Moissanite is a lab-created gemstone that is generally perceived as a diamond substitute by consumers. Moissanite is composed of silicon carbide and is created through a thermal process that is patented by Charles & Colvard Ltd, the only manufacturer of Moissanite across the globe.
New York, NY -- (SBWIRE) -- 06/10/2016 -- Moissanite's closeness to a diamond in terms of appearance, while being several times cheaper, has fueled the demand for moissanite as a gemstone worldwide. While a diamond and moissanite are compositionally very different, identifying these differences is best left to a trained jeweler. Thus, the ability of moissanite to cost-effectively substitute diamonds in jewelry is creating bright prospects for the global moissanite market worldwide. According to a study by Persistence Market Research, titled, 'Global Market Study on Moissanite: North America to Be the Most Lucrative Region and Also To Witness Highest Growth By 2025,' the market will stand at US$48.84 Bn by 2025. The global moissanite market will expand at a healthy CAGR of 6.2% from 2015–2025. The market's estimated valuation in 2014 was US$25.50 Bn.
Since moissanite occurs sparsely in nature, the gemstone – composed majorly of silicon carbine – is created in the laboratory. After years of experimentation, Charles & Colvard Ltd is today the only company that manufactures moissanite; it does so via a patented thermal process.
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Moreover, the desirable physical properties of moissanite mean that the gemstone lends itself easily to jewelry. With a refractive index of 2.65, a hardness of 9.5 (on Mohs scale), and its scratch resistant surface, moissanite is commonly considered as a seamless alternative to a diamond, which is ten times more expensive than the former.
PMR expects the global moissanite market to grow steadily over the next few years because consumers the world over now have more income at their disposal and are spending it on luxury items including jewelry. Add to this the fact that moissanite is more affordable than a diamond and the factors behind the positive prospects of the moissanite market become clear.
The report segments the global moissanite market on the basis of application and region. By application, the market is split into rings, pendants, earrings, and bracelets. The findings of the report show that the rings segment alone was valued at US$20.42 Bn in 2014, and will likely stand at US$40.60 Bn by 2025. Consumers are also particularly interested in purchasing moissanite earrings, a fact demonstrated by the valuation of the earrings segment standing at US$2.52 Bn in 2014, and projected to touch US$4.47 Bn by 2025. There is a mounting demand for large, fiery moissanite stone studded in earrings, the report finds.
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Likewise, the regional segments in the global moissanite market are North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Consumers in North America show a heightened awareness about moissanite, leading to demand for the gemstone being higher in this region. This factor helped the North America moissanite market reach a valuation of US$22.46 Bn in 2014, with PMR analysts expecting it to touch US$43.55 Bn by 2025. The North America moissanite market is also expected to report the highest growth in the coming years, with a 6.3% CAGR over the report's forecast period. Europe will be the other major moissanite market, the report notes.
The competitive dynamics of the global moissanite are singular in that there is only one manufacturer of the gemstone in the world, which is Charles & Colvard, Ltd. The other notable entities in the market's value chain are Cree Inc. and Norstel AB, raw material suppliers.
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