What Has Been The Historical And Current Growth Of The Diamond Market?
The diamond market has seen considerable growth due to a variety of factors.
• In the last few years, the size of the diamond market has increased significantly. Its growth is expected to continue from $2.52 billion in 2024 to $2.66 billion in 2025, at a compound annual growth rate (CAGR) of 5.6%.
This growth in previous years can be attributed to factors such as the jewelry industry, symbols of opulence and status, industrial utilizations, investment and store of value considerations, and cultural importance.
What is the Forecasted Growth of the Diamond Market Size?
The diamond market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for robust expansion in the diamond market over the next few years. By 2029, it's projected to amass a value of $3.35 billion, representing a compound annual growth rate (CAGR) of 5.9%.
The predicted growth within this time frame is linked to the sustained demand for jewelry, expanding affluence and the growth of the middle class, emerging market tastes, ethical and sustainable sourcing practices, along with innovative marketing and retail strategies. The projected period is also predicted to witness key trends such as customized and personalized diamond jewelry, application of artificial intelligence in diamond assessing, investments in diamond futures, a rising interest in vintage and secondhand diamonds, and a consumer behaviour shift towards experiences over physical possessions.
What Main Forces Are Fueling Expansion In The Diamond Market?
The escalation in the diamond market can be attributed to the growing populace in emerging economies like China and India. This is due to the increment in disposable income, amplified demand, and access to credit facilities. The term disposable income implies the monetary funds that an individual or a family possesses for expenditure or savings after subtracting the income taxes. Marine mining, a type of diamond found in offshore placer deposits, is also contributing to the market growth. For instance, Diamondrensu, a company based in India specializing in the production and sale of diamond-affiliated products, indicated that in 2023, the total global investments in diamonds surged to $18,000,000 from $15,200,000 in 2022, showcasing a notable boost in investment. Hence, the mounting disposable income is propelling the diamond market's expansion.
What Is The Segmentation Of The Global Diamond Market?
The diamond market covered in this report is segmented –
1) By Type: Jewelry Making, And Industrial Applications
2) By Mining Type: Underground Mining, Surface Mining
Subsegments:
1) By Jewelry Making: Engagement Rings, Wedding Bands, Necklaces And Pendants, Earrings, Bracelets
2) By Industrial Applications: Cutting Tools, Grinding Wheels, Drilling Equipment, Polishing And Finishing Tools, Wire Saw Blades
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What Emerging Trends Are Shaping The Diamond Market Landscape?
Key players in the diamond market, such as De Beers Group, are transitioning towards adopting sophisticated diamond procurement methodologies like blockchain technology to enhance their competitive positioning. The use of blockchain within the diamond sector offers a safe and unalterable means to trace the journey of diamonds, from extraction to purchase. For example, in May 2022, UK's De Beers Group introduced the Tracr blockchain platform to bolster their diamond creation procedures. Tracr is unique in being the only distributed blockchain for diamonds that begins right from the source, offering foolproof verification of origin at scale. This feature equips stakeholders with an unalterable proof of a diamond's beginnings, thereby ensuring the trust of jewelers in their procurement. As end-users are becoming more conscious about product sourcing, Tracr provides verifiable data concerning De Beers' diamonds across its supply chain, thereby validating every diamond's provenance in their production.
Who Are the Key Players in the Diamond Market?
Major companies operating in the diamond market include:
• Sumitomo Electric Industries Ltd.
• Anglo American plc
• De Beers Group of Companies
• Diamond Foundry Inc.
• Alrosa PJSC
• Swarovski AG
• Henan Huanghe Whirlwind Co. Ltd.
• ILJIN Co. Ltd.
• Petra Diamonds Limited
• Element Six Limited
• Lucara Diamond Corporation
• Zhengzhou Sino-Crystal Diamond Co. Ltd.
• Gem Diamonds Limited
• WD Lab Grown Diamonds
• New Diamond Technology LLC
• IIa Technologies Pte. Ltd.
• Clean Origin LLC
• Pure Grown Diamonds Inc.
• ABD Diamonds Private Limited
• Washington Diamonds Corporation
• Diam Concept International
• Applied Diamond Inc.
• Crystallume PVD
• Mittal Diamonds
• D.NEA Diamonds
• Finegrown Diamonds
• Zhongnan Diamond Co. Ltd.
• SedKrist GmbH
What are the Regional Insights into the Diamond Market?
Africa was the largest region in the diamond market in 2024. The regions covered in the diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
