Home Advanced Materials Diamond Market Trends, Share, Size, Growth, Forecast 2030

Diamond Market

Diamond Market Size, Share & Trends Analysis Report By Product (Natural, Synthetic), By Application (Jewellery, Industrial), By Cut (Round Brilliant Cut Diamond, Princess Cut Diamond, Emerald Cut Diamond, Radiant Cut Diamond, Cushion Cut Diamond, Oval Cut Diamond, Asscher Cut Diamond, Marquise-Cut Diamond, Pear Cut Diamond, Heart Cut Diamond), By Color (Colorless (GRADE D/E/F), Near Colorless (GRADE G/H/I/J), Faint (K/L/M), Very Light (GRADE N/O/P/Q/R), Light (GRADE S/T/U/V/W/X/Y/Z)), By Carat (0.009 CT - 0.30 CT, 0.50 CT, 0.75 CT, 1.25 CT, 1.50 CT, 1.75 CT, 2.00 CT, 2.50 CT, 3.00 CT, 3.50 CT, 4.00 CT, 5.00 CT and Above), By Distribution Channel (B2B, B2C) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRAM2228DR
Study Period 2018-2030 CAGR 4.4%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 94.96 Billion
Forecast Year 2030 Forecast Year Market Size USD 139.91 Billion
Largest Market North America Fastest Growing Market Asia Pacific
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Market Overview

The global diamond market size 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). A diamond is a rare mineral that forms when carbon is exposed to extreme pressure for millions of years. They are formed under extreme pressure and temperature conditions and come from about 100 miles beneath the earth's surface. Furthermore, they are 58 times harder than any other material found on the planet. Diamond is the world's most concentrated form of pure crystalline carbon, with the highest hardness and thermal conductivity. Diamonds are used in various industrial applications, including polishing and cutting tools. It is well-known for its beauty as a gemstone all over the world.

Furthermore, it is popular among consumers because it is regarded as the most valuable ornament. Diamonds are used to create jewelry that is in high demand at weddings and other special occasions. Rough diamond revenue growth is primarily due to increased production by smaller players.

Market Dynamics

Market Drivers

  • Increasing Spending Power of Millennial to Surge Demand

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. Considering the expanding market for diamond jewelry in the country, the existing market participants are trying to increase their investment level and broaden their target audience's demographics. The perforation of diamonds for sale through an online business, the development of new diamond-based industrial products, and the targeting of customers with newly designed jewelry all have the potential to create significant opportunities for the market.

  • Industries Use Diamonds as Abrasive

Diamonds are widely used in the abrasive industry due to their extreme hardness (ten on the Mohs scale). This application accounts for the vast majority of diamonds used in industry. 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. Diamonds are used in construction for cutting, drilling, polishing, and grinding. Glass, concrete, bricks, stones, coal balls, and ceramics are all cut with industrial diamonds.

Market Restraint

  • Massive Cost of Diamonds

It is anticipated that some market growth will be inhibited by the rising price uncertainty surrounding this natural gem due to the high cost of extraction and high product demand. The rising demand for lab-grown synthetic diamonds will drive the market's growth during the forecast period. Diamond price fluctuations have impacted the diamond industry in recent years. Diamond prices fluctuate due to various socioeconomic factors, including consumer perception, rough diamond production, currency fluctuations, and shifting consumer buying patterns. The profitability of diamond manufacturers is negatively impacted by such price volatility.

Regional Analysis

The global diamond market is segmented into four regions, namely North America, Europe, Asia­-Pacific, and LAMEA.

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. In addition, precision machining of ceramic parts for aerospace, laser radiation equipment, and circuit heat sinks are expected to drive demand for synthetic diamonds and related products in industrial applications. The Asia-Pacific region has emerged as the second-largest diamond market in the world. Demand for jewelry is increasing in developing countries such as China and India. As a result, market participants have increased their regional investments, citing the region's promising future sales.

Report Scope

Report Metric Details
Segmentations
By Product
  1. Natural
  2. Synthetic
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
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
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)
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
By Distribution Channel
  1. B2B
  2. B2C
    1. Retail stores
    2. Online store
Company Profiles Petra Diamonds Limited RioTinto Trans Hex Group Lucara Diamond ALROSA De Beers Mountain Province Diamonds Dominion Diamond Mines Gem Diamonds
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global diamond market is segmented into product and application.

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. These are extremely rare and are primarily used in jewelry. Finding and processing entail time-consuming procedures, making them costly in the jewelry industry. Despite the challenges posed by cheaper lab-grown jewelry alternatives, natural diamonds' inherent allure remains strong and is anticipated to remain so in the coming years. High-Pressure, High-Temperature (HPHT), and Chemical Vapor Deposition (CVD) processes are used to make synthetic diamonds. They're primarily used in industrial settings for things like cutting and drilling. However, due to a significant reduction in the cost of manufacturing synthetic jewelry, its market share has increased in recent years.

Based on application, the market is categorized into jewelry and industrial.

The jewelry application has taken control of the market. The growing middle-class population and the increasing spending power of millennials and generation Z contribute to the jewelry segment's growth. Millennials prefer to spend their extra cash on experiences such as travel over luxury items. Synthetic or lab-grown products have a much higher penetration in industrial applications. Industrial diamond is primarily used as an abrasive, and demand from industries such as metal machining, construction, and exploration drilling has steadily increased in recent decades.

Market Size By Product

Recent Developments

In 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.

In 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.

Top Key Players

Petra Diamonds Limited RioTinto Trans Hex Group Lucara Diamond ALROSA De Beers Mountain Province Diamonds Dominion Diamond Mines Gem Diamonds Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Diamond Market?
Diamond Market size will grow at approx. CAGR of 4.4% during the forecast period.
Some of the top industry players in Diamond Market are, Petra Diamonds Limited, RioTinto, Trans Hex Group, Lucara Diamond, ALROSA, De Beers, Mountain Province Diamonds, Dominion Diamond Mines, Gem Diamonds, etc.
North America has held a dominant position in the Diamond Market, with the largest market share.
The Asia Pacific region has experienced the highest growth rate in the Diamond Market.
The global Diamond Market report is segmented as follows: By Product, By Application


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