Moissanite Market Size, Share, Opportunities, And Trends By Application (Earrings, Rings, Pendants, Bracelets), And By Geography - Forecasts From 2023 To 2028

Moissanite Market will witness robust growth over the forecast period. Moissanite is a lab-created gemstone that is considered to be a diamond substitute by consumers. The former has properties and characteristics similar to that of a diamond and is available for the about one-tenth price of a standard diamond. Rising disposable income along with growing demand for pocket-friendly luxurious jewelry products is propelling the growth of the global Moissanite market. Rising awareness among consumers about moissanite gemstone as a substitute for diamond, coupled with a growing distribution network will further fuel the demand for moissanite globally in the forthcoming years. By application, rings and earrings segments will show robust growth of bigger and multi-colored moissanite stones, thereby impacting the overall growth of the global moissanite market. Geographically, North America holds the largest market share due to a shift in the preference of consumers from expensive synthetic diamonds to luxurious yet cost-effective jewelry products. Europe will witness significant market growth over the forecast period. This is because, unlike moissanite, some synthetic diamonds like Cubic Zirconia lose their shine after a certain period of time a result of which consumers in Europe are increasingly adopting moissanite stone as a substitute for synthetic diamonds. However, the emergence of new technologies for creating other diamond-like gemstones will hinder the growth of the global moissanite market during the forecast period.