Industry

Diamond Market Size, Share, Growth, Opportunities And Global Forecast To 2033

The Diamond Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Diamond Global Market Report 2024, The diamond market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to jewelry industry, symbol of luxury and status, industrial applications, investment and store of value, cultural significance.

The diamond market size is expected to see strong growth in the next few years. It will grow to $3.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to continued demand in jewelry, rising affluence and middle-class growth, emerging market preferences, sustainable and ethical sourcing, innovations in marketing and retail. Major trends in the forecast period include customization and personalization in diamond jewelry, artificial intelligence in diamond grading, investment in diamond futures, growing interest in vintage and secondhand diamonds, shift in consumer behavior towards experiences over possessions.

The growth in the diamond market is due to the increasing population in developing countries such as China and India owing to rising disposable income, increased demand, and availability of credit. Disposable income refers to the amount of money that an individual or household has to spend or save after income taxes have been deducted. Marine mining is a form of diamond that is used in offshore placer deposits. For instance, in 2021, according to the Bureau of Statistics of China, a China-based Government agency data, disposable personal income in China increased to 47412 CNY 2021. Therefore, the rising disposable income is driving the growth of the diamond market.

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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

Companies engaged in the diamond industry are using X-Ray Transmission (XRT) technology, to increase efficiency in their operations in the global diamond market. Under this technology, a mineral concentrate is passed through sensors that bombard each stone with X-rays and measure the absorption of each stone. XRT technology is quickly becoming the standard in the industry, as new mines begin using it and older mines make a transition to it.

The diamond market report table of contents includes:
1. Executive Summary