Global Diamond market size is expected to reach $3.35 billion by 2029 at 5.9%, segmented as by type, jewelry making, and industrial applications

Global Diamond Market size was worth USD 97.45 billion in 2022 and is grow to around USD 138.53 billion by 2030 with a CAGR of 4.49%.

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Diamond Market Size 2024-2028

The diamond market size is forecast to increase by USD 42.72 billion, at a CAGR of 8.09% between 2023 and 2028.

The market is experiencing significant growth, driven primarily by the increasing demand for diamond jewelry, particularly for engagement and wedding rings. This trend is fueled by cultural traditions, societal norms, and the desire for luxury and self-expression. Additionally, the emergence of synthetic diamonds in various applications, such as industrial and consumer electronics, is expanding the market's scope and potential. However, the market faces challenges, including the presence of counterfeit products in the e-retailing space. This issue undermines consumer trust and poses a threat to market integrity.
Companies must prioritize authenticity and transparency to mitigate the risks and maintain a strong market position. To capitalize on opportunities and navigate challenges effectively, market participants should focus on innovation, quality, and ethical sourcing. By addressing these factors, they can differentiate themselves and build lasting customer relationships.

What will be the Size of the Diamond Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, with dynamic interplays between various sectors shaping its landscape. Diamond engagement rings remain a significant application, with GIA certification playing a crucial role in ensuring transparency and trust. Simultaneously, diamond auctions provide a platform for buying and selling polished and rough diamonds, influencing market prices. The 4Cs of diamonds - carat weight, color, clarity, and cut - remain the benchmark for evaluating diamond quality. However, the advent of technology has led to advancements such as irradiation treatment, polishing wheels, and blockchain technology, enhancing diamond certification and traceability. Irradiation treatment alters the diamond's color, while polishing wheels refine its shape.

Blockchain technology offers enhanced transparency and security, ensuring ethical sourcing and traceability. Retail markups vary, with luxury goods commanding premium prices. Meanwhile, the rough diamond sector undergoes continuous transformation, with mining, processing, and value assessment shaping its market dynamics. Rough diamonds are cut and polished to create stunning jewelry pieces, such as earrings, pendants, and bracelets. Investment-grade diamonds attract investors, with conflict-free diamonds gaining popularity due to ethical considerations. Synthetic diamonds, including lab-grown and cultured diamonds, challenge the traditional market, offering cost-effective alternatives. Diamond Mining equipment and processing technologies continue to advance, enabling efficient extraction and refinement. The market's continuous evolution reflects the interplay between technology, consumer preferences, and industry trends.

How is this Diamond Industry segmented?

The diamond industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Jewelry making
  Industrial applications


Type

  Natural
  Synthetic


Mining Method

  Open Pit
  Underground
  Alluvial
  Marine


Cut/Shape

  Round Brilliant
  Princess
  Cushion
  Emerald
  Oval
  Pear
  Marquise
  Asscher
  Radiant
  Heart


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Application Insights

The jewelry making segment is estimated to witness significant growth during the forecast period.

The market experiences significant growth due to the expanding middle class and their increasing disposable income. This economic shift enables consumers to invest in luxury goods, particularly diamond jewelry. The desire for personal accessories, coupled with evolving lifestyles and urbanization, fuels innovation among manufacturers, resulting in unique designs to attract customers. Key entities shaping this market include diamond mining equipment for extracting rough diamonds, cultured diamonds for ethical sourcing, and diamond certification bodies like GIA and IGI ensuring authenticity and quality. Polished diamonds are then cut and graded based on the 4Cs – carat weight, color, clarity, and cut – before being transformed into various jewelry pieces such as engagement rings, earrings, pendants, and bracelets.

Diamond auctions and wholesale platforms facilitate t

The global Diamond market size is expected to reach USD 130.97 Billion in 2032 registering a CAGR of 3.0%. Discover the latest trends and analysis on the Diamond Market. Our report provides a comprehensive overview of the industry, including key players, market share, growth opportunities, and more.

The synthetic diamond market for jewelry is projected to reach $21,779.8 million by 2030 from $12,006.0 million in 2022, growing at a CAGR of 7.62 % during 2023-2030.

Lab-grown diamonds are gaining an increasing share of the global diamond market each year, with the market share expected to amount to over 21 percent in 2025. In 2023, lab-diamonds accounted for 14.3 percent of the worldwide diamond market. Lab-grown diamonds, also known as synthetic diamonds, have the same physical properties of natural diamonds because they are created in a lab using technology that replicates the natural diamond growing process.

Global Diamond Market

According to Cognitive Market Research, the global diamond jewellery market size was USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.

The global diamond jewellery market will expand significantly by XX% CAGR between 2024 to 2031.
North America held the major market of more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Europe accounted for a share of over XX% of the global market size of USD XX million.
Asia Pacific held a market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Latin America's market will have more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
The Round Brilliant Cut Diamond segment is set to rise due to its symmetry, structure, and light-dancing reflections. This makes it an ideal option for engagement rings.
The diamond jewellery market is driven by increased disposable income, rising demand for diamond jewellery especially during special occasions, technological advancements, growing jewellery industry demand owing to its attributes, and gender-fluid jewellery trends. 
1 CT segment held the highest diamond jewellery market revenue share in 2023.

Current Scenario of the Diamond Jewellery Market:

Key drivers of the Diamond Jewellery Market

Increased Disposable Income will generate greater demand for diamond jewellery-

The market for jewellery is expanding due to rising disposable income and purchasing power of consumers. The desire for luxuries like decorations is being driven by the rapid development of the global economy, which is increasing people's disposable income and purchasing power. The population's high level of disposable income and purchasing power is fueling the expansion of the global economy and driving up demand for luxuries like diamond jewellery. The market for diamond jewellery has expanded as a result of rising levels of urbanisation and disposable income in emerging economies. The market for diamond jewellery has been further stimulated by the desire for luxury and the power of celebrity endorsements. In April 2024, Cartier had introduced a news special known as “TRINITY CAMPAIGN: WHO WEARS WHAT?”. It features several jewellery pieces accessorised by various celebrities. Source-http://https://www.cartier.com/en-in/news.html#/stories/news/2404-str-news-trinity-campaign

Thus, the demand for diamond jewellery is expected to be driven during the forecast period by the middle class's rapid expansion as well as shifting consumer tastes regarding jewellery.

Rising demand for diamond jewellery especially during Special Occasions will fuel market growth-

It is anticipated that various global conventions surrounding the adoption of jewellery would greatly increase demand for the product. The younger generation, who are fashion conscious, is constantly looking for diversified product choices and is spending more money on branded jewellery and accessories. Diamond rings are a popular choice for engagement and wedding rings in industrialised nations like the United States and the United Kingdom. Prominent companies in the worldwide diamond market provide an extensive assortment of diamond jewellery meant for important events including birthdays, wedding anniversaries, and Valentine's Day. Market players also indulge in expansion strategies such as the launch of special valentine collections. For instance, Pandora has launched a special valentine collection featuring a variety of valentine themed diamond jewellery pieces. Source- https://us.pandora.net/en/gifts/occasions/valentines-day/

In addition, contemporary buyers love giving diamond jewellery as a thoughtful present to their close ones. In wealthy nations, giving diamond jewellery is a common way to commemorate milestones in academic accomplishment, mother's day, promotions, and other family occasio...

The global diamond jewelry market was valued at USD 389.5 billion in 2025 and is projected to reach USD 605.7 billion by 2035, expanding at a CAGR of 4.8%.

Metric	Value
Industry Size (2025E)	USD 389.5 billion
Industry Value (2035F)	USD 605.7 billion
CAGR (2025 to 2035)	4.8%

Country-Wise Outlook

Country	CAGR (2025 to 2035)
United States	5.4%

Country	CAGR (2025 to 2035)
United Kingdom	4.9%

Country	CAGR (2025 to 2035)
Germany	5.2%

Country	CAGR (2025 to 2035)
India	6.8%

Country	CAGR (2025 to 2035)
China	7.0%

The global industrial diamond market size reached USD 3.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 4.8 Billion by 2033, exhibiting a growth rate (CAGR) of 3.7% during 2025-2033.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 3.4 Billion
Market Forecast in 2033	USD 4.8 Billion
Market Growth Rate 2025-2033	3.7%

IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial diamond market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on type and application.

In 2022, the global diamond market decreased by X% to $X.7B, falling for the second consecutive year after four years of growth. Overall, consumption, however, continues to indicate a abrupt decline. Over the period under review, the global market attained the maximum level at $X.6B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Industrial Diamond Market Outlook

The global industrial diamond market size is anticipated to surge from USD 2.1 billion in 2023 to an estimated USD 3.5 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 5.8% over the forecast period. This impressive growth can be attributed to the increasing demand across various end-user industries and advancements in synthetic diamond manufacturing technologies. The market's upward trajectory is bolstered by the superior properties of industrial diamonds, such as unparalleled hardness and thermal conductivity, which make them indispensable in a variety of industrial applications.

One of the primary growth factors for the industrial diamond market is the burgeoning demand in the electronics industry. As electronics continue to become increasingly miniaturized and sophisticated, the need for high-precision, durable materials has grown exponentially. Industrial diamonds are used extensively in the production of semiconductors and electronic components due to their exceptional hardness and ability to withstand high temperatures without degrading. Moreover, the rise of new technologies such as 5G, the Internet of Things (IoT), and advanced computing systems further fuels this demand. This trend is expected to continue as technological advancements drive the need for more efficient and reliable materials.

Another significant growth driver is the increasing adoption of industrial diamonds in the automotive and aerospace industries. These sectors demand materials that offer unparalleled performance and durability, characteristics that industrial diamonds provide. In the automotive industry, they are used in cutting tools and abrasive applications that require precision and longevity. Similarly, in aerospace, the need for lightweight, robust materials to enhance fuel efficiency and performance has led to increased use of industrial diamonds. As these industries continue to innovate and expand, the demand for industrial diamonds is expected to grow, supporting market expansion.

The construction and mining sectors also contribute significantly to the market's growth. Industrial diamonds are crucial in cutting and drilling applications due to their durability and efficiency. In mining, they are used in equipment that needs to withstand extreme conditions and abrasive materials. As global construction activities rise, particularly in developing regions, demand for efficient and durable materials like industrial diamonds increases. Additionally, with the push toward sustainable and smart construction techniques, the role of industrial diamonds in providing precision and reducing material waste is becoming more pronounced.

The regional outlook for the industrial diamond market reveals that Asia Pacific is poised to dominate, owing to rapid industrialization and the presence of significant electronics and automotive manufacturing hubs. North America and Europe are expected to maintain steady growth due to technological advancements and increased investment in research and development. In contrast, regions like Latin America and the Middle East & Africa are anticipated to witness moderate growth, driven by industrialization and infrastructural developments.

Type Analysis

The industrial diamond market is segmented by type into natural and synthetic diamonds, each playing a crucial role in the overall market dynamics. Natural diamonds, though less prevalent due to limited availability and higher costs, are valued for their intrinsic properties, making them ideal for specific high-end applications. However, the synthetic diamonds segment is witnessing a remarkable surge, primarily due to their cost-effectiveness and the ability to be engineered to meet specific industrial requirements. The synthetic segment is expected to command a significant market share as technological advancements in manufacturing processes such as High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD) continue to drive production efficiency and quality.

Synthetic industrial diamonds have gained favor across various applications due to their consistency and the ability to customize properties such as size, shape, and quality. This tailorability makes them suitable for a broad range of uses, from precision machining to advanced electronic components. As industries strive to optimize cost while maintaining performance standards, synthetic diamonds provide a competitive edge. Furthermore, their role in sustainable practices cannot be overlooked, as they offer a less environmentally taxing alternative to natural diamond min

According to Cognitive Market Research, the global diamonds and diamond jewelry market size is USD 179841.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.60% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 71936.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 53952.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 41363.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 8992.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 3596.82 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
The women diamonds and diamond jewelry held the highest diamonds and diamond jewelry market revenue share in 2024.

Market Dynamics of Diamonds and Diamond Jewelry Market

Key Drivers of Diamonds and Diamond Jewelry Market

Growing Trends & Preferences of Consumers to Increase the Demand Globally

A major factor is the evolution of consumer trends and tastes. Demand in the diamonds and diamond jewelry market, for instance, may be impacted by preferences for particular diamond settings, forms, and styles. In order to be competitive, jewelers must adjust to evolving fashion trends. The market's vibrancy is influenced by advancements in jewelry design and diamond cutting. Technologies that are novel and creatively designed can draw in customers who are looking for something very special. Significant life events like engagements and marriages are frequently linked to diamonds. Particularly in wedding and celebration settings, cultural customs and societal conventions support the diamond jewelry's enduring appeal. The diamonds and diamond jewelry market share is expected to be driven by these factors.

Growing Use of Diamonds Grown in Labs to Propel Market Growth

Lab-grown diamonds are becoming more and more well-liked. Although these diamonds are thought to be a more sustainable choice and are frequently less expensive than mined diamonds, they are chemically and physically similar to mined diamonds. Customers are looking for one-of-a-kind, custom diamond jewelry. People can show their individuality with customization options including personalized phrases and distinctive designs. Designs with an old feel and vintage inspiration are becoming more and more fashionable. Customers are drawn to the distinctive designs and classic elegance of antique items from various eras. Innovative and unorthodox designs are being experimented with by jewelry designers. This involves the inventive use of metals and jewels, as well as asymmetrical patterns and geometric shapes. It is projected that the market share of diamonds and diamond jewelry will increase as a result of these most recent advances.

Restraint Factors Of Diamonds and Diamond Jewelry Market

Change in Lifestyle Selections to Limit the Sales

A shift in consumer preferences could affect the market for high-end luxury goods like diamond jewelry. Examples of such shifts include a preference for experiences over material belongings and minimalism. Luxury products such as designer accessories, expensive watches, and experiences are competitors for the diamond jewelry sector. Spending discretionary funds on a range of upscale goods is up to the consumer. Conventional diamond jewelry merchants may face difficulties due to the quick shifts in consumer preferences and fashion. Flexibility in design and marketing tactics is necessary to adjust to changing tastes and fashions. The market expansion for diamonds and diamond jewelry is expected to be hampered by the factors.

Impact of Covid-19 on the Diamonds and Diamond Jewelry Market

The diamonds and diamond jewelry market has suffered as a result of COVID-19, and this will reduce income generation in the fiscal year 2021. The diamonds and diamond jewelry businesses are requesting assistance from the government to pay their employees' wages because they a...

Global Diamond is segmented by Application (Jewelry retailers, Diamond traders, Mining companies, Industrial manufacturers, Consumers), Type (Rough diamonds, Polished diamonds, Diamond jewelry, Industrial diamonds, Lab-grown diamonds) and Geography(North America, LATAM, West Europe, Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA)

In 2022, the total value of the diamond jewelry market worldwide amounted to **** billion (nominal) U.S. dollars. That represented a slight decrease of *** billion U.S. dollars from the previous year, as the global diamond industry recovered from the results of the COVID-19 pandemic. The diamond jewelry industry: a market leader Diamonds are a rare and naturally occurring mineral that are comprised of carbon. Diamonds are the hardest known substance and are also chemically resistant. They have the highest thermal conductivity of any natural material. Diamonds also have special properties that make it the world’s most popular gemstone. These properties include a high index of refraction, high dispersion, and high luster. Russia had the largest diamond reserves of any country in the world in 2021. However, the United States had by far the largest market for diamond jewelry, which was worth several times more than that of second-placed China. De Beers: a company is forever? De Beers, headquartered in London, is one of the world’s largest and most successful diamond mining companies. Founded in 1888 by Cecil Rhodes, it has had a dominant presence in the global diamond industry ever since. Until the beginning of the 21st century, it had a monopoly on the diamond market. The revenue of De beers has been fluctuating since 2011, and in 2020 revenue rose to *** billion U.S. dollars. In the 20th century, De Beers embarked on a strategy to convince consumers that diamonds are the best way to effectively prove your love and commitment to a romantic partner. This spearheaded the diamond engagement ring trend. They created the famous slogan, “A Diamond is Forever".

The Global Diamond market is anticipated to cross USD 140 Billion by 2029, increasing from USD 110.41 Billion in 2023

This statistic presents selected figures about the diamond market worldwide in 2008 and 2018. In 2008, the global production of rough diamonds had a value of ** billion U.S. dollars, and it is estimated that it will be worth ** billion U.S. dollars in 2018.

Get key insights from Market Research Intellect's Diamond Mining Market Report, valued at USD 88.2 billion in 2024, and forecast to grow to USD 107.3 billion by 2033, with a CAGR of 2.2% (2026-2033).

Botswana's diamond production from mines in 2023 had a total value of **** billion U.S. dollars. During the same year, Russian diamond mine production had a total value amounting to *** billion U.S. dollars. Accordingly, Botswana and Russia were the world's first and second leading countries, respectively, based on diamond production value. The diamond industry, unlike precious metals and other natural resources, relies almost exclusively on consumer demand for diamond jewelry. The diamond industry is expected to flourish despite weak global economic growth.

Big Size Synthetic Diamond Market Outlook

The global market size for big size synthetic diamonds is expected to witness significant growth, from an estimated value of $2.5 billion in 2023 to $8.4 billion by 2032, at a robust Compound Annual Growth Rate (CAGR) of 14.5%. This growth is fueled by technological advancements and increased demand across various applications.

The growth of the big size synthetic diamond market is primarily driven by the rising demand in the electronics sector. Synthetic diamonds, particularly those produced through Chemical Vapor Deposition (CVD) and High Pressure High Temperature (HPHT) methods, have exceptional thermal conductivity and electrical properties, making them invaluable in the production of high-performance semiconductors and power electronics. With the advent of 5G technology and the continuous miniaturization of electronic devices, the need for materials that can efficiently dissipate heat while maintaining electrical performance is more critical than ever.

Another significant growth factor is the increasing acceptance of synthetic diamonds in the jewelry industry. Traditionally, natural diamonds have dominated this market; however, the eco-friendly and ethical attributes of lab-grown diamonds are becoming increasingly appealing to consumers. As awareness grows about the environmental and social impacts of natural diamond mining, more consumers are opting for synthetic alternatives, which offer comparable quality at a fraction of the cost. This shift in consumer preference is expected to drive market growth substantially.

The industrial sector also presents substantial growth opportunities for the big size synthetic diamond market. Synthetic diamonds are widely used in cutting, grinding, drilling, and polishing applications due to their superior hardness and wear resistance. The construction, automotive, and aerospace industries, in particular, are major consumers of industrial-grade synthetic diamonds. As these industries continue to expand and innovate, the demand for high-performance materials like synthetic diamonds is anticipated to rise correspondingly.

Regionally, North America and Asia Pacific are expected to be the key markets for big size synthetic diamonds. North America, with its advanced technological infrastructure and high adoption rate of new materials, is likely to see substantial growth. Meanwhile, Asia Pacific, driven by rapid industrialization and a burgeoning electronics industry, will also be a significant contributor to market expansion. The region is home to some of the fastest-growing economies, such as China and India, which are investing heavily in high-tech industries and infrastructure development, further boosting market growth.

Product Type Analysis

The big size synthetic diamond market is divided into two main product types: HPHT (High Pressure High Temperature) Diamonds and CVD (Chemical Vapor Deposition) Diamonds. HPHT diamonds have been traditionally used due to their ability to produce gem-quality diamonds that are virtually indistinguishable from natural diamonds. The process involves mimicking the natural high-pressure, high-temperature conditions found deep within the Earth's mantle to produce synthetic diamonds. HPHT diamonds are particularly popular in industrial applications due to their exceptional hardness and durability, making them ideal for cutting and grinding tools.

On the other hand, CVD diamonds are gaining significant traction due to their versatility and the ability to precisely control the production process. CVD diamonds are synthesized by decomposing carbon-containing gases at low pressures, which allows for the production of high-purity and high-quality diamonds suitable for both industrial and gem applications. The growing demand for high-performance semiconductors and advanced technological applications in electronics is driving the adoption of CVD diamonds. Moreover, CVD diamonds are often preferred in the jewelry industry for their clarity and color consistency.

The advancements in CVD technology have also led to the development of large-size diamonds, which are increasingly being used in high-tech industries. The ability to produce large, high-quality synthetic diamonds at a relatively lower cost compared to natural diamonds is a significant advantage that is expected to drive market growth. Additionally, ongoing research and development efforts are focused on enhancing the quality and reducing the production cost of both HPHT and CVD diamonds, which will further bolster market expansion.

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