting and polishing market growth.
The leading brands operating in the market are adopting sustainable methods for diamond cutting and polishing owing to rising environmental concerns. Various non-profit organizations are collaborating with these players for the promotion of sustainability. In 2007, the Diamond Empowerment Fund was set up to support educational initiatives that develop and empower people in diamond communities around the world.
However, increasing development of lab-grown diamonds, and high cost of equipment are some of the factors hampering the global diamond cutting and polishing market.
The global Diamond Cutting and Polishing market is segmented on the basis of category, technology, product type, and region.
On the basis of geography, Asia-Pacific is expected to dominate the global diamond cutting and polishing market over the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income. Expansion of global players into these countries to tap market potential boosts the market growth. Increasing number of diamond cutting and polishing processes at economic costs in countries such as China, India, and Japan is the major factor anticipated to govern the global diamond cutting and polishing market during upcoming years.