The India diamond cutting and polishing market size is expected to reach USD 25.25 billion by 2030, according to a new study by Polaris Market Research. The report “India Diamond Cutting and Polishing Market Share, Size, Trends, Industry Analysis Report, By Category (Cutting, Polishing); By Product Type (Automated, Semi-automated); By Technology; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Consumers have been urged to purchase fine diamond jewelry that is in perfect sync with their rising living standards as their discretionary money has increased. For instance, as per the OECD, after growing by 5.2% in the first quarter, real household income per capita declined by 3.8% in the second quarter of 2021 in the OECD region. The decline was sparked by a substantial drop in household income in the United States, as the government began to withdraw economic support granted during the COVID-19 pandemic.
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Furthermore, individuals are now selecting stylish and designer diamond jewelry in line with current market trends. To enhance their entire image, young people choose to wear fashionable diamond jewelry. Diamonds are increasingly being used in everyday worn jewelry designs that are fun, casual, and stylish, in addition to engagement rings.
With the rise in women buying diamonds for themselves, marketers are moving their focus from males to women. Local culture, consumer preferences, and technological availability all impact diamond jewelry design. Natural diamonds have traditionally been used mostly in diamond jewelry, which is generally expensive and favored among the wealthy. The emergence of lab-grown diamonds, on the other hand, has enabled jewelers to sell affordable diamond jewelry to the middle class.
Based on the technology, the laser diamond cutting and polishing segment accounted for the leading share in the market. Conventional types of machinery were superseded by improved laser cutting machines with the introduction of laser technology. Manual planning and marking, as well as the traditional diamond processing machines, were replaced with software-based, laser-equipped units.
Every year, more laser machines are introduced to the diamond business, which has surely influenced the diamond industry's general development and expansion. For instance, in November 2020, Synova, a Swiss company that makes breakthrough laser cutting equipment, finally released its diamond shape solution, which had been teased during the Dubai Diamond Conference last year. Diamond fans can now choose from a new, more dazzling range of diamonds thanks to these innovative technologies.
Market players such include Moshe Namdar Diamonds LTD, Kristall Production Corporation, Bonas Group, KGK Group, and Blue Star Diamonds are some key players operating in the market. In June 2021, the 'Triumph' Laser Cutting machine was introduced by Dharmaj Technologies. Many new features and refinements are included in the new 'Triumph non-stop,' including a 50% increase in productivity using a single laser diode.
It has several notable advantages, including no UV Glue required and no separation issues during the cutting process; multi-top and pie sawing in one stick; user-friendly software; and a sturdy and vibration-free frame structure. The new Triumph dependable structure was developed in line with the company's fundamental concept that "Quality Changes the World." It is designed for a variety of diamond processing applications.
Polaris Market Research has segmented the India diamond cutting and polishing market report based on category, technology, and product type:
India Diamond Cutting and Polishing, Category Outlook (Revenue - USD Billion, 2018 - 2030)
India Diamond Cutting and Polishing, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
India Diamond Cutting and Polishing, Product Type Outlook (Revenue - USD Billion, 2018 - 2030)