Diamond Market Expected to Reach $3.29 billion by 2028

Overview and Scope
Diamond refers to the process of mining diamonds of different carats. Art, science, engineering, and a lot of labor go into making a diamond. Pipe mining, alluvial mining, and marine mining are the three forms of mining utilized to mine diamonds.

Sizing and Forecast
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.

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Segmentation & Regional Insights

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

Africa was the largest region in the diamond market in 2023. The regions covered in the diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the diamond market report are Sumitomo Electric Industries Ltd., Anglo American plc, Rockwell Diamonds Limited, 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, CENTAURUS Technologies Inc., 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., Heyaru Group, SedKrist GmbH

The diamond market report table of contents includes:
1. Executive Summary
2. Diamond Market Characteristics
3. Diamond Product/Service Analysis -Product/Service Examples
4. Diamond Market Trends And Strategies
5. Diamond Market – Macro Economic Scenario
…………………………
68. Global Diamond Market Competitive Benchmarking
69. Global Diamond Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Diamond Market
71. Diamond Market Future Outlook and Potential Analysis
72. Appendix

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