Press release
Global Diamond Market to Reach $3.35 Billion by 2029, Growing at 5.9% CAGR
Diamond
The diamond market is experiencing expansion, largely attributed to the surge in population in developing nations such as India and China. This growth is a result of an increase in disposable income, a rise in demand, and easier access to credit. Essentially, disposable income is the money an individual or household is left with to spend or save following deduction of income tax. Particular diamonds used in offshore placer deposits are extracted through marine mining. For instance, Diamondrensu, a company based in India that excels in crafting and vending products related to diamonds, reported that in 2023, the total global investment in diamonds elevated to $18,000,000 from $15,200,000 in 2022, indicating a noteworthy boost in investment. Consequently, the escalating disposable income is fueling the expansion of the diamond market.
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What growth opportunities are expected to drive the diamond market's CAGR through 2034?
The value of the diamond market has seen substantial growth recently. It's anticipated to elevate from $2.52 billion in 2024 to $2.66 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.6%. The remarkable growth during the historic period is a result of factors like the jewelry industry, its status as a luxury symbol, industrial uses, being an investment and store of value, as well as its cultural significance.
Expectations are high for the diamond market, with a sustained increase predicted in the forthcoming years. In 2029, it is expected to reach $3.35 billion, representing a compound annual growth rate (CAGR) of 5.9%. This robust growth throughout the forecast period can be ascribed to enduring jewelry demand, growing wealth and the expansion of the middle class, shifts in emerging market tastes, eco-conscious and ethical procurement, and innovative marketing and retail strategies. Key trends for the forecast period comprise individualized and bespoke diamond jewelry, the use of artificial intelligence for diamond grading, capital infusion in diamond futures, and a rising fascination for vintage and pre-owned diamonds. This is accompanied by a change in consumer attitudes, preferring experiential investment over physical possessions.
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What are the emerging trends shaping the future of the diamond market?
Key industry players in the diamond market like De Beers Group are turning to innovative technologies such as blockchain for an edge in the competition. The use of blockchain technology in this industry aids in securely and unchangeably tracking a diamond's journey from extraction to sale. In May 2022, De Beers Group, a corporation based in the UK and known for its expertise in the diamond industry, introduced the Tracr blockchain platform to improve its diamond manufacturing processes. Tracr is unique as it is the only blockchain that starts from the diamond's source, offering secure confirmation of origin on a large scale. This feature allows parties involved to possess an unalterable record of the diamond's provenance, which enhances the confidence of jewelry retailers in their acquisitions. With consumers increasingly demanding clarity about the origins of products, Tracr provides credible details about De Beers' diamonds across the value chain, guaranteeing assurance of origins for all their output.
Which growth-oriented segments of the diamond market are leading the industry's development?
The diamond market covered in this report is segmented -
1) By Type: Jewelry Making, And Industrial Applications
2) By Mining Type: Underground Mining, Surface Mining
Subsegments:
1) By Jewelry Making: Engagement Rings, Wedding Bands, Necklaces And Pendants, Earrings, Bracelets
2) By Industrial Applications: Cutting Tools, Grinding Wheels, Drilling Equipment, Polishing And Finishing Tools, Wire Saw Blades
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What regions are leading the charge in the diamond market?
Africa was the largest region in the diamond market in 2024. The regions covered in the diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the diamond market?
Major companies operating in the diamond market include Sumitomo Electric Industries Ltd., Anglo American plc, De Beers Group of Companies, Diamond Foundry Inc., Alrosa PJSC, Swarovski AG, Henan Huanghe Whirlwind Co. Ltd., ILJIN Co. Ltd., Petra Diamonds Limited, Element Six Limited, Lucara Diamond Corporation, Zhengzhou Sino-Crystal Diamond Co. Ltd., Gem Diamonds Limited, WD Lab Grown Diamonds, New Diamond Technology LLC, IIa Technologies Pte. Ltd., Clean Origin LLC, Pure Grown Diamonds Inc., ABD Diamonds Private Limited, Washington Diamonds Corporation, Diam Concept International, Applied Diamond Inc., Crystallume PVD, Mittal Diamonds, D.NEA Diamonds, Finegrown Diamonds, Zhongnan Diamond Co. Ltd., SedKrist GmbH
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What Is Covered In The Diamond Global Market Report?
•Market Size Forecast: Examine the diamond market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the diamond market for a structured understanding.
•Key Players Overview: Analyze major players in the diamond market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the diamond market.
•Segment Contributions: Evaluate how different segments drive overall growth in the diamond market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the diamond market.
•Industry Challenges: Identify potential risks and obstacles affecting the diamond market.
•Competitive Landscape: Review strategic developments in the diamond market, including expansions, agreements, and new product launches.
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