Synthetic Diamond Industry to Witness Manifold Growth
Diamonds are one of the top favourite gems women prefer over any other ornament. But, diamonds are not only used for jewellery purpose but it also has many other uses in different types of business verticals. These are basically the synthetic diamonds.
Synthetic diamonds are artificially created in laboratories and have essentially the same chemical composition, chemical structure and physical properties as that of natural diamonds. They are not fake, it’s just that they are not natural.
Since the 1950s, synthetic diamonds are being produced for industrial purposes in various verticals. Synthetic diamonds are being used in different applications such as telecommunications sector, Laser Optics, etc. In 1970, researchers at General Electric created a first synthetic diamond in a quality and size that could be faceted. In the 1980s, researchers created synthetic diamonds of commercial qualities those could be used in jewellery and ornament making process. In the course of time, now synthetic diamonds are no longer inferior to the natural diamonds, as far as the quality is concerned.
At present, China is the largest producer of monocrystalline diamonds with 2015’s output accounting for 91% of the global total. For last two consecutive years, the output of synthetic diamond fell dramatically showing 10.1% drop from a year ago. Even in the last year 2016, the output i.e., production of synthetic diamonds was declined by 7.9% in China alone. According to the research carried out by prominent global market research and consulting firms, due to dynamic industrial transformations and upgrading, in next three years, China’s output for monocrystalline synthetic diamond is expected to grow at an average annual rate of 1% - 5%. Even, the global market for synthetic diamond will also witness a manifold increase in the revenue as well as the customer count, experts say.
As far as the synthetic diamond market in India is concerned, in last two decades after globalisation, it has seen extensive growth and currently, the market is expanding at the compound annual growth rate of 25%, which is a huge thing. Currently, the diamond jewellery market in India has an annual turnover of approximately 3 lakh crores. Out if which, synthetic diamond market accounts for only 3,000 crores. In next couple of years, this sector will witness a fast-paced growth in a country, according to experts.
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