Summary of our market study

The diamond market, which is a critical segment of the jewelry sector, witnessed a series of trends and regulatory updates starting from 2020. The ISO 24016 standards were introduced to create consistency in certifying cut diamonds, updating the 4C international standards and setting clear terminologies. Despite the pandemic's impact, causing a significant drop in diamond prices in the first half of 2020, prices began to recover towards the latter part of the year with industry giants like De Beers and Alrosa lowering their prices to adapt to decreased demand. The market also saw a rise in synthetic diamonds, highlighting a shift in consumer interest and potentially reshaping the industry with trends favoring crafted, natural, and timeless pieces. French national regulations, like the Decree No. 2002-65 and the "Sapin II" law, maintain strict rules on the trade and labeling of gemstones and diamonds, distinguishing natural from synthetic diamonds. France saw impressive economic growth within its diamond market with a 31% increase in 2019 alone, cementing its role as a significant player in the global industry. However, the industry faces challenges such as the operational decline in diamond production due to resource scarcity, expected to decrease by 30% from 2020 to 2030, and a shift in consumer behavior with a 10% decrease in French women using precious jewelry from 2014 to 2019. Despite these challenges, the diamond market remains vital with substantial pockets of growth, particularly in high-value luxury segments and exports..Title: Evolving Preferences and Import Dynamics of the French Diamond Market In recent years, the French diamond market has undergone significant changes in consumer behavior and import-export dynamics. The jewelry market in France is a crucial component of the overall luxury goods sector, and diamonds play an indelible role in its success. French consumers have historically shown a preference for diamond jewelry; in 2019, between 5 and 6 million French women owned gold or platinum jewelry with diamonds. However, there appears to be a shift in consumption patterns. From 2014 to 2019, the use of precious jewelry, including diamonds, among women decreased by approximately 10%, leading to a change in the majority status of women wearing precious jewelry to becoming a minority. Despite this downtrend, fascinating trends are emerging within the diamond market. One notably is the shift toward craftsmanship and customized design, suggesting a rising appreciation for artisanal quality in the diamond industry. Another trend is a growing preference for designs and materials that echo natural beauty, indicative of a desire to connect with nature through luxury items. Lastly, consumers are showing a preference for investing in timeless pieces, reflecting a move towards classic and enduring diamond jewelry. When considering purchasing diamond jewelry, consumers in the United States, who generally exhibit similar preferences to French consumers, have indicated a strong inclination towards rings, with between 30% and 40% preferring this type of jewelry. This is followed closely by pendants or necklaces, and ear studs, highlighting the diversified demand for different types of diamond jewelry. Despite this interest, France is a net importer of diamonds, reflected in its trade activities. The country imports unsorted diamonds, as well as industrial diamonds, both worked and unworked but not mounted or set. These imports are critical to satisfy the demand within the country, particularly from small workshops and luxury houses renowned for their exceptional craftsmanship and prestigious positioning in the market. The diamond market in France is complex and multifaceted, with several key players across the value chain contributing to its reputation for high-quality luxury products. While consumer behavior has shown some decline in precious jewelry use, the market demonstrates both resilience and adaptability, with evolving consumer trends signaling new opportunities for growth and diversification in the sector..Title: "The Titans of the Diamond Trade: A Closer Look at Industry Stalwarts" In the realm of diamonds, a few key players dominate, carving out significant market shares with their operations that span from diamond mining to luxury jewel crafting. Let's take a closer look at these market stalwarts that set the tone for the diamond industry. Alrosa stands out as a titan in the sector, claiming the lion's share with a prolific output from the rich mines of Russia, particularly in the Urals and Yakutia. As the world's leading diamond mining company, Alrosa has established itself as a force of nature in the industry, ensuring Russia's position at the peak of diamond production. De Beers is no stranger to the limelight either, with a storied history that intertwines with the very fibers of the diamond market. A subsidiary of Anglo American, De Beers is renowned not just for mining but also for trade, and its unique market positioning allows it to flexibly navigate between stabilizing prices and adapting to fluctuating demands. We mustn't overlook Rio Tinto, whose diversified mining operations include significant diamond extraction that contributes a sizeable fraction to the global cache of these precious stones. Headquartered in the United Kingdom, Rio Tinto's strategic geographic deployment allows it to maintain a robust presence in the industry. Petra Diamonds, though not as large as its counterparts, still holds a noteworthy position in the market. This British company shows the competitive spirit of the industry, mining in territories that promise substantial diamond yields and keeping the market on its toes. Thom Europe is a name that represents the end game for many diamonds as they are crafted into elegant pieces that adorn the showcases of fine jewelry stores. With its acquisitions of Stroili and Oro Vivo, Thom Europe exemplifies the trend of consolidation within the retail space of the diamond market. These strategic moves not only expand the company's presence but also strengthen its ability to offer compelling collections to discerning customers. Cartier and Bulgari, now under the expansive luxury umbrella of LVMH, are beacons of high-end jewelry. Their presence in the market highlights the importance of brand heritage and craftsmanship, creating demand that drives the luxury segment of the diamond industry. LVMH's strategy of integrating value in-house, including the artistry of diamond dealers, positions the conglomerate at a vantage point from which it can dictate fashion trends and consumer preferences. In the grand tapestry of the diamond market, these companies are not just participants; they are the architects
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Summary and extracts

1 Market overview

1.1 Presentation and definition of the diamond market

The diamond is a brilliant, hard, usually colourless, hard precious stone that can take the form of a jewellery diamond or an industrial diamond. The diamond market is a sub-segment of the jewellery market which has changed significantly following the acquisitions of the major luxury goods players who participated in the concentration of the sector.

The world diamond market represents more than $70 billion and in France, the figures lack precision because of a certain market opacity . However, the diamond market accounts for a significant share of the jewellery market, up to more than a third of this market. It should be noted that diamonds are an indissociable element of the jewellery market as they contribute to generating traffic in stores and to conveying a prestigious image that encourages consumers to buy.

Diamond dealers work in workshops integrated into the companies of trading or in small workshops (about ten specialized craftsmen in France). In France, 80% of diamond manufacturing is carried out by craftsmen with fewer than 10 employees: the market is therefore very small nuked . This is a niche business with a high level of know-how.

The luxury groups began a strategy of buying up jewellery houses in the mid-1990s and consequently a phenomenon of concentration. Thus, LVMH, a major player in the luxury sector, bought Fred, Chaumet and Bulgari. The strategy of the major groups consists in integrating the most value internally, including the know-how of the diamond dealers.

Faced with the strong competition represented by the players indian and Israeli French companies are relying on original creations and on the very high end. France can rely on an image of quality and prestige conveyed by the great luxury houses and renowned boutiques on Place Vendôme.


List of charts presented in this market study

  • Volume de production de diamants
  • Le marché de la bijouterie en diamant
  • Répartition des ventes de bijouterie en diamant
  • Pays avec les plus grandes réserves mondiales de diamant
  • Production de pierres et perles pour l'industrie de la joaillerie
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Latest news

The Fondation Cartier sets sail - 29/10/2023
  • Vinci Immobilier has delivered a restructured 16,000 sq.m. three-storey building in the Louvre Saint Honoré district for Société Foncière Lyonnaise (SFL).
  • The SFL-owned building comprises five floors of office space above the Fondation Cartier pour l'art contemporain. SFL has invested 85 million euros in renovating the building.
  • The additional amount invested by Cartier has not been disclosed.
  • The Fondation Cartier pour l'art contemporain will pay rents of 18 million euros a year for the twenty-year lease signed with SFL, extendable to 40 years.
  • The Fondation Cartier has a permanent collection of 2,500 works.
  • The Foundation organizes 3 to 4 international exhibitions a year, including two in Paris.
Cartier strengthens its position as world leader in jewelry - 13/05/2023
  • Richemont achieved sales of almost 20 billion euros for the fiscal year ending March.
  • Richemont's sales rose by 19%.
  • Cartier sales exceeded 10 billion euros, including watches and perfumes
  • Sales of Richemont's jewelry houses (Cartier, Van Cleef & Arpels, Buccellati) rose by 21% last year to 13.4 billion euros.
  • Non-branded jewelry still accounts for 70% of the market.
  • The Richemont group has 2,300 boutiques worldwide, including 272 for Cartier.
  • Cartier opens a new factory in Italy
Van Cleef & Arpels invests 55 million euros in Auvergne-Rhône-Alpes - 28/04/2023
  • Opening of two new manufacturing sites in France, in the Auvergne-Rhône-Alpes region.
  • The first in Romans-sur-Isère, in the Drôme region
  • the second at Dorat, near Thiers in the Puy-de-Dôme region
  • Creation of 500 jobs in the region.
Moët Hennessy has global ambitions in fine wines. - 30/06/2022
  • The Insignia wine has repeatedly received top marks from Robert Parker.
  • This is an opportunity for Moët Hennessy to change its game in the wine business, and above all to "achieve critical mass, particularly in the US market", the world's largest and most lucrative
  • Moët Hennessy, the wines and spirits division of LVMH, has acquired 100% of the Joseph Phelps winery
  • A world-renowned winery, known for its red wines from Napa Valley and Sonoma County
  • Since acquiring New Zealand's Cloudy Bay some twenty years ago, the group has achieved critical mass in white wines, with over 3 million bottles produced
  • Château d'Escale is best known for its Whispering Angel rosé, which is said to sell over 10 million bottles a year
Moët Hennessy acquires Joseph Phelps, one of the founding fathers of Napa Valley. - 30/06/2022
  • Best known for its leading champagne and cognac brands, Moët Hennessy continues its wine offensive with the acquisition of the vineyards of Joseph Phelps, one of Napa Valley's great names.
  • Since 2019, LVMH has owned 55% of Château d'Esclans (known for its Whisphering Angel) and Château Galoupet.
  • The company also owns the highly prestigious Colgin and Newton.
  • The group has sold over 60,000 9-liter cases, including 13,000 cases of Insignia, whose great vintages easily cost over 1,500 euros a bottle.
LVMH relaunches Provence rosés. - 16/05/2022
  • Galoupet Nomade is sold exclusively on e-commerce sites.
  • The brand enters the world of mass retailing with the distribution of its products in supermarket stores.
  • Moët Hennessy markets its Château Galoupet cru classé de Provence after its organic conversion, in a lightweight bottle made from 70% recycled glass and a flat bottle made from recycled plastic.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

LVMH Vins et Spiritueux
Cartier (Richemont groupe)
De Beers
Rio Tinto
Petra Diamonds
Van Cleef & Arpels (Groupe Richemont)

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