Diamond Market Size To Reach $50.23 Billion By 2030

Diamond Market Growth & Trends

The global diamond market size is expected to reach USD 50.23 billion by 2030, expanding at a CAGR of 3.3% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market is mainly driven by strong jewelry demand from emerging economies.

Natural diamonds dominated the market in 2022 as they are one of the hardest materials available on earth and are mainly utilized for jewelry applications. Industrial applications of natural diamond account for a comparatively smaller share as compared to their synthetic counterparts, while their share in jewelry application is expected to gain prominence over the coming years.

Synthetic or lab grown diamonds were mainly used for industrial purposes, however, in recent years, the market has witnessed significant investments in synthetic production technologies for making quality products intended for jewelry applications. Approximately 2% of the diamond jewelry sold in 2018 was estimated to be produced synthetically or in a lab.

Major players in the market are making considerable investments in mining rough diamonds to sustain the rising demand. For instance, in October 2018, LUCAPA Diamond Company announced about the commencement of full scale diamond mining at its Mothae Mine in Mokhotlong. The recoveries from the mine are being processed through a plant, which has an annual capacity of 1.1 million ton. The company expects to double the capacity to 2.2 million ton per annum by 2021.

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Diamond Market Report Highlights

• 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. 

• 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). 

• North America held over 51% revenue share of the global diamond market.The diamond market in the U.S. is driven by consumer demand for both natural and lab-grown diamonds. 

• 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.

Diamond Market Segmentation

Grand View Research has segmented the global diamond market on the basis of type, application, and region:

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

• Natural

• Synthetic

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

• Jewelry & Ornaments

• Industrial

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

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

• Asia Pacific

  • France

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa

List of Key Players of Diamond Market

• Petra Diamonds Limited

• Rio Tinto

• Trans Hex Group

• Lucara Diamond

• ALROSA

• De Beers

• Mountain Province Diamonds

• Arctic Canadian Diamond Company

• Gem Diamonds