Diamond Market Size, Share & Trends Analysis Report By Type (Natural, Synthetic), By Application (Jewelry & Ornaments, Industrial), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2025 - 2030

Diamond Market Size & Trends

The global diamond market size was estimated at USD 41.49 billion in 2024, growing at a CAGR of 3.3% from 2025 to 2030. The industry's growth is mainly attributed to the rising demand for jewelry, especially in emerging economies such as China and India. The industry's value chain involves downstream, upstream, and midstream processes. The upstream process involves exploring, producing, and sorting rough diamonds. The midstream process involves cutting and polishing rough diamonds to produce the finished product. The downstream process involves jewelry design and setting from the polished diamond and its consequent retail sales.

As of 2024, Asia Pacific emerged as the second-largest market for diamonds after North America. The strong demand from millennials in the region mainly contributes to the growth of the diamond jewelry industry. This indicates a large potential for the market to expand further. Considering the growing potential for diamond jewelry in the region, existing industry players are making attempts to further invest and expand their target audience.

Drivers, Opportunities & Restraints

The key driver in the market is the growing consumer demand for ethical and sustainable products. As awareness around environmental impact and labor practices in mining increases, consumers increasingly favor lab-grown diamonds and responsibly sourced natural diamonds. The rise of millennials and Gen Z as major buying segments has further accelerated this shift, as these groups prioritize sustainability and ethical sourcing. For instance, companies like Brilliant Earth have capitalized on this trend by offering a wide range of conflict-free, ethically sourced diamonds, contributing to market expansion for lab-grown and responsibly sourced natural diamonds.

Despite the positive growth outlook, the market faces significant restraints due to the volatility of rough diamond prices and fluctuations in global economic conditions. Economic uncertainties, such as inflation and geopolitical tensions, directly impact diamond demand, particularly in high-end luxury segments. Moreover, the rise of synthetic diamonds, which are more affordable, is putting downward pressure on the pricing of natural diamonds, creating a price sensitivity that hinders the growth potential of traditional diamond producers.

The increasing trend of digitization and e-commerce presents a significant opportunity for the market. Online platforms and virtual try-on technologies have made purchasing diamonds more accessible and appealing, particularly to younger, tech-savvy consumers. Brands like Blue Nile and James Allen have expanded their reach by offering a seamless online shopping experience with virtual consultations and advanced 3D ring design tools. In addition, the rise of customization in diamond jewelry, where consumers can design their own pieces, provides a lucrative opportunity for both natural and lab-grown diamond producers to tap into a growing demand for personalized luxury products.

Price Trend Analysis

Diamond prices have remained volatile into 2024, influenced by factors like inflation, currency fluctuations, and shifting consumer preferences. After a rebound in 2023, diamond prices rose in the year's first half, driven by strong demand, but softened in the latter half due to economic uncertainties. In 2024, the market stabilizes but remains sensitive to global economic conditions, the rise of synthetic diamonds, and changing buying patterns. Manufacturers face pressure to adapt to these trends, with companies like Henan Huanghe Whirlwind and Sino-Crystal expanding into jewelry to capitalize on the growing demand for affordable and sustainable options.

Type Insights

They are rare and primarily used for jewelry applications. Finding and processing them involves complex processes, which makes them costly in the jewelry industry. Despite the challenges imposed by cheaper lab-grown jewelry counterparts, the allure of natural diamonds still exists and is predicted to remain in strong demand over the coming years.

The synthetic diamond segment is projected to grow at the fastest compound annual growth rate (CAGR) in the coming years, driven by advancements in production techniques like High-Pressure, High-Temperature (HPHT), and Chemical Vapor Deposition (CVD). These diamonds, primarily used for industrial applications such as cutting, drilling, and abrasives, have seen increasing adoption in the jewelry market due to significant reductions in production costs. Acceptance of synthetic diamonds in jewelry applications among millennials is gaining prominence in many countries. In addition, synthetic diamonds generally cost 30% to 40 % less than mined diamonds, which gives them a competitive edge over natural diamonds.

Application Insights

The growing middle-class population, coupled with the increasing spending power of millennials and Gen Z, are key factors contributing to the growth of this segment. As per De Beers Group, millennials represent almost 60% of the U.S. jewelry market, while millennials in China drive 80% of the total national demand for jewelry. Millennials tend to spend extra on travel experiences rather than luxury items. Thus, manufacturers and retailers are now actively considering the idea of attaching a story in their marketing campaigns that includes the lifecycle of a diamond from the mine to consumers.

Lab-grown or synthetic products have considerably higher penetration in the industrial application segment. Industrial diamonds are mainly used as abrasives. Hence, their demand from sectors such as construction, metal machining, and exploration drilling has continuously increased over the past few decades. In construction, they are used in applications such as wire sawing, hand sawing, and core drilling.

Regional Insights

North America diamond market held over 51% revenue share of the global market. Ascending product demand for industrial applications is a key factor contributing to synthetic diamond penetration in this region. Under industrial application, the major sectors include machinery manufacturing, construction, and mining services (drilling and exploration for natural gas, oil, and minerals). Buildings, highways, stone cutting, and repair applications accounted for a majority of the consumption of synthetic diamonds for industrial purposes.

U.S. Diamond Market Trends

The diamond market in the U.S. is driven by consumer demand for both natural and lab-grown diamonds. While engagement rings remain the primary sales driver, the market also shows strong growth in fine jewelry and luxury accessories. A significant shift in recent years has been the rise of synthetic diamonds, which accounted for a significant market share in 2024. These diamonds offer a more affordable and environmentally sustainable alternative to natural stones, appealing to younger generations who prioritize ethical sourcing and sustainability.

Asia Pacific Diamond Market Trends

The diamond market in Asia Pacific is witnessing growing usage of jewelry and ornaments in developing nations such as China and India, fueling the demand for diamonds in the region. This has led market players to increase their investments, considering such promising sales in the future. Industrial diamonds are utilized extensively in the construction industry, where they are used in various types of equipment to cut concrete surfaces, polish concrete floors, and other applications.

China diamond market is expected to grow significantly over the forecast period. China has been a major mined diamond consumer over the past several years. However, with growing technological advancements, the country is expected to become a leading supplier of synthetic or lab-grown products. Lab-grown diamonds are similar to mined diamonds in terms of their crystal structure, chemical composition, and physical & optical properties. The only difference is that mined diamonds are extracted from the earth, while lab-grown diamonds are created in a state-of-the-art laboratory. Synthetic diamonds produced in China are majorly used for industrial applications like abrasives.

Europe Diamond Market Trends

The diamond market in Europe has demonstrated resilience in recent years, driven by a combination of factors, including growing demand for high-quality diamonds, the rise of ethical sourcing, and increased interest in branded and luxury diamond jewelry. The region, particularly countries like the UK, France, Germany, and Italy, remains a key player in the global diamond trade, with high-end jewelry brands maintaining a strong presence in traditional retail and online channels.

Central & South America Diamond Market Trends

The diamond market in Central & South America holds significant growth potential, particularly in countries like Brazil and Venezuela, which have historical ties to diamond mining. While much of the region's diamond production comes from artisanal and small-scale mining, there is increasing interest in formalizing and modernizing these operations to improve production quality and environmental sustainability.

Middle East & Africa Diamond Market Trends

The diamond industry in the Middle East is experiencing steady growth, with Dubai emerging as a major global diamond trading hub due to its strategic location, favorable tax policies, and state-of-the-art infrastructure. The region’s luxury market, particularly in countries like the UAE, Saudi Arabia, and Qatar, is expanding rapidly, driven by rising disposable incomes and a strong cultural affinity for high-end jewelry, including diamonds.

Key Diamond Company Insights

Some key players operating in the market include Petra Diamonds Limited and Rio Tinto.

• Petra Diamonds Limited is a UK-based diamond mining company focusing on extracting high-quality diamonds from its operations in southern Africa. The company primarily operates several mines in South Africa and Tanzania, including the Cullinan mine, known for producing some of the world’s most famous and valuable diamonds.

• Rio Tinto is a major multinational mining corporation with significant operations in the diamond industry, most notably through its ownership of the Argyle and Diavik mines. The company is known for its vertically integrated approach, encompassing exploration, mining, and the sale of rough diamonds. While Rio Tinto’s diamond production has consistently contributed to its overall revenue, it has made strategic moves in recent years to scale back its diamond operations, including the closure of the Argyle mine in 2020 due to declining reserves and economic factors.

Recent Developments

• In July 2023, Burgundy Diamond Mines Limited, a diamond mining firm, completed the acquisition of Arctic Canadian Diamond Company (ACDC). ACDC owns the Ekati mine in the Northwest Territories region of Canada. The move is expected to help Burgundy Diamond Mines in its strategy of vertical integration across the diamond value chain

• In July 2023, De Beers Group entered into an agreement with the Botswana government to increase the number of rough stones provided to the African nation. The plan is intended to enhance the capacity of the company’s facility and increase the number of rough stones by 50 percent over the next decade

• In May 2023, Blackstone Inc., one of the world’s largest alternative asset management companies, announced the diamond grading firm International Gemological Institute (IGI) acquisition for USD 535 million. The acquisition is a significant milestone in Blackstone’s expansion plans in India.

Diamond Report Scope

Global Diamond Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global diamond market report based on type, application, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Natural

  • Synthetic

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Jewelry & Ornaments

  • Industrial

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa