Global Diamond Market by Type (Natural and Synthetic), By Application (Jewelry & Ornaments and Industrial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Diamond Market size is expected to be worth around USD 140.10 Billion by 2032 from USD 98.3 Billion in 2022, growing at a CAGR of 3.70% during the forecast period from 2023 to 2032.

When carbon is exposed to extreme pressure for millions of years, a rare mineral, a diamond, is formed. Diamond is popular among consumers because it is regarded as the most valuable ornament. In addition, they are 58 times harder than any other material found on the planet. These minerals are formed under extreme pressure and temperature conditions and come from about 100 miles beneath the earth’s surface.

Diamonds are used to create high-demand jewelry at weddings and other special occasions. Diamonds are also used in different types of industrial applications, which also include cutting and polishing tools. With the highest hardness and thermal conductivity, the world’s most concentrated form of pure crystalline carbon is Diamond. Diamond is famous for their beauty all over the world. Due to increased production by small key players, Rough diamond revenue growth is seen.

Driving Factors

Industries Use Diamond As An Abrasive

The demand for the market is rapidly increasing, and countries are trying to contribute significantly more to the market. The increasing demand for diamond jewelry is due to the millennials, who are the majority in the country. The market has the potential to benefit from a significant opportunity from the perforation of diamonds for sale through an online business. The Various uses of diamonds, such as the use of diamond in the abrasive industry due to its hardness property.

This is the main property of the diamond that it is used in the overall abrasive market. Considering the country’s expanding diamond jewelry market, current market players are trying to raise their investment levels and broaden the demographics of their targeted audience. Drill bits, grinding wheels, and saw blades, due to their manufacturing process, contain traces of diamond, and these instruments are used for drilling, cutting, and grinding of rigid materials.

The growth factor of the global market of the diamond is driven by the construction industry. Industrial diamonds are used for cutting glass, bricks, concrete, stones, coal balls, and ceramics that are used for construction.

Restraining Factors

Massive Cost of Diamonds To Restraint The Market Growth

Some of the market growth will be affected by the rising price of diamonds due to the high cost of extraction and high demand for the products. Fluctuating in the prices of the diamond have impacted the diamond industries in the last few years.

The rising demand for synthetic diamonds due to their low cost drives the growth of the Diamond market size globally. Some socioeconomic factors that cause fluctuation in diamond prices are consumer perception, rough diamond production, currency production, etc. Due to such price volatility, the probability of diamond manufacturers has been negatively affected.

Growth Opportunities

The Rising Of Industrialization And Personal Disposable Income.

The synthetic diamond market’s growth rate will also be increased by the rise of industrialization and personal disposable income. Due to the fashion industry’s expansion and growth, as well as other end-user industries, which results in the market growth will continue to enjoy lucrative opportunities.

The market growth rate will also be boosted by the rising preference for super abrasives for drilling, cutting, grinding, and dressing tools in the coming years. Due to their ability to function as heat sinks, which contribute to enhanced reliability, lower operating temperatures, and extended device life, the use of diamonds in the electronics industry will rise. With the rising demand for electronics, primarily by rising sales of semiconductors, the market’s growth rate will be fueled. These factors will also contribute to an increase in favorable opportunities.

Latest Trends

The Rising Demand For Jewelry Diamonds Jewelries That Are Grown In Laboratories.

The primary driver of the diamond market is the rising demand for diamond jewelry grown in laboratories. This is because their cost of production has dropped significantly. As production costs decreased, the retail prices of lab-grown diamonds also saw a significant decrease in the prices.

In fact, since 2016, the retail price of lab-grown diamonds has decreased by half. Prices are expected to fall further as the efficiency of production rises and more competitors enter the market. The lab-grown diamonds have a lot of potential for use in jewelry, says the International Grown Diamond Association (IGDA).

Smaller mined natural diamonds attract consumers of the ability of lab-grown diamonds to trade up in size and quality for the same price. Diamonds that don’t have any ethical or environmental issues associated with mining are another reason people buy lab-grown diamonds. Demand for diamonds is rising rapidly during the forecasted period.

Type Analysis

The Natural Segment Dominates The Market Growth Globally

During the forecast period, the natural product segment dominates the market globally, with the highest Market share in the market. Diamonds are very rare and very hard to find and are mostly used in jewelry. Finding and processing diamonds takes a long time and is expensive too. However, the intrinsic allure of natural diamonds is still strong, and it is anticipated that it will continue for the forecasted period, despite the challenges that were posed by the cheaper lab-made alternatives.

Chemical vapor deposition (CVD) and high-pressure, high-temperature (HPHT) processes are done in the production of synthetic diamonds. These diamonds are mostly used for cutting and drilling processes in industries. However, due to the reduction in cost, the market for synthetic diamonds has seen significant growth in the past few years.

Application Analysis

The Jewelry and Ornaments Segment Dominate The Market Growth Globally

The jewelry segment dominates the market globally and holds the largest market share. The jewelry market is expanding as a result of the rising middle-class population and millennials’ increased spending power. Millennials would rather spend their extra money on experiences like traveling than on luxury goods.

Industrial applications are much more prevalent for synthetic products or lab-grown products. Industrial diamond is primarily used as an abrasive, and demand has steadily increased over recent years in sectors like construction, metal machining, and exploration drilling.

Key Market Segments:

Based on Type

• Natural
• Synthetic

Based on Application

• Jewelry & Ornaments
• Industrial

COVID-19 Impact Analysis

Covid-19 has negatively impacted the diamond industry because it broke up the supply chains and manufacturing units worldwide. In contrast, the closure of brick-and-mortar stores has increased the demand for synthetic diamonds through online channels.

Furthermore, as environmental friendliness and sustainability gain more prominence, it is anticipated that sales of diamonds will rise. As a result, the production of diamonds has received more attention from manufacturers.

Regional Analysis

North America region dominates the market growth and will have the largest revenue share of the global diamond market for the forecasted period. Construction, mining services, and machinery manufacturing are some of the major industries that use synthetic diamonds in industrial applications. The main factor driving diamond penetration in North America is the rising product demand for industrial applications.

Building, highway, stone cutting, and repair applications are the majority of the industrial sector for diamond consumption. The Asia-Pacific region holds the second position in dominating the market. Due to the region’s growth in the market, market participants have increased their investments in the region. China and India, which are two of the world’s developing nations, are seeing an increase in demand for jewelry.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia &New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa RicaRest of Latin America
  • Middle East & Africa
• Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

ALROSA, De Beers Group, and Rio Tinto, which cater to the global market, dominated the market growth of the global diamond market, which is characterized by several small to medium-sized players that focus on a specific country or region. The major players also carry out upstream business. However, due to the presence of established players, entering the upstream sector is challenging.

Top Key Players in the Diamond Market:

• Endiama E.P.
• De Beers Group
• Henan Huanghe Whirlwind
• Tsodilo Resources Limited
• Scio Diamond Technology Corporation
• Diamcor Mining Inc.
• Lucapa Diamond Company Limited
• Gem Diamonds Limited
• Rockwell Diamonds
• Anglo American plc
• Petra Diamonds
• Lucara Diamond Corp.
• Trans Hex Group Ltd
• Applied Diamond Inc.
• LiLiang Diamond Co.
• Other Key Players

Recent Developments:

• In April 2022: Mineral Investment Contracts with Angola was signed by De Beers Group. De Beers Group 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.
• In May 2022: The world’s first blockchain-backed diamond source platform at scale was introduced by the De Beers group. Furthermore, the deployment of the TracrTM blockchain platform at scale for its diamond production was done by the De Beers Group.

Report Scope: