USD 94.96 billion
Report ID: SQMIG15M2007 | Region: Global | Published Date: January, 2023 | Pages: 157 | Tables: 61 | Figures: 75
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 jewellery designing, and setting from the polished diamond and others.
The growing demand from jewellery 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.
US Diamond Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 94.96 billion
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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 jewellery & 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 jewellery applications. Extracting and processing of diamonds consists of some complex processes, which makes them expensive in the jewellery 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 jewellery 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 jewellery & 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 jewellery 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.
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North America is the largest market among all the regions owing to the product demand for various industrial applications such as construction, machinery manufacturing, and mining services (exploration and drilling for oil, natural gas, and minerals). Precision machining of ceramic parts for laser radiation equipment, and heat sinks in circuits are assumed to uplift the demand for synthetic diamonds and related products in industrial application. The United States majorly leads as the biggest consumer of diamonds and similar products as compared to other countries. The US is also one of the leading producers of synthetic industrial diamonds.
Europe is however, holding the second position in the market due to the rising demand for fine jewellery and rings, bracelets and other jewellery pieces for various occasions like wedding, engagement, and birthdays in the region.
Asia Pacific (APAC) is an emerging region thanks to the millennials of the region, contributing to the market share; and the increasing industrialization is growing the demand of the market in the region.
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Diamond Market Drivers
High Social Media Influence is Majorly Boosting Market Growth
Diamond Market Restraints
High Cost Fluctuation to Hinder Market Growth
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Global diamond market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Diamond Market Top Player's Company Profiles
Diamond Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global diamond market analysis, MEA is assumed to witness some moderate growth owing to the Panama Diamond Exchange jewellery trading centre over the said period.
The development of new diamond based industrial products, and increase of diamond sale through e-commerce business can significantly create good opportunities for the market over the forecast timeline. The increased popularity for lab-grown synthetic diamonds is anticipated to drive the market growth largely. However, the volatility of product prices negatively affects the profitability of diamond manufacturers. Imports' limitation of rough diamonds from disputed areas can hamper the market growth.
|Market size value in 2021||USD 94.96 billion|
|Market size value in 2030||USD 99.08 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Diamond Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diamond Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Diamond Market:
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