PUBLISHER: The Business Research Company | PRODUCT CODE: 1435356
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435356
Diamond mining involves the extraction of diamonds of varying carats through processes that combine art, science, engineering, and extensive labor. There are three methods employed in diamond mining, pipe mining, alluvial mining, and marine mining.
The main categories of diamonds are designated for jewelry making and industrial applications. Jewelry making pertains to ornamental pieces such as rings, necklaces, earrings, and bracelets, crafted from materials that may or may not be precious (such as gold, silver, glass, and plastic), set with genuine or imitation gems, and worn for personal adornment. The grades of diamonds include gem grade and industrial grade. Various mining methods encompass both underground mining and surface mining.
The diamond market research report is one of a series of new reports from The Business Research Company that provides diamond market statistics, including diamond global industry, regional shares, competitors with a diamond market share, detailed diamond market segments, market trends and opportunities, and any further data you may need to thrive in the diamond industry. This diamond global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The diamond market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion observed in the historical period can be attributed to factors such as the jewelry industry, where diamonds serve as symbols of luxury and status, industrial applications, their role as investments and stores of value, and their cultural significance.
The diamond market size is expected to see strong growth in the next few years. It will grow to $3.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be linked to the sustained demand in the jewelry sector, the increasing affluence and growth of the middle class, emerging market preferences, the emphasis on sustainable and ethical sourcing, as well as innovations in marketing and retail strategies. Noteworthy trends expected in the forecast period include the trend of customization and personalization in diamond jewelry, the integration of artificial intelligence in diamond grading processes, investments in diamond futures, a growing interest in vintage and secondhand diamonds, and a shift in consumer behavior towards valuing experiences over possessions.
The growth witnessed in the diamond market is a result of the increasing population in developing nations such as China and India, driven by rising disposable income, heightened demand, and increased availability of credit. Disposable income, defined as the amount of money an individual or household has after income taxes have been deducted, plays a pivotal role in this trend. Marine mining, a form of diamond extraction from offshore placer deposits, contributes to the diversity of diamonds available in the market. In 2021, data from the Bureau of Statistics of China indicated that disposable personal income in China increased to 47,412 CNY. Thus, the upward trajectory of disposable income is a key factor propelling the growth of the diamond market.
Anticipated expansion in the diamond market is also linked to the burgeoning e-commerce and online retailing sector. E-commerce, involving the buying and selling of goods and services over the internet, provides diamond retailers with a global reach, offering customers a convenient shopping experience, easy comparison, customization options, secure transactions, access to reviews and ratings, and clear return policies. According to census.gov, retail trade sales increased by 0.6% from July 2023, and e-commerce sales in the second quarter of 2023 witnessed a notable 7.5% increase when compared to the same period in 2022. A significant share of 15.4% of all sales in the second quarter of 2023 occurred through online stores, emphasizing the substantial impact of the e-commerce sector on the diamond market.
To enhance operational efficiency in the global diamond market, companies in the diamond industry are adopting X-Ray Transmission (XRT) technology. This technology involves passing a mineral concentrate through sensors that use X-rays to measure the absorption of each stone. XRT technology is becoming a standard in the industry, adopted by both new mines and older mines transitioning to more advanced practices.
Major players in the diamond market are innovating by introducing new products such as lab-grown diamonds to stay competitive. Lab-grown diamonds, created in a laboratory setting rather than through natural geological processes, offer an alternative to mined diamonds. In August 2023, Pandora A/S, a Denmark-based jewelry manufacturer, launched collections named Pandora Nova, Pandora Era, and Pandora Talisman featuring lab-grown diamonds set in sterling silver or 14k white or yellow gold. These lab-grown diamonds possess qualities identical to mined diamonds in terms of color, cut, clarity, and carat. The introduction of these collections aligns with Pandora's goal of democratizing diamonds through ethically and environmentally responsible practices, offering reasonably priced, high-quality jewelry with minimal environmental impact.
Major companies operating in the diamond market report are Sumitomo Electric Industries Ltd., Anglo American PLC, Rockwell Diamonds Limited, 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, CENTAURUS Technologies Inc., 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., Heyaru Group, SedKrist GmbH
Africa was the largest region in the diamond market in 2023. The regions covered in the diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the diamond market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The diamond market includes revenues earned by entities by using the revenues generated by diamonds to aid national development. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Diamond Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diamond market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diamond ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diamond market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.