Diamond Market to Grow with a CAGR of 4.06% Globally through 2028
Global Diamond Market
continues to thrive due to factors such as sustainability and ethical sourcing,
shifts in consumer preferences towards customization and unique designs, and
the digital transformation of the purchasing process.
According to
TechSci Research report, “Global Diamond Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Diamond
Market stood at USD 96.51 billion in 2022 and is anticipated to grow with a
CAGR of 4.06% in the forecast period, 2024-2028. The global diamond market
represents a multifaceted industry encompassing the mining, manufacturing,
trading, and retailing of these precious gemstones. Diamonds hold enduring
allure, symbolizing love, elegance, and wealth, making them a sought-after commodity
in various forms, from engagement rings to high-end jewelry and
investment-grade stones.
The diamond
market has experienced steady growth driven by factors such as rising
disposable incomes, evolving consumer preferences, marketing efforts, and the
tradition of diamonds as symbols of commitment and luxury. Economic growth in
emerging markets, particularly in Asia-Pacific, has expanded the consumer base
for diamonds, contributing to market growth.
Browse over 26
market data Figures spread through 189 Pages and an in-depth TOC on
"Global Diamond Market”
The diamond market exhibits segmentation based on
various factors, including the 4Cs—carat weight, cut, clarity, and color—that
determine a diamond's value and quality. Diamonds range from small,
commercial-grade stones used in industrial applications to larger, gem-quality
diamonds prized for their beauty and rarity. The market also includes different
shapes and cuts, fancy-colored diamonds, and synthetic or lab-grown diamonds.
The diamond supply chain begins with mining operations
in various regions worldwide, including Africa, Russia, Canada, and Australia.
Rough diamonds extracted from mines undergo sorting, grading, and valuation
before being sold to manufacturers. Cutting and polishing centers, mainly in
countries like India, Belgium, Israel, and the United States, transform rough
diamonds into polished gems. The polished stones then move through a network of
traders, wholesalers, and retailers before reaching consumers.
Africa, particularly countries like Botswana, South
Africa, and Angola, holds a significant share in global diamond production. The
continent accounts for a substantial portion of rough diamond supply, playing a
pivotal role in the industry's supply chain. Other regions, including Russia,
Canada, and Australia, also contribute to global diamond production.
North America, Europe, and Asia-Pacific serve as major
consumer markets for diamonds. The United States remains the largest market for
diamond jewelry consumption, followed by China and India, where increasing
affluence and cultural preferences for diamonds drive demand. Emerging trends
include a growing interest in responsibly sourced and ethically mined diamonds,
as consumers prioritize sustainability and ethical practices in their
purchasing decisions.
Marketing campaigns by diamond producers, mining
companies, and retailers play a crucial role in shaping consumer perceptions
and driving demand. Brands often focus on emotional storytelling, highlighting
the significance of diamonds in special occasions and celebrations. Innovation
in marketing strategies, including digital platforms, influencer
collaborations, and experiential retail, aims to engage and resonate with
diverse consumer segments.
Challenges in the diamond market include price volatility,
geopolitical factors, and increasing competition from lab-grown diamonds.
However, opportunities exist in catering to changing consumer preferences,
enhancing transparency in the supply chain, and leveraging technology for
traceability and marketing.
The global diamond market is segmented into type, application,
distribution channel, and region.
Based on the type, the natural segment emerged as the
dominant player in the global diamond market. One of the primary factors
contributing to the dominance of natural diamonds is their innate appeal and
timeless elegance. Natural diamonds, formed over millions of years under
extreme conditions deep within the Earth's mantle, possess unique
characteristics and unparalleled beauty. Their rarity and natural creation
process imbue them with a sense of exclusivity and desirability that synthetic
or lab-grown diamonds often strive to emulate but may not fully replicate. Moreover,
natural diamonds have a profound emotional and cultural significance ingrained
in societal traditions. They symbolize enduring love, commitment, and milestone
moments such as engagements, weddings, and anniversaries. This emotional
connection and the historical legacy associated with natural diamonds
contribute to their sustained demand and prominence in the market.
Based on region, North America has a significant share
of the global diamond market. One pivotal aspect contributing to North
America's significant share in the global diamond market is its robust presence
in the diamond trading and distribution network. Cities like New York serve as
prominent hubs for diamond trading, housing major auction houses, trading
centers, and a network of wholesalers and retailers. These hubs attract a
diverse clientele, including dealers, manufacturers, investors, and high-end
jewelry retailers, consolidating North America's position as a pivotal player
in the global diamond trade. Moreover, North America boasts a thriving consumer
market for diamonds, particularly in countries like the United States and
Canada. The United States stands as one of the largest markets for diamond
jewelry consumption globally, driven by a combination of strong consumer
demand, a culture that values diamonds as symbols of love and prestige, and a
high disposable income among its populace. This sustained consumer interest
contributes significantly to the region's influence and market share in the
global diamond industry.
Major companies operating in global diamond market
are:
- Petra Diamonds
Limited
- Rio Tinto
- Trans Hex Group
- Lucara Diamond
- ALROSA
- De Beers
- Mountain
Province Diamonds
- Arctic Canadian
Diamond Company
- Gem Diamonds
- Dominion
Diamond Mines
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“The global
diamond market remains complex and dynamic, driven by various factors
influencing supply, demand, and consumer preferences. Regions, market segments,
supply chain dynamics, and evolving trends collectively shape the trajectory of
the diamond industry, positioning diamonds as enduring symbols of beauty, love,
and luxury.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Diamond Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type
(Natural, Synthetic), By Application (Jewelry & Ornaments, Industrial), By
Distribution Channel (Offline and Online), By Region, By Competition, 2018-2028, has
evaluated the future growth potential of global diamond market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global diamond market.
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