Diamond Market Revenue to Hit USD 140.1 Bn by 2032; North America Dominates with 38.8% of the Market Share

New York, April 17, 2023 (GLOBE NEWSWIRE) — The Global Diamond Market size is expected to be worth around USD 140.1 billion by 2032 from USD 98.3 Billion in 2023, growing at a CAGR of 3.7% during the forecast period 2023 to 2032. For millions of years when carbon is exposed to extreme pressure, a diamond is formed which is a rare mineral.

Diamonds are 58 times harder than any other material which are found on the planet. Diamond is popular among consumers because it is regarded as the most valuable ornament and is generally used for making jewelry. These minerals are formed under extreme pressure conditions and temperature conditions and come from about 100’s of miles beneath the earth’s surface.

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Key Takeaway:

• By Type, 2022, the Natural segment has generated the highest revenue in the Global Diamond Market share in 2022.
• By Application, the Jewelry & Ornaments segment is dominating the market and it is growing at a significant rate over the forecast period 2023 to 2032.
• In 2022, North America Region dominated the market with the highest revenue share of 38.8%.
• APAC Region has held the second position in revenue share in 2022.

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

Factors affecting the growth of the Diamond industry

There are several factors that can affect the growth of the Diamond industry. Some of these factors include:

• Increase in disposable income: With the growth of an economy, the disposable income of people increases. This in turn leads to more people buying diamond jewelry which positively affects market growth.
• Industrial use of Diamond: The increase in the use of diamonds in industries as an abrasive for cutting, drilling, etc. drives the market growth globally.
• The rising demand for Jewelry: The rise in the demand for diamond jewelry that is grown in Laboratories is driving the growth of the market.

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Top Trends in Diamond Market

The primary driver of the diamond market is the rising demand for jewelry diamonds jewelry that are grown in laboratories. As production costs decreased, the retail prices of lab-grown diamonds also saw a significant decrease in the prices. This is because their cost of production has dropped significantly. In fact, since 2016, the retail price of lab-grown diamonds has decreased by half. Prices of the diamond 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). Diamonds that don’t have any ethical or environmental issues associated with mining are another reason people buy lab-grown diamonds. Smaller mined natural diamonds attract consumers of the ability of lab-grown diamonds to trade up in size and quality for the same price. Demand for diamonds is rising rapidly during the forecasted period.

Market Growth

A rise in construction enterprises shall drive the growth of the industry as it is used in core drilling, hand sawing, and wire sawing. Assigned to its exceptional properties like optical dispersion and highest sound velocity, low thermal expansion coefficient, optical transparency, low adhesion, and low friction is adapted in applications of several industries which ultimately drive the growth of the market. Additionally, the use of diamond as a rare material and as a gemstone for ornamentation is expected to drive the growth of the market globally.

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. The main factor driving diamond penetration in this region is the rising product demand for industrial applications. Construction, mining services, and machinery manufacturing are some of the major industries that make use of synthetic diamonds in industrial applications. Building, highway, stone cutting, and repair applications are the majority of the industrial sector for the consumption of diamonds. The Asia-Pacific region holds the second position in dominating the market. China and India, which are two of the world’s developing nations, are seeing an increase in demand for jewelry. Due to the growth of the region in the market, market participants have increased their investments in the region.

Competitive Landscape

A few major players, including ALROSA, De Beers Group, and Rio Tinto, dominated the growth of the Diamond Market. This diamond market is characterized by several small to medium-sized players that focus on a specific country or region. Upstream business is also carried out by the major players. Due to the presence of established players, entering the upstream sector is challenging.

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Scope of the Report

Market Drivers

The demand for the market is rapidly increasing, and countries are trying to contribute significantly more to the market. The market has the potential to benefit from a significant opportunity from the perforation of diamonds for sale through an online business. The demand for diamond jewelry is increasing due to the millennials who are in majority in the country. There are various uses for diamonds such as the use of diamonds in the abrasive industry due to their 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. The global market of diamonds is driven by the construction’s industry overall growth. Drill bits, grinding wheels, and saw blades, due to their manufacturing process of them contain traces of diamond, and these instruments are used for drilling, cutting, and grinding of rigid materials. Industrial diamonds are used for cutting glass, bricks, concrete, stones, coal balls, and ceramics that are used for construction.

Market Restraints

Some of the market growth of the Diamond market will be affected by the rising price of the diamonds, due to its high demand for the products and high cost of extraction. The rising demand for synthetic diamonds due to their low cost drives the growth of the market globally. Fluctuating in the prices of the diamond have impacted the diamond industries in the last few years. Some socioeconomic factors which 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.

Market Opportunities

The synthetic diamond market’s growth rate will also be increased by the rising 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. Due to their ability to function as heat sinks, which contributes to enhanced reliability, lower operating temperatures, and extended device life, the use of diamonds in the electronics industry will rise. 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. 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.

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Report Segmentation of the Diamond Market

Type Insight

During the forecast period, the natural product segment dominates the market globally with the highest revenue share in the market. Finding and processing of diamonds take a long time and are expensive in the jewelry industry. Diamonds are very rare and very hard to find and are mostly used in jewelry. The intrinsic allure of natural diamonds is still strong, and it is anticipated that it will continue for the forecasted period, despite the difficulties that were posed by the cheaper alternatives to lab-grown jewelry. Diamonds are mostly used for cutting and drilling processes in industries. Chemical Vapor Deposition (CVD) and High Pressure, High Temperature (HPHT) processes are done in the production of synthetic diamonds. However, due to the reduction in cost, the market for the synthetic market has seen significant growth in the past few years.

Application Insight

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

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Market Segmentation

By Type

By Application

• Jewelry & Ornaments
• Industrial

By Geography

• North America
• 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 Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Market Players

• Endiama E.P.
• De Beers Group
• Tsodilo Resources Limited
• Diamcor Mining Inc.
• Lucapa Diamond Company Limited
• Gem Diamonds Limited
• Rockwell Diamonds
• Anglo American plc
• Petra Diamonds
• Lucara
• Other Key Players

Recent Development of the Diamond Market

• In April 2022: Mineral Investment Contracts with Angola was signed by De Beers Group. Two Mineral Investment Contracts (MICs) were signed by De Beers Group, 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. The deployment of the TracrTM blockchain platform at scale for its diamond production was done by De Beers Group.

Browse More Related Reports:

• Diamond Coating Market was valued at USD 4.23 million in 2022 and is projected to grow at a CAGR of 8.10%.
• Diamond Jewellery Market was worth USD 340.69 billion in 2021 and is projected to grow at a CAGR of 4.6% between 2023 and 2032.
• Diamond Semiconductor Substrates Market size is expected to be worth around USD 135.39 million by 2032 from USD 30.69 million in 2022, growing at a CAGR of 16% during the forecast period from 2022 to 2032.
• Diamond Cutting Wire Market size is expected to be worth around USD 3.15 billion by 2032 from USD 1.2 billion in 2022, growing at a CAGR of 10.12% during the forecast period from 2022 to 2032.
• Abrasives market was valued at USD 45.3 billion in 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 4.9% and a market value of USD 72.2 billion.
• Mining Equipment Market size is expected to be worth around USD 574,633.89 million by 2032 from USD 181,745.08 million in 2022, growing at a CAGR of 12.2% during the forecast period from 2022 to 2032.

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