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Global Moissanite Market to Grow to $49M by 2025 as Use in Rings Soars
Mar 7, 2016 11:19 AM
By Rapaport News
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RAPAPORT... The global moissanite market will grow to $48.8 million by
2025 amid a “stupendous” rise in the use of the diamond substitute in rings,
according to estimates by Persistence Market Research.
The industry
is anticipated to expand at a compound annual growth rate of 6.2 percent from
$26.8 million at the end of 2015, the India-registered company said in a
statement February 29.
The synthetic
stone, which looks like a diamond, accounted for 1.6 percent of the overall
gemstone market at the end of 2015, according to the statement. Composed of
silicon carbide, it is made through a thermal process patented by Charles &
Colvard, the world’s only manufacturer of the lab-grown gemstone.
The global
moissanite market is mainly driven by the stone’s resemblance to diamonds,
rising consumer awareness about the product and “increasing consumer
inclination” toward luxury jewelry products.
“There has
been a stupendous rise in adoption of moissanite in rings, which are the most
preferred products among consumers, who buy them as gifts for their partners or
mothers, in turn driving the segment growth in the near future,” the statement
said.
However,
factors such as the emergence of new technologies for creating other similar
gemstones may restrain the growth of the moissanite market, the statement said.
The news comes
ahead of Charles & Colvard’s fourth-quarter and fiscal 2015 results due March 8.
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Tags:
moissanite, Rapaport News, Synthetics
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