Global Diamond Market Grows Steadily at a CAGR of 4.4%

Introduction

A diamond is a rare mineral formed when carbon is subjected to high pressure for millions of years. They originate about 100 miles beneath the earth's surface and are formed under extreme pressure and temperature conditions. They are also 58 times stronger than any other material on the planet. Diamond is the purest form of crystalline carbon on the planet, with the highest hardness and thermal conductivity. Diamonds are used in various industries, including polishing and cutting tools. It is also well-liked by customers because it is regarded as the most valuable ornament. Jewelry made of diamonds is highly demanded at weddings and other special occasions. The increase in rough diamond revenue is primarily due to increased production by smaller players.

Market Dynamics

Increasing Demand due to the Growing Purchasing Power of Millennials and Industries using Diamonds as Abrasives Drive the Global Market

Countries are significantly increasing their contributions to the market, and market demand has increased. Most of the country's millennial population is responsible for the rising demand for diamond jewelry. The country's diamond jewelry market is growing, so the current market players are attempting to boost their investment levels and diversify their target markets. Saw blades, drill bits, and grinding wheels can all contain traces of diamond because of their manufacturing process. After that, these instruments are utilized for cutting, drilling, or grinding rigid materials. The construction industry's growth is driving the global market for industrial diamonds.

Regional Analysis

North America dominates the global diamond market and accounts for the largest revenue share during the forecast period. One of the main factors driving synthetic diamond penetration in this region is the rising product demand for industrial applications. Machinery manufacturing, construction, and mining services are among the major industries that use synthetic diamonds in industrial applications. Buildings, highways, stone cutting, and repair applications accounted for most synthetic diamond consumption in the industrial sector.

Key Highlights

• The global diamond market was valued at USD 94.96 billion in 2021. It is projected to reach USD 139.91 billion by 2030, growing at a CAGR of 4.4% during the forecast period (2022–2030).
• Based on product, the market is divided into natural and synthetic. The natural product segment dominated the market with the highest revenue share during the forecast period.
• Based on application, the market is categorized into jewelry and industrial. The jewelry application has taken control of the market
• North America dominates the global diamond market and accounts for the largest revenue share during the forecast period.

Competitive Players

1. Petra Diamonds Limited
2. RioTinto
3. Trans Hex Group
4. Lucara Diamond
5. ALROSA
6. De Beers
7. Mountain Province Diamonds
8. Dominion Diamond Mines
9. Gem Diamonds

Recent Developments

• May 2022- De Beers group introduced the world's first blockchain-backed diamond source platform at scale. De Beers Group has deployed the TracrTM blockchain platform at scale for its diamond production. TracrTM is the world's only distributed diamond blockchain that starts at the source and provides tamper-proof source assurance.
• April 2022- De Beers Group signed Mineral Investment Contracts with Angola. De Beers Group announced it had signed two Mineral Investment Contracts (MICs) with the Government of Angola for license areas in north-eastern Angola. The signing of the MICs follows the announcement in late 2021 that De Beers had applied to explore Angola following substantive reforms in the country's diamond sector.

Segmentation

1. By Product
   1. Natural
   2. Synthetic
2. By Application
   1. Jewellery
      1. Rings
      2. Necklaces
      3. Earrings
      4. Others
   2. Industrial
      1. Construction and machinery
      2. Mining tools
      3. Electronics
      4. Automotive
      5. Others
3. By Cut
   1. Round Brilliant Cut Diamond
   2. Princess Cut Diamond
   3. Emerald Cut Diamond
   4. Radiant Cut Diamond
   5. Cushion Cut Diamond
   6. Oval Cut Diamond
   7. Asscher Cut Diamond
   8. Marquise-Cut Diamond
   9. Pear Cut Diamond
   10. Heart Cut Diamond
4. By Color
   1. Colorless (GRADE D/E/F)
   2. Near Colorless (GRADE G/H/I/J)
   3. Faint (K/L/M)
   4. Very Light (GRADE N/O/P/Q/R)
   5. Light (GRADE S/T/U/V/W/X/Y/Z)
5. By Carat
   1. 0.009 CT - 0.30 CT
   2. 0.50 CT
   3. 0.75 CT
   4. 1.25 CT
   5. 1.50 CT
   6. 1.75 CT
   7. 2.00 CT
   8. 2.50 CT
   9. 3.00 CT
   10. 3.50 CT
   11. 4.00 CT
   12. 5.00 CT and Above
6. By Distribution Channel
   1. B2B
   2. B2C
      1. Retail stores
      2. Online store