Global Diamond Market Size, Trends, In-depth Analysis, Research Report Forecast up to 2028: De Beers Group and Petra Diamonds Limited are key players.

Global Diamond Market is expected to grow at a CAGR of 1.82% to reach a market size worth US$111.209 billion by 2028.

The prime factors propelling the growth of the global diamond market are the increasing demand for diamond jewelry and the rising advancements in extracting and processing technology of diamonds.

The global diamond market is expected to grow at a modest pace during the forecast period.

Diamonds are used in cutting tools and high-tech machinery, and the diamond market is dominated by demand for diamond jewelry, particularly engagement rings and other presents for special occasions. The leading producers of diamonds globally are Russia, Botswana, Canada, and Australia, with South Africa, Angola, and Namibia also playing significant roles in the industry.

Therefore, the development of new technology to improve diamond production and processing significantly impacts the diamond business. Modern methods, including chemical vapor deposition (CVD) and high-pressure, high-temperature (HPHT) treatment, are used to create lab-grown diamonds. In February 2023, IIT-Madras was given a research project by the Indian Central Government for the domestic production of lab-grown diamonds (LGD) technologies, seeds, and formulas and aimed for the creation of the India Centre for Lab-Grown Diamond (InCent-LGD) at IIT Madras, with a five-year investment of US$29.3 million. According to data from the U.S. Geological Survey, the country's production of synthetic diamond materials rose by 6% in 2020 compared to the previous year, demonstrating the growing demand for lab-grown diamonds. The ever-increasing interest in lab-grown diamonds, smaller and more affordable diamonds, is due to the popularity of minimalist jewelry and eco-friendly fashion.

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The global diamond market has been segmented into application and geography.
Based on the application, the market has been segmented into jewelry and industrial.

Asia Pacific is expected to retain a considerable market share by region due to the strong demand for diamonds in India and China. Growing middle-class populations and shifting cultural perceptions of diamonds have fueled the demand for diamond jewelry in China. In addition, a high market growth rate is expected for the North American region due to the increasing demand for diamonds, particularly engagement rings and other special occasion gifts in the US market. In 2019, the United States imported diamond jewelry worth $19.5 billion.

The COVID-19 pandemic had an adverse effect on the market as diamond mining and production were disrupted by countries-imposed lockdowns and travel restrictions, causing a decrease in supply. In addition, the demand for diamonds declined due to economic uncertainty and the closure of jewelry stores and other retail outlets. However, as the world begins to recover from the pandemic, the diamond market is slowly showing signs of improvement.

As a part of the report, major players operating in the global diamond market covered are ALROSA Group, De Beers Group, Petra Diamonds Limited, Debswana Diamond, Rio Tinto, and Arctic Canadian Diamond Company.

This global diamond market has been analyzed into the following segments:

• By application

o Jewelry
o Industrial

• By Geography

• North America

o USA
o Canada
o Mexico

• South America

o Brazil
o Argentina
o Others

• Europe

o United Kingdom
o Germany
o France
o Russia
o Others

• Middle East and Africa

o Saudi Arabia
o Israel
o South Africa
o Other

• Asia Pacific

o China
o Japan
o India
o South Korea
o Indonesia
o Vietnam
o Others

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