Rising demand for diamond jewelry especially in emerging countries is a major factor driving diamond market revenue growth
Vancouver, Jan. 30, 2024 (GLOBE NEWSWIRE) — The global diamond market size was USD 97.10 Billion in 2022 and is expected to register a revenue CAGR of 3.0% during the forecast period. Rising demand for diamond jewelry especially in emerging countries, increasing technological advancements adopted by major market players, and growing initiatives and investments by diamond manufacturers are some of the major factors driving the market revenue growth. In addition, rising use of diamonds in the construction industry is contributing to revenue growth of the market.
Increasing technological advancements in the industry is driving revenue growth of the diamond market. Except for jewelry, diamonds can also be used in healthcare industry. Medical experts have also considered utilizing diamonds to assist blind people due to their special affinity with light. Diamonds are being investigated as a possible component for bionic eyes and blind eye implants. According to some audiophiles, industrial-grade diamonds are used to enhance sound quality. As diamonds are extremely hard, they can vibrate at extremely fast speeds without warping or losing the audio quality, which allows diamond speaker domes to create high-quality sound.
Diamond record needles are also a requirement for Disc Jockey (DJ) gear and high-end record players. Lab-grown diamonds are steadily increasing in popularity throughout the years owing to their optical, molecular, and chemical similarities to mined diamonds. They have become known as a leading gemstone choice for many couples due to their environmental, social, and economic benefits. These diamonds are manufactured faster and less expensive than natural diamonds while retaining same physical and chemical properties. One of the most crucial advances in lab-grown diamond technology is the use of High-Pressure, High-Temperature (HPHT) techniques. Lab-grown diamonds are gaining appeal as a substitute for mined diamonds due to their acceptable and environmentally beneficial properties.
Growing initiatives and investments by diamond manufacturers are another factor contributing to revenue growth of the market. Diamond manufacturers are also making partnerships with other diamond manufacturing companies, launching products for various use of diamonds driving the market revenue growth. For instance, on 23 May 2023, the Natural Diamond Council (NDC) and Diamond Standard, creator of the world’s first market-traded and regulator-approved diamond investing product, formed a strategic alliance. The collaboration intends to raise awareness of Diamond Standard’s distinctive Coins and Bars through a Retailer Affiliates Program that will highlight and provide access to these fundamental investment offerings.
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High cost of diamonds is restraining revenue growth of the market. Diamond price fluctuations in recent years have had an impact on the diamond industry. Diamond prices fluctuate due to a variety of socioeconomic factors such as customer perception, rough diamond manufacturing, currency volatility, and shifting consumer purchasing patterns.
This is one of the most expensive gemstones on the market. Diamonds are the most prevalent stone used in engagement rings, making them truly luxury objects. The sole disadvantage of synthetic diamonds is that their value depreciates quickly. These gemstones have little value as they are not genuine and can be easily replicated. This will only be a problem for people trying to resell their jewels. Furthermore, ethical and environmental issues of diamond can hamper the market revenue growth.
On the basis of product, the global diamond market is segmented into natural and synthetic.
The natural diamond segment accounted for largest revenue share in 2022. Natural diamonds are highly valued by consumers due to their scarcity, beauty, emotional connotation, and significance. Although other stones, such as rubies and sapphires, are also incredibly durable, they do not scratch or break easily and have been subjected to severe extremes of pressure and heat many miles deep under the Earth. Sometimes, natural diamonds are more affordable than most premium cars and these types of diamonds never go out of fashion. They are now more popular than ever before across the globe with the rising demand from customers.
On the basis of application, the global diamond market is segmented into industrial and jewelry.
The industrial segment accounted for largest revenue share in 2022. Diamonds are most commonly used for industrial purposes. Diamonds are particularly applicable for polishing, cutting, and drilling as they are strong (rated a 10 on the Mohs Hardness Scale). Diamond saws and drills are used in a variety of industries, including automotive, mineral extraction, and military. Small diamond particles have been added to drill bits and saw edges to increase their cutting ability in difficult materials. As a result, several leading industries are manufacturing, investing, and making partnerships with other industries, which is driving revenue growth of this segment.
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North America accounted for largest revenue share in 2022 owing to rising collaboration by several leading companies and rising approvals of federal government agencies for this diamond, which are driving revenue growth of the market in this region. For instance, on 7 March 2022, Diamond Standard announced that it has gained regulatory authority to begin selling the Diamond Standard Bar. The Diamond Standard Bar is the world’s second regulator-approved, exchange-tradable, fungible diamond commodity.
Furthermore, on 6 May 2021, Diamond Works Technology, Inc. announced plans to begin lab-grown diamond production in the United States, utilizing an advanced, commercially proven OneStepTM Chemical Vapor Deposition (CVD) diamond growth process acquired exclusively by Diamond Works Technology from its technology partner, Sonani Jewels Pvt. Ltd. Diamond Works Technology’s leadership has a long history of commercializing crystal growth technology, extending plants to volume production, and developing supply networks for breakthrough materials across the globe.
Asia Pacific is expected to register fastest revenue growth rate over the forecast period due to emerging uses of synthetic diamonds in this region especially in India and China. India has a strong presence in the diamond business, including Lab-Grown Diamonds (LGDs). Lab-grown diamonds have recently acquired popularity due to scientific improvements, more consumer awareness, and, most importantly, they are eco-friendly and cost-effective. Over the last few years, China has been a major buyer of mined diamonds. However, as technological improvements continue, the country is expected to become the leading producer of synthetic or lab-grown commodities.
Scope of Research
|Market size in 2022
|USD 97.10 Billion
|Revenue forecast to 2032
|USD 130.97 Billion
|Base year for estimation
|Revenue in USD Billion and CAGR in % from 2023 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product type, application, imaging technology, end-use, and region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
|Key companies profiled
|DIAMOND STANDARD INC., Petra Diamonds Limited, MOUNTAIN DIAMONDS, Applied Diamond Inc, De Beers, Sino-Crystal Diamond Co.,Ltd., Arctic Canadian Diamond Company, Henan Huanghe Whirlwind CO.,Ltd., Lucara Diamond, Gem Diamonds
|10 hours of free customization and expert consultation
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Major Companies and Competitive Landscape
The global diamond market is fairly fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective diamond solutions.
Some major players included in the global diamond market report are:
- Diamond Standard Inc.
- Petra Diamonds Limited
- Mountain Diamonds
- Applied Diamond Inc
- De Beers
- Sino-Crystal Diamond Co., Ltd.
- Arctic Canadian Diamond Company
- Henan Huanghe Whirlwind CO., Ltd.
- Lucara Diamond
- Gem Diamonds
- On 14 September 2022, Diamond Standard Co., the creator of the world’s first regulator-approved diamond commodity, announced the completion of a USD 30 million financing round headed by Left Lane Capital and Horizon Kinetics. Gaingels and Republic.co are among the other investors in the round, which aims to increase manufacturing capacity and speed distribution of the world’s only regulator-approved diamond goods.
- On 14 June 2022, LVMH Luxury Ventures, along with Ragnar Crossover Fund with others, invested USD 90 million in Lusix, a lab-grown diamond company, demonstrating their belief in the disruption of the fine jewelry market. The company’s second facility can enable it to match the high demand for lab-grown diamonds from its present clientele.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global diamond market on the basis of product, nature, application, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Nature Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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