A moissanite has properties and characteristics similar to that of a diamond but is available at one-tenth of the price of the latter. Owing to its characteristics and pocket-friendly pricing, the demand for moissanites has substantially risen around the world. Besides, the increasing inclination among people towards semi-precious jewelry has also given a significant impetus to the global market for moissanite.
Moissanite is a lab-created gemstone that in the recent years has become highly popular among customers as a diamond substitute. Charles & Colvard Ltd has patented the thermal process through which a moissanite is created, which makes the enterprise the only manufacturer of moissanite across the world. A moissanite measures 9.5 on Mohs scale in terms of hardness and has a refractive index of 2.65, which makes this gemstone highly scratch-resistant.
Difference between Moissanite and Diamond
It is very difficult to identify the difference between a diamond and a moissanite of the same cut, clarity, and carat when they are kept side by side. Only trained professionals can spot the absence of a yellowish tint in a moissanite, which an authentic diamond exhibits. Additionally, a moissanite is more durable, unlike other substitutes of diamond. It is incredibly rare to come across moissanite naturally. Hence, the gemstone available on the market today is laboratory created.
Global Market for Moissanite to Reach US$48.83 mn by 2025
The global market for moissanite at present has gained from the growing awareness among consumers about the gemstone’s close resemblance to natural diamond and their inclination towards luxury jewelry products. According to a report published by Persistence Market Research, the global moissanite market, which in 2014 stood at US$25.5 bn, is expected to reach US$48.83 mn by the end of 2025. If the figures hold true, the global moissanite market will exhibit a CAGR of 6.2% between 2015 and 2025.
Threat from Substitutes May Hamper Moissanite Market’s Growth
Despite exhibiting impressive growth prospects, the moissanite market is currently facing challenges from the emergence of novel technologies to create diamond substitutes in laboratories. This is identified as a crucial factor that can hamper the growth of the global moissanite market in the near future.
Demand for Moissanite Seen to be the Highest in Rings
In 2014, the ring segment had a valuation of US$20.42 mn and reported the highest demand for moissanites. By 2025, the segment is expected to expand steadily and reach US$40.60 mn. The demand from the earring segment is also expected to increase favorably. The earring segment stood at US$2.25 mn in 2014, and is anticipated to reach a valuation of US$4.47 mn by the end of 2025. The rising demand for earrings studded with bigger and multi-colored moissanite stones is the key factor leading to the robust demand from the earrings segment.
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North America Exhibits Highest CAGR, followed by Europe
Regionally, North America exhibits lucrative prospects for the moissanite market. The regional market stood at US$22.46 mn in 2014 and is expected to reach US$43.56 mn by the end of 2025, expanding at the highest CAGR of 6.3% over the period. Europe is likely to report the second highest CAGR during the same time.
Synthetic diamonds such as cubic zirconia easily lose their luster after sometime, unlike moissanite. Due to the same reason, consumers in Europe and other developed countries are increasingly preferring to get their jewelry studded with the latter instead. The demand for moissanite, therefore, is likely to increase substantially in the forthcoming years.