Global Diamond Market Insights
Global Diamond Market size was valued at USD 94.96 billion in 2021 and is poised to grow from USD 99.08 billion in 2022 to USD 139.91 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).
Diamonds are the hardest material with the highest thermal conductivity on Earth, and is known for its divine nature as a gemstone; and are known as a material for cutting and grinding tools because of their paramount hardness. In addition, diamonds are formed with the high pressure and temperature conditions. The value chain of the diamond market involves upstream, midstream, and downstream procedures. The upstream procedure such as exploration, production, and sorting of rough diamonds.
The midstream procedure such as cutting, and polishing of rough diamonds for making finished products. The downstream procedure such as jewelry designing, and setting from the polished diamond and others.
The growing demand from jewelry applications most importantly in emerging economies in Asia Pacific including India and China can significantly drive the diamond market over the forecast period (2022 – 2028). China is the utmost consumer of mined diamonds according to past records. Due to the increasing advancement in technologies, the country is expected to become a leading producer of synthetic products.
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Analysis:
Global Diamond Market Segmental Analysis
Global diamond market is segmented based on the type, application, and region. Based on type, the Diamond Market is segmented as natural, and synthetic. Based on application, the Diamond Market is segmented into jewelry & ornaments, and industrial. Based on region, Diamond Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Diamond Market Analysis by Type
Based on type, the global diamond market is segmented natural, and synthetic. Natural products are rare and are commonly used for jewelry applications. Extracting and processing of diamonds consists of some complex processes, which makes them expensive in the jewelry industry.
Synthetic diamonds are mainly made by using high pressure, high temperature and Chemical Vapor Deposition (CVD) processes. They are commonly used for industrial applications including cutting, and drilling. But the share of synthetic jewelry has increased in the past few years because of the lower production cost.
Diamond Market Analysis by Application
Based on application, the diamond market is segmented into jewelry & ornaments, and industrial. The increasing population, primarily the middle-class coupled with increasing spending capability of millennials and generation Z are the key factors driving the growth of the jewelry segment.
For industrial usage, synthetic products have significantly higher penetration. Industrial diamond is used as an abrasive; and the demand from metal machining, construction, and exploration drilling is increasing continuously and will continue the same over the aforementioned forecast period.
Diamond Market Top Player's Company Profiles
- De Beers Group (United Kingdom)
- ALROSA (Russia)
- Rio Tinto Diamonds (Australia)
- Dominion Diamond Corporation (Canada)
- Petra Diamonds (United Kingdom)
- Lucara Diamond Corporation (Canada)
- Gem Diamonds (United Kingdom)
- Mountain Province Diamonds (Canada)
- Gemological Institute of America (United States)
- Graff Diamonds (United Kingdom)
- Harry Winston (United States)
- Tiffany & Co. (United States)
- Chow Tai Fook (China)
- Rosy Blue (Belgium)
- Chow Sang Sang (Hong Kong)
- Blue Nile Inc. (United States)
- Signet Jewelers Limited (United States)
- Swarovski Group (Austria)
- LVMH Moët Hennessy Louis Vuitton SE (France)
- Kering SA (France)
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