Diamond Market Regional Analysis

Diamond Market size was valued at USD 99.08 Billion in 2023 and is poised to grow from USD 103.44 Billion in 2024 to USD 146.07 Billion by 2032, growing at a CAGR of 4.4% during the forecast period (2025-2032).

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. '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)'

Due to the increasing personal disposable income, the living style has predominantly increased with respect to the high spending capability by most millennials across the globe. The modernisation in technology brought traffic on ecommerce sites for buying luxurious products that can satisfy. All of this is favouring the demand for the exotic products that can contribute to the growth of the global diamond market in the next few years.

The diamond market is growing owing to adoption of lab-grown diamonds for jewellery. As the cost of production is low, the retail prices of lab-grown diamonds resulted in a significant downfall. In fact, the retail price of lab-grown gem-quality diamonds has nearly halved since 2016. Moreover, prices may go down further as the production efficiencies improve and the new competitors enter the market. According to the International Grown Diamond Association (IGDA), there is a huge potential for lab-grown diamonds in jewellery applications.

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.