Diamond is the most concentrated form of pure crystalline carbon in nature and has the properties of highest hardness and thermal conductivity. These are the most durable, expensive, and rarest metal found across the globe. Diamonds are used in multiple industrial applications such as polishing tools, and cutting. It has gained popularity across the globe for its beauty as a gemstone. The major producers of diamond across the globe are the Central & Southern Africa countries, Russia, Australia, Canada, and Botswana. Diamonds are attractive among end-users for its usage in the industrial and fashion sector. Moreover, it is found to be popular among consumers as it is considered to be the most precious ornament. Diamonds are used to make jewelry which has high demand during weddings, and on special occasions. They are also used as a fashion statement. Revenue growth of rough diamonds is largely attributed to increased production by smaller players.
Major drivers of the global diamond market include exploration of new deposits, acceptance of diamond as jewelry in wedding and engagement functions, and growth in the global economy and purchasing power of individuals. In addition, continuous robust growth in jewelry products, and innovative design across the globe are expected to propel the market during the forecast period. However, availability of limited deposit sources of diamond, and rise in cost of diamond processing are major restraints of the market. Development of new diamond based industrial products, targeting customers with new jewelry design, and penetration of diamond sale through e-commerce business are expected to create significant opportunities for the market.
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The global diamond market can be segmented based on diamond type, application, end-user, distribution channel, and region. Based on diamond type, the diamond market can be bifurcated into natural and synthetic. Furthermore, natural diamond is sub-segmented into diamond stone, and diamond bort. Based on application, the global diamond market can be segmented into cutting, grinding, and polishing. In terms of end-user, the diamond market is bifurcated into industrial and jewelry. The industrial segment is further sub-segmented into construction mining services,stone cutting, polishing, machinery manufacturing, and others. The jewelry segment is further classified into rings, necklaces, earrings, and others. In terms of distribution channel, the diamond market can be classified into online and offline. The online segment is sub-segmented into company websites, and e-commerce sites.
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Based on region, the diamond market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The diamond market in North America is expected to expand due to increase in manufacturing of high capacity industrial equipment. Rise in celebrity endorsement of diamond based products, and its usage in wedding jewelry has increased the usage of diamonds in the global market. This is expected to boost the sales of the product in the coming years. Rapid growth in the jewelry sector has propelled the usage of diamonds in Asia Pacific. A resurgence of luxury spending among Chinese millennial has also contributed to the increase in demand.
Additionally, acceptance of diamond as a precious metal and purchasing of jewelry products during festive seasons or special occasions across the region has driven the demand for diamonds. Rise in adoption of diamond as a luxury product is driving the market in Middle East & Africa. In South America, increase in the purchasing power of individuals, and demand for innovative designs are expected to drive the diamond market.
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Major players operating in the global diamond market include Lucara Diamond Corp, Petra Diamonds Ltd, Dominion Diamond Mines, Rio Tinto Plc, Endiama E.P., De Beers Group, ALROSA Group ,Signet Jewelers Ltd., Tiffany & Co., The Swatch Group AG, Compagnie Financière Richemont SA, Rockwell Diamonds, Anglo American plc, and Stornoway Diamond.
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