The global moissanite market has been enjoying an exponential rise since the past few years. The rising demand for moissanite-studded jewelry among customers has fueled the global moissanite market significantly.
Moissanite is a man-made gemstone with a refractive index of 2.65, which enables it to shine like a diamond. The gemstone is highly scratch-resistant with a hardness of 9.5 on Mohs scale. In addition, the durability of this stone is higher than that of a diamond and it does not show any yellowish tint after some time unlike other alternatives of diamond. Even with these qualities, moissanite costs only one-tenth of a diamond’s price, which is why the popularity of this stone is rising by leaps and bounds among customers across the world.
Increasing Inclination of Customers towards Affordable Jewelry to Boost Market Growth
The increasing disposable income of consumers around the world, together with their increasing inclination towards cost-effective luxurious jewelry, has stimulated the demand for moissanite-studded jewels in the global arena. This factor is expected to propel the worldwide moissanite market over the next few years.
Persistence Market Research (PMR) has recently published a research study on the global moissanite market, which anticipates this market to increase from a total value of US$25.5 mn in 2014 to US$49 mn by the end of 2025, rising at a CAGR of 6.20% during the period from 2015 to 2025.
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Demand for Moissanite-studded Rings and Earrings to Boost Global Moissanite Market
Moissanite is mainly used as embellishments in pendants, rings, bracelets, and earrings. The increasing preference for moissanite-studded rings among customers has boosted the demand for moissanite in the rings segment. In 2014, the ring segment generated a revenue of US$20 mn and is projected to reach US$40 mn by the end of 2025.
The demand for moissanite is expected to gain momentum in the earrings segment over the next few years. The rising trend of earrings studded with huge multi-colored moissanite stone is likely to fuel this demand significantly. The revenue generated from moissanite-studded earrings in the worldwide moissanite market was US$2.5 mn in 2014. It is expected to reach US$4.4 mn by the end of 2025.
North America: Leading Regional Moissanite Market
The global moissanite market is spread across Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. North America dominates the worldwide market with the majority share. The regional market stood at US$22.4 mn in 2014 and is projected to reach a value of US$43.5 mn by the end of 2025, rising at a CAGR of 6.30% between 2015 and 2025.
The increasing preference of consumers for luxurious yet pocket-friendly jewelry products as alternatives for other expensive synthetic diamonds is expected to fuel the growth of the market in the North America region over the forecast period. The moissanite market in Europe is also expected to report a significant rise in the coming years on account of the similar reason.
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Charles & Colvard Ltd. is the only participant in the global moissanite market while Norstel AB and Cree Inc. are its major raw material suppliers. The company has recently introduced its new collection under the brand-name Forever One. With this collection, the enterprise hopes to move up-market and start competing directly with diamonds.