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The global diamond market size was USD 90.92 billion in 2022 and is projected to grow from USD 94.19 billion in 2023 to USD 127.84 billion in 2030 at a CAGR of 4.5% during the forecast period.
Diamonds are one of the hardest materials on earth and are well-known as a gemstone. The growth of the market is associated with the rise in the demand for jewelry and its use in industrial applications. The product is utilized according to its extreme hardness and distributed to industry experts for jewelry manufacturing and industrial purposes. Additionally, the product is adopted for research purposes where unique qualities are required. Thus, all the factors are expected to boost the global market in the forecast period.
Interrupted Mining Activities Due to Movement Restriction Impacted the Market during COVID-19
The COVID-19 outbreak impacted nearly every country in the world. Diamond mines were closed, and production was limited due to the restrictions imposed on polishing and cutting centers. Jewelry manufacturers had to face supply chain disruptions as the impacted countries such as the U.S., India, China, Russia, and others had imposed lockdowns. This has resulted in the deep loss of the industry. Moreover, jewelry manufacturers and miners were facing problems in reaching their business goals while overcoming the necessities of life.
However, the demand was not massive during the pandemic, but the global market returned to the pre-pandemic level. China led to the recovery of the market as it is one of the fastest-recovering economies in the world. Additionally, the U.S. has also supported the recovery of the market as one-third of the product consumption is recorded by the country.
Rising Demand for Innovative Jewelry Designs Owing to Changing Consumer Preferences to Aid Market Proliferation
The demand for colorful jewelry has risen as the preference of the consumer has changed. The changed behavior of the consumers created a massive opportunity for the existing and new producers of these synthetic diamonds along with the many resellers to establish their presence in the global market. Additionally, online platforms have grown dramatically in just a few years, therefore propelling the consumption of jewelry products as a consumer prefers to buy online in order to save time and maintain social distancing.
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Growing Demand from Jewelry Industry Due to its Properties to Propel Market Growth
Diamond is the hardest allotrope of carbon, as it has been used in jewelry and industrial applications for centuries. The growth of the market is associated with the favorable properties of the product as it has the highest thermal conductivity of any natural material. These properties enable its application in industries including polishing and cutting. The usage of the product in the construction industry has increased over the past years as its demand for hand sawing, wire sawing, and core drilling due to its remarkable properties such as the highest sound velocity, optical dispersion, and low thermal expansion coefficient has increased. Additionally, the use of this gemstone for ornamentation will surge product demand. Moreover, the rising use of lab-grown diamonds is boosting the jewelry market as these stones are physically, chemically, and optically identical to the mined diamonds. Thus, consumers are moving towards artificial jewelry.
High Price of the Natural Product May Restrain Product Adoption in Various Applications
Although, diamond is widely used in industrial and jewelry applications rising uncertainties in the prices of natural stones may hamper the diamond market growth. The value of the product from production to retail has increased drastically. Additionally, the price of polished stone remains costly as compared to rough stone. This higher price is caused by multiple factors including currency fluctuations, low production, and changes in international import-export policies. Such factors had made this stone unaffordable to many people thereby affecting the consumption of the product by middle to lower-class people. Hence, the aforementioned factors are acting as a major restraint towards market augmentation.
Synthetic Type to Hold Dominant Share Owing to Rising Usage in Construction Tools
The market is segmented into natural and synthetic, on the basis of type. The demand for synthetic stone is high in the market due to their wide availability and lower cost. The growth of synthetic stone is associated with a boost in the construction industry as it is used in cutting tools for different industrial applications such as cutting bit and drilling tools. Additionally, the product is widely used in manufacturing glass-cutting tools. Also, it helps to cut production costs as it reduces maintenance costs and can be easily replaced.
Moreover, the use of synthetic stone in jewelry has become far more popular over the past years. Western wedding trends have influenced Asian and European countries, and it has the potential to control the consumption of synthetic stone for wedding purposes.
The growth of natural stone is associated with the increased demand for diamond jewelry as consumers started to show their interest in jewelry products. Additionally, the trend to invest in such expensive gemstones in order to preserve their income has become a popular trend over the past year. Thus, all these factors are expected to increase during the forecast period.
Rough Segment Accounts for Largest Diamond Market Share Due to Lowered Prices
The market is segmented into rough and polished stone, on the basis of product. The demand for the rough segment is associated with their low cost as compared to polished ones. Additionally, rough stones are widely utilized in cutting tools, and drilling equipment. For instance, rough stone grains are installed into the metal tip of the drill bits and ream shells. Moreover, rough diamonds are utilized in the production of optical lenses as the product can be installed into the grinding wheels to cut the lenses. Thus, the demand for rough stone is expected to increase during the forecast period. Moreover, rapidly growing jewelry industry will propel the demand for polished stone during the forecast period.
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Jewelry Segment to Exhibit a Significant Growth Rate Due to Rising Disposable Income
On the basis of the application, the market can be segmented into jewelry and industrial applications. The growth of the jewelry segment is associated with the increase in disposable income. Multiple brands in the market are offering different gem-grade diamonds for various occasions including weddings and Valentine’s day. These grades come with different price ranges from lower to higher, therefore attracting consumers to buy them. Additionally, the number of fashion influencers has increased in the past few years. This has resulted in the young generation investing in branded jewelry. Thus, all these mentioned factors are expected to drive the market.
On the other hand, the demand for the industrial segment can be attributed to the increase in industrialization. Developing countries such as India, China, Brazil, and Argentina have the highest growth rate of industrialization. The demand for rough stone has increased in these countries as mining and drilling activity has increased recently. Additionally, growing investments by companies in R&D and technological advancements worldwide will further influence market growth. Thus, all these factors are expected to grow the market.
North America Diamond Market Size, 2022 (USD Billion)
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The market size in North America stood at USD 50.11 billion in 2022. The growth of the market in the region is associated with the high disposable income and extensive use of the product in wedding jewelry. Countries in the region such as the U.S. individually record more than half the global demand for the product. Additionally, the number of influencers is high in the region which influences young consumers to buy jewelry. Thus, the demand is drastically increasing in the region and is expected to grow with a moderate CAGR during the forecast period.
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Asia Pacific market is projected to showcase moderate growth in the upcoming years. Countries in the region including China, and India are the fastest-growing economies, additionally, both of the countries have the highest global population. Therefore, China is the leading consumer of the product as the popularity of Western weddings continues even though there is a downward trend in the wedding rate. Moreover, the influence of western wedding culture and fashion is rapidly increasing in Japan, Indonesia, and other countries.
The market in Europe may exhibit substantial gains during the forecast period. High per capita income and consumer preference for expensive jewelry are expected to boost the market in the region. Additionally, the region has a few giant players. For instance, Alros, and De Beers account more than 60 percent of mine production in Russia, and Luxembourg respectively. Moreover, change in lifestyle, and consumer behavior is expected to drive market growth in this region in the forecast period.
The growth of the market in Latin America is owing to an increase in industrialization as the product primarily works as a cutting tool for various end-use industries due to its extreme hardness. For instance, the demand for engraved products is rapidly increasing, therefore, propelling product demand in the region. Meanwhile, the Middle East & Africa region is expected to have significant market growth driven by increased investments in industrialization.
Key Players to Strengthen Their Position by Expanding their Regional Presence
The foremost producers, including KGK Group, De Beers, and Rio Tinto are operating in the market. De Beers has a strong presence in Europe and manufactures natural stones. The company has a presence in Hong Kong, New York, Beijing, and other countries in Europe. The company is one of the rare and unique diamond manufacturers in Russia. Similarly, the other key market players have established a strong regional presence, robust distribution channels, and varied product offerings.
An Infographic Representation of Diamond Market
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The research report provides a detailed analysis of the market and focuses on crucial aspects such as types, product, application, and leading companies. It provides quantitative data in terms of value, research methodology for market size estimation, and insights into market trends. It highlights vital industry developments and the competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
CAGR of 4.5% from 2023 to 2030
Value (USD Billion)
Fortune Business Insights says that the global market size was USD 90.92 billion in 2022, with a projected market size of USD 127.84 billion by 2030.
In 2022, the market value stood at USD 90.92 billion.
Growing at a CAGR of 4.5%, the market will exhibit rapid growth in the forecast period (2023-2030).
Synthetics are expected to be the leading segment in this market during the forecast period.
The growing jewellery industry will propel the market growth
The U.S. held the highest share of the market in 2022.
De Beers, Alrosa, Rio Tinto, and KGK Group are some of the leading players in the global market.
The rising demand for cutting tools in the industry is a factor driving the product adoption.
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