Global Diamond Market Size, Share, Growth Analysis Report - Forecast 2034

Global Diamond Market: Industry Perspective

The global diamond market size was worth around USD 106.70 Billion in 2024 and is predicted to grow to around USD 167.94 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 4.64% between 2025 and 2034. The report analyzes the global diamond market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the diamond industry.

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The report delves deeper into several crucial aspects of the global diamond industry. It includes a detailed discussion of existing growth factors and restraints. Future growth opportunities and challenges that impact the diamond market are comprehensively addressed in the report.

Global Diamond Market: Overview

Diamond is made of pure carbon. It is one of the world’s most valued minerals. Diamond is by far the hardest naturally occurring mineral known to the scientific and commercial world. Over the years since diamonds have been commercialized, they have managed to gain the status of precious gemstones. However, owing to the interesting chemical and physical properties of the mineral, they have extensive industrial applications as well. Some of the properties contributing to the uniqueness and popularity of diamonds include their sparkle, brilliance, and hardness. Currently, they are found in three kinds of deposits that are kimberlite pipes, glacial tills, and alluvial gravels. They are mostly found around 70 to 120 miles below the surface of the earth as researchers report that the carbon responsible for making diamonds originates from the melting of pre-existing rocks found in the upper mantle of the earth. In the last few years, the demand and consumption for diamonds in the industrial and jewelry segment have grown tremendously.

Global Diamond Market: Growth Drivers

Increase in diamond valuation to drive market growth

The global diamond market is projected to grow owing to the increasing valuation of diamonds. These minerals are considered by many users as long-term investments since the value of diamonds increases over time. The world’s most famous diamond ‘Kohinoor’ is currently worth over USD 19 billion. Increasing disposable income and the change in the perceived investment value of diamond has assisted in higher demand for diamonds of various shapes and sizes across the globe. In 2021, LVMH Moët Hennessy Louis Vuitton, a multinational luxury house, reported a surge of nearly 167% in revenue from its jewelry and watches segment. The news came in just after Tiffany & Co., a renowned provider of diamond jewelry, partnered with LVMH. The total revenue in 2021 from this segment was more than USD 10 billion.

Industrial application to further market growth

Diamonds are used extensively in industrial settings. They have found applications in the drilling of oil, minerals, and natural gas. Moreover, they are also used in the construction sector along with the production of computer chips. In drilling activities, diamond drillshave can save up to 50% of the total cost for conducting strategic tests.

Restraints:

High cost of diamonds to restrict market growth

Diamonds are precious gemstones and obtain their popularity since they are the only gemstones that are made of a single element. They are typically 99.95% carbon. These factors are responsible for the high cost of diamonds either for commercial or industrial purposes. The price is further influenced by the brand offering the product since the creation of diamond-based jewelry is labor-intensive and requires the help of extremely skilled human resources. The average cost of 1 carat of a diamond can range between USD 1250 to USD 1700 depending on several associated factors such as size, quality, color, and clarity to name a few. It could greatly impact the global diamond market sales volume in the coming years.

Opportunities:

Growing demand for lab-based diamonds to drive market expansion

Although lab-based diamonds may not be as valuable as mined diamonds, nevertheless, the market for lab-based diamonds is growing steadily. These gemstones are similar to diamonds mined from the earth in terms of appearance and chemical properties but they are manufactured in laboratories. A recent report by Edahn Golan, a diamond industry analyst, reported that out of all the sales made by diamond engagement rings, nearly 17.3% was dominated by lab-based diamonds. This number was around 1.7% three years ago, as per the same report.

Other factors such as rising application in the construction segment may work in the favor of the global market since they are used as cutting agents as they can cut through concrete material seamlessly.

Increasing collaboration between market players to open growth avenues

The diamond industry is expected to benefit from the increasing partnership between companies operating in the diamond business. For instance, in June 2024, the National Diamond Council (NDC) announced that it will undertake strategic partnerships with 8 brokerage firms. The news came in after Alrosa departed from the council due to the ongoing war in Ukraine. Firms such as Hari Krishna Exports, Shivam Jewels, Shree Ramkrishna Exports, and 5 more will join the NDC

Challenges:

Environmental and ethical concerns over diamond mining to challenge market expansion

There have been growing concerns over the drastic environmental impact of diamond mining since these activities are known to cause soil erosion, ecosystem destruction, and deforestation. Moreover, the chemicals used for diamond mining contribute to the ongoing climate change. Another challenge faced by the global diamond market players is the questions surrounding the supply and use of blood diamonds. These gemstones are mined from war zones and used for financing civil wars. A recent report by one of the United Nations Panel estimated that nearly 140,000 carats of diamonds have been smuggled out of Africa since May 2018.

Key Insights

• As per the analysis shared by our research analyst, the global diamond market is estimated to grow annually at a CAGR of around 4.64% over the forecast period (2025-2034).
• Regarding revenue, the global diamond market size was valued at around USD 106.70 Billion in 2024 and is projected to reach USD 167.94 Billion by 2034.
• The diamond market is projected to grow at a significant rate due to demand for luxury goods, industrial applications, and increasing popularity of lab-grown diamonds.
• Based on Type, the Natural segment is expected to lead the global market.
• On the basis of Application, the Jewelry & Ornaments segment is growing at a high rate and will continue to dominate the global market.
• Based on region, Africa is predicted to dominate the global market during the forecast period.

Global Diamond Market: Report Scope

Global Diamond Market: Segmentation

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The global diamond market is segmented based on application, product, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2025 to 2034.

Based on application, the global market segments are industrial and jewelry. The diamond industry is expected to be led by the jewelry segment in the coming years owing to the increasing purchase power of the middle-income groups along with the already existing popularity of diamond-based jewelry in the luxury-buyer segment. In June 2024, Aditya Birla, an Indian conglomerate, announced entry into the jewelry segment with an initial investment of USD 50 billion. The new venture is called Novel Jewels. Such announcements indicate the growing market for diamonds in developing economies such as India.

Based on Type, the global diamond market is divided into Natural, Synthetic.

The Regional, this segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America,and the Middle East and Africa.

Global Diamond Market: Regional Analysis

The diamond market shows distinct regional dynamics driven by variations in consumption patterns, mining activities, and economic development. North America, particularly the United States, remains one of the largest consumers of polished diamonds, supported by strong demand in the luxury jewelry segment. In contrast, Asia-Pacific, led by China and India, is witnessing rapid growth due to rising disposable incomes, changing consumer preferences, and increasing demand for bridal and fashion jewelry. Europe maintains a steady market, driven by high-end fashion and historic appreciation for diamonds. Meanwhile, Africa and Russia are dominant in rough diamond production, with significant mining operations supplying global demand. The Middle East also plays a growing role, particularly in luxury retail and investment-grade diamonds, fueled by a high-net-worth population and expanding retail infrastructure.

Global Diamond Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the diamond market on a global and regional basis.

The global diamond market is dominated by players like:

• Rio Tinto Diamonds
• De Beers Group
• Alrosa-Nyurba
• Petra Diamonds
• Leviev Group
• Lucara Diamond Corp
• Dominion Diamond Mines
• Graff Diamonds
• Blue Nile
• Chow Tai Fook
• Signet Jewelers
• Gem Diamonds
• Others.

Global Diamond Market: Segmentation Analysis

The global diamond market is segmented as follows;

By Type

• Natural
• Synthetic

By Application

• Jewelry & Ornaments
• Industrial

Global Diamond Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America