Moissanite Market

Moissanite Market Snapshot

The global moissanite market is projected to expand at ~5.8% CAGR and reach ~US$ 73.9 Mn by the end of 2033, up from its current market size of ~US$ 39.8 Mn in 2022, according to Persistence Market Research.

Moissanite costs one-tenth the price of a diamond. The changes between the two stones are subtle and can only be seen with a skilled eye. Moissanite is also more durable and does not turn yellowish after a certain amount of time, unlike other diamond replacements.

Moissanite companies are mostly engaged in the mining & exploration of the gemstone. However, in most cases, companies are engaged in the mining & exploration of coloured moissanite. Coloured moissanite is increasingly preferred throughout the world.

Companies implement different strategies to expand their brand portfolio such as M&A activity, joint ventures, the acquisition of new mines, development and expansion of the lifespan of old mines, listing of companies on the stock exchange, expanding into geographies, expansion of the companies’ businesses, expansion of the production capacity, etc.

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Moissanite Market Analysis from 2017 to 2022 Vs Market Outlook for 2023 to 2033

From 2017 and 2022, worldwide demand for Moissanite increased at a CAGR of ~4.3%, with the United States, Japan, China, India, and the U.K. holding significant shares in the global market.

Rising disposable income, along with an increase in consumer preference for budget-friendly exquisite jewellery goods, is likely to boost worldwide market growth throughout the forecast period. Furthermore, increased consumer acceptance of moissanite as a gemstone equivalent to diamond is likely to boost market expansion.

The North American moissanite market is predicted to grow at the fastest rate during the forecast period, followed by the European market.

Most synthetic diamonds, such as cubic zirconia, lose their sparkle after a certain length of time, unlike moissanite. As a result, consumer preference in Europe is turning toward the moissanite stone, which is likely to fuel market expansion throughout the region further during the projection period.

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How the Growing Penetration of Organized Retail Aiding the Market’s Growth?

The emergence of specialty stores is one of the evolving formats in the retail industry, especially in developing countries. Today, customers are more inclined toward comfort and convenience shopping due to their hectic lifestyles and work schedules, and this is one of the reasons why specialty stores are gaining popularity.

In specialty stores, a variety of gems and jewelry are stocked under one roof, which provides a wide range of options for customers. All the key vendors in different markets, such as the U.S, the UK, China, India, Japan, and Italy, operate through specialty jewellery stores.

Consumers in emerging economies, such as Asia Pacific, are slowly drifting away from conventional unorganized jewelry and are inclined toward organized branded products to protect themselves from counterfeit products.

Moreover, organized sales are likely to increase due to change in the preferences of younger consumers following the introduction of hallmarking and certifications.

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Why is Widespread Illegal Activity Hampering the Growth of Moissanite Market?

The global gemstones market is widely spread across the unorganized sector, as several miners and traders operate outside the formal sector as local contractors. The absence of appropriate environmental, social, and labor practices, and the continuing link between the gemstone business and organized crime has resulted in widespread internal conflict and corrupt regimes in certain countries.

Nigeria is one of the countries that has rich mines, owing to which there is abundant availability of precious and semiprecious stones, such as moissanite, sapphires, rubies, aquamarines, emeralds, tourmalines, topazes, garnets, amethysts, and zircons, among others, which are capable of fetching billions of dollars in the world market. Stakeholders from the mines and steel industry claim that Nigeria loses about US$ 3 Bn annually to the illegal exports of gemstones.

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Country-wise Insights

What is the State of Moissanite Market in the U.S?

In 2022, Diamond Nexus, a prominent player in the U.S. market, added Moissanite to its brand, joining the previously trademarked Nexus Diamond simulant stone. The Diamond Nexus brand now provides these two industry-leading diamond alternatives, transforming it into a one-stop shop for affordable engagement rings and excellent fashion jewellery.

Diamond Nexus presently provides its proprietary simulant stone, which is made in a lab to precisely duplicate the performance of a flawless diamond.

Moissanite is accessible as a choice for Round Cut Engagement Rings online, but it is also available for other styles with the assistance of customer service. In 2022, Diamond Nexus plans to broaden its Moissanite offering to include new product categories. The U.S. registered the highest market share of about 18.4% in the global market, in 2022.

How Technological Advancements are shaping the Market in the U.K?

The U.K moissanite market is expected to grow at 6.2% CAGR throughout the forecast period. An increasing number of companies are adopting predictive maintenance, real-time controls, and artificial intelligence to reduce operating costs.

To shorten various processes, such as production cycles, cutting, as well as polishing, players are adopting advanced solutions for digital mapping, modeling, and manufacturing, and ultimately moving toward fully automated processes for the production of moissanite.

Since the past few years, the jewelry design and manufacturing industry has evolved remarkably in terms of design and manufacturing techniques. The high-end technological revolution powered by Computer-Aided Design (CAD) software and Computer-Aided Manufacturing (CAM) hardware has revolutionized the industry to a significant extent.

Laser sintering, also known as Selective Laser Sintering (SLS), is a 3D printing technique that has taken jewelry designing to an entirely new level and has helped manufacturers design jewelry of unique designs and shapes. Increasing demand for jewelry that is produced using this technique is expected to drive the revenue growth of the gemstones market over the forecast period.

How is Retail Shopping Experience Attracting Customers in India?

India is anticipated to grow at the highest rate with a CAGR of nearly 11.7% throughout the forecast period.

In retail stores, brands of moissanite not only sell their products, but also focus on developing their sales skills. Most people value experiences over material possessions. Retailers work hard to create pleasant and unforgettable moments for customers, which have an emotional impact on them.

There has been a transformation in the retail experience in the overall industry, which is encouraging consumers to purchase precious stones from retailers, as they provide the look and feel of the product with special services at their stores.

Category-wise Insights

Why is Synthetic Moissanite Estimated to gain Traction during the Forecast Period?

The market for synthetic moissanite is projected to increase at about 7.1% CAGR throughout the forecast period. As public knowledge of environmentally friendly methods grows, as a consequence, every mining-related organizations are anticipated to suffer. New-age purchasers seek eco-friendly items, which is why they favour lab-grown moissanite due to its low environmental effect.

Today, an increasing number of buyers want to know that their luxury item came from a sustainable resource and did not harm the environment where it was produced or completed. This trend of sustainability is anticipated to grow throughout the projection period, which will increase the demand for synthetic moissanite throughout the world.

Which Sector Records the Highest Consumption of Moissanite?

Moissanite rings are quite popular in the engagement ring business. Their captivating gleam and shine make them ideal centre stones, side stones, and accent stones. They are available in a variety of shapes and sizes, and they are traditionally set on platinum or gold shanks. Moreover, moissanite provide the royal feel when utilized in jewellery.

Additionally, consumers are turning towards affordable options that can replace diamonds. As a result, jewellery manufacturers are focusing more on fabricating jewellery & ornaments using diamond alternatives such as moissanite.

Among different types of jewellery & ornaments, rings made from moissanite hold the major share of about 32.6% in the global market.

Which Sales Channel will have Influx of Consumers in the Moissanite Market?

The increasing adoption of e-Commerce websites for online purchasing globally has led to a surge in the growth of B2C businesses in jewelry industry. Moreover, shopping online provides convenience to the buyers. They are able to choose from a wide range of products which are not usually displayed by offline retailers.

Also, the players in this sector provide various discounts when customers buy their products online, through their websites. Over the years, consumer behaviour has drastically changed, and consumers are now more inclined toward exploring services through e-Commerce websites. The expansion of global online sales is expected to facilitate future market growth.

Competition Landscape

The players in the moissanite market are taking efforts to increase their product portfolio. Other growth strategies employed by top organizations to extend their market presence include partnerships and collaborations, agreements, expansions, acquisitions and mergers and new product launches.

For Instance:

• In 2020, Charles & Colvard, a renowned name in lab-created moissanite and lab-grown diamonds, launched a new direct-to-consumer website. The company hopes to establish its domination in the moissanite sector with this launch.

Moissanite Industry Report Scope

Key Segments Covered in Moissanite Industry Research

Moissanite Market by Shape:

• Round
• Cushion
• Oval & Pear
• Emerald & Asscher
• Marquise
• Hearts & Arrows
• Others

Moissanite Market by Source:

• Natural
• Synthetic

Moissanite Market by Application:

• Jewellery & Ornaments
  • Bangles & Bracelets
  • Earrings & Finger Rings
  • Pendants & Necklaces
  • Brooch
• Luxury Art
• Others

Moissanite Market by Sales Channel:

• Departmental Stores
• Multi-Brand Stores
• Exclusive Stores/ Franchises
• Exhibition
• Online Retailers
• Others

Moissanite Market by Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East Africa