Diamond Market
The global diamond market size was valued at USD 94.19 billion in 2023 and is projected to grow from USD 97.57 billion in 2024 to USD 138.66 billion in 2032 at a CAGR of 4.5% during the forecast period. North America dominated the diamond market with a market share of 55.22% in 2023. Diamonds are one of the hardest materials on earth and are well-known as a gemstones. The growth of the market is credited to the surging demand for jewellery and its use in industrial applications. The product is widely used due to its extreme hardness. It is also used for research purposes to study the unique qualities of diamonds. This information is provided by Fortune Business Insights, in its report titled, “Diamond Market, 2024-2032.”
Diamonds have long been a symbol of luxury, love, and prestige, dominating the global jewelry market for decades. Beyond their traditional use, diamonds are gaining prominence in industrial applications due to their unparalleled hardness and thermal conductivity. As the diamond market evolves, driven by shifting consumer preferences, technological advancements, and environmental considerations, understanding its dynamics is crucial for stakeholders across the value chain.
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List of Key Players Mentioned in the Report:
- KGK Group (China)
- De Beers (Canada)
- Rio Tinto (U.K.)
- Arctic Canadian Diamond Company Ltd. (Canada)
- Petra Diamonds (South Africa)
- Alrosa (Canada)
- Argyle (Switzerland)
- WD Lab Grown Diamonds (U.S.)
- Gem Diamonds (U.K.)
- Sagar Diamonds (India)
Segmentation:
Synthetic Segment to Capture Largest Share Due to Expansion of Construction Sector
As per type, the market is divided into natural and synthetic. Among these, the synthetic segment dominated the market owing to their cost-effectiveness and easy availability. The growth of the construction industry is also driving segment growth as synthetic stones are used in cutting and drilling tools. Moreover, it helps in decreasing production costs as maintenance costs of synthetic stones are low. Synthetic diamond consumption has increased in the jewellery sector as the trend for western weddings increased which is further propelling segment expansion.
Rough Segment Dominated the Market Owing to Their Low Price
Based on product, the market is split into rough and polished. Among these, the rough segment captured the largest share backed by their low cost and growing usage in drilling equipment and cutting tools. The utilization of rough diamonds in making optical lenses for cutting the lenses will also aid segment growth.
Jewellery Segment to Hold Major Share Backed by High Disposable Income
According to application, the market can be bifurcated into jewellery and industrial. The growth of the jewellery segment is attributed to the rise in disposable income. The growing number of fashion influencers has boosted the demand for branded jewellery from youngsters which will aid segment growth in the forthcoming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides crucial insights into growth trends impacting market dynamics and valuation. Moreover, the market is studied systematically by dividing it into regions and segments. Market share held, growth rate, and valuation of each segment and region is given in the document. Key players in the global market are also listed along with latest developments such as partners, collaborations, and mergers and acquisitions.
Drivers and Restraints:
Changing Consumer Preferences and Rising Demand for Innovative Jewellery Designs to Drive Market Growth
The demand for colourful and innovative jewellery has risen significantly as consumer preferences have changed. This has created several opportunities for manufacturers of synthetic diamonds and resellers to establish their presence in the global market. The growth of online platforms has also facilitated diamond market growth as the demand for jewellery products increased owing to the consumer preference to buy online.
On the other hand, the high cost of mining diamonds due to low production, fluctuating currency prices, and changing import-export policies will act as challenges for businesses operating in this domain.
Information Source: https://www.fortunebusinessinsights.com/diamond-market-102887
Regional Insights:
North America to Lead Owing to Surging Product Application in Making Wedding Jewellery
North America captured the dominant diamond market share in 2022 owing to growing usage of product in making wedding jewellery and the high disposable income of the region. U.S. records more than half the global demand for the product. Additionally, the region has a high number of influencers which affects product demand positively as the demand for jewellery from the youth increases thus driving market growth.
Asia Pacific market is slated to grow significantly in the upcoming years due to the high population of China and India. China is the largest consumer of the product as western-style weddings are very popular there. Moreover, the popularity of western fashion, trends, and weddings is rising in Indonesia, Japan and others which will propel market expansion in this region.
Europe market is likely to display stellar growth trends in the forecast timeframe backed by consumer preference for expensive jewellery and high per capita income of populace. The presence of leading companies and change in lifestyle and consumer behaviour will also elevate market augmentation in the region.
Competitive Landscape:
Investments in Recovery of Unique Diamonds to Aid Market Proliferation
Leading players in the market make several strategic decisions to strengthen their market position such as product launches, improving manufacturing capacity, enhancing geographical reach etc. For instance, in September 2022, Arctic Canadian Diamond Company Ltd. announced that the company has recovered a fancy vivid yellow diamond which is the largest of its kind in Canada. The recovery of these types of the diamonds will ensure the highest revenue for the company.
Key Industry Development:
August 2022: The KGK Group inaugurated its new diamond manufacturing facility in Saurimo. This move will help the company to establish a strong customer base in Angola.
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