Diamond Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global diamond market size reached around USD 95.15 Billion in 2024. The market is projected to grow at a CAGR of 4.60% between 2025 and 2034 to reach nearly USD 149.19 Billion by 2034. The market growth can be attributed to increasing technological advancements that have made diamonds a potential element for data storage. Moreover, its burgeoning appeal for jewellery making and the discovery of new minerals in African countries are further leading to the market growth.

Global Diamond Market Report Summary

Description

Value

Base Year

USD Billion

2024

Historical Period

USD Billion

2018-2024

Forecast Period

USD Billion

2025-2034

Market Size 2024

USD Billion

95.15

Market Size 2034

USD Billion

149.19

CAGR 2018-2024

Percentage

XX%

CAGR 2025-2034

Percentage

4.60%

CAGR 2025-2034- Market by Region

Asia Pacific

5.1%

CAGR 2025-2034 - Market by Country

India

5.7%

CAGR 2025-2034 - Market by Country

China

5.1%

CAGR 2025-2034 - Market by Type

Synthetic

5.6%

CAGR 2025-2034 - Market by Application

Jewellery

4.8%

Market Share by Country 2024

Canada

3.2%

Global Diamond Market Growth

Lab grown diamonds are sold at an 80% discount on the prices of natural diamonds and are expected to become exceedingly popular in Western countries. Industrial analysis suggests that in 2023, 46% of all stones embedded in engagement rings were synthetic diamonds, which is a substantial growth of 12% from 2019. Over the forecast period, the diamond market value is expected to rise substantially, as technological advancements continue to improve the quality and size of synthetic diamonds (over 3 carats).

As open-pit resources are getting depleted while incurring high maintenance costs, major industry players are exploring different ways of the lifetimes of existing diamond mines by shifting towards underground operations. For instance, De Beers spent USD 1.0 billion on expanding its Jwaneng diamond mine in Botswana, which produces 12 million carats of diamonds. Similarly, it also expanded its South African mine of Venetia with a capital spending of USD 2.3 billion and increased its operational life up to 2045. This is creating a favourable diamond market outlook.

Increasing financial regulation is also impacting the market dynamics. In 2021, the government of Belgium mandates diamond companies to reduce cash payments to less than EUR 3,000 with the objective of combating terrorist financing and money laundering. Such regulations are expected to favourably impact the market growth in upcoming years.

Key Trends and Developments

Soaring appeal for lab-grown diamonds; evolving customer behaviour; high premiums for diamond traceability; and technological advancements are the major factors driving the diamond market growth.

December 2024

Tanishq, a jewellery retailer of the Tata Group, announced its decision to install SynthDetect XL Plus and DiamondProof machines in select stores to enable customers to authenticate the quality of their diamonds and enhance their knowledge of diamond verification. This move aligns with Tanishq’s commitment to boosting consumers’ confidence in the Indian diamond jewellery market.

November 2024

Researchers at the University of Science and Technology of China fired ultrafast laser pulses at tiny silver diamonds to create empty spaces with a density of 14.8 Tbit cm−3 for data storage within the structure. Over the forecast period, rapid technological advancements are expected to drive the adoption of diamonds as data storage units among various governments and public libraries.

November 2024

The G7 alliance and the government of Botswana established an export certification centre to reduce the cost of rough diamond imports for countries such as India. This initiative is aimed at streamlining the certification process and ensuring the ethical sourcing and authenticity of diamonds. By simplifying logistics and eliminating bureaucratic hurdles, the centre can lower import costs and enhance supply chain transparency.

June 2021

Debswana, a joint venture of De Beers and the government of Botswana, unearthed a diamond stone weighing nearly 1,098 carats and is assumed to be the world’s third largest diamond. This discovery highlights further potential for more large-scale diamond finds in the region, which can enhance export opportunities and create new avenues of investment in diamond mining operations.

Soaring appeal for lab-grown diamonds

Lab-grown diamonds are artificially developed by the process of chemical vapour deposition and undergo the same cutting, polishing, and distribution operations as natural diamonds. Their popularity can be attributed to their high degree of cost-effectiveness and resemblance to natural diamonds.

Evolving customer behaviour

Over 18%-21% of all fine jewellery transactions are expected to occur through digital channels during the forecast period. With the growth in purchasing power of Gen Z, the demand for highly personalised diamond jewellery items is expected to soar, thereby boosting the diamond market revenue.

High premiums for diamond traceability

Diamond traceability encompasses a diamond’s journey through origin to sale and can help in building consumer confidence in jewellery brands by ensuring higher transparency. Over the forecast period, upstream/midstream/downstream diamond companies are expected to increasingly prioritise their ESG goals, thereby favourably influencing the market dynamics.

Technological advancements

Industry players can use magnetic detection technologies to discover new locations for diamond mining and utilise X-ray transmission technology for finding the size of diamond stones before beginning their extraction. These companies can also use X-ray fluorescence technology for sorting diamonds and minerals differently.

Global Diamond Market Trends

Online diamond retailing

With increasing consumer comfort in shopping online, many diamond brands are gradually shifting towards digital platforms to enhance their market reach. The increasing consumer preference for convenience, the ability to compare different prices, and access to a wide range of diamonds, including customised designs of engagement rings, is surging the preference for online channels. Transparent pricing policies and virtual try-ons are enhancing the consumer appeal for online diamond retailers among younger generations, which has emerged as one of the key diamond market trends.

High premiums for diamond traceability

Diamond manufacturers are utilising digital transparency software, including blockchain, to analyse log purchasing contracts and chain of custody to better understand traceability requirements. This has enabled jewellery companies, including digital brands, to cater to the rising demand for sustainable jewellery, thereby driving the diamond market expansion. Over the forecast period, consumer ESG demands can broaden to include sustainable water use and mine safety, which highlights the need for diamond manufacturers to establish strategic partnerships with key suppliers for driving the market growth.

Global Diamonds Industry Segmentation

The EMR’s report titled “Global Diamond Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Type

• Natural
• Synthetic

Breakup by Application

• Jewellery
• Ornaments
• Industrial

Breakup by Distribution Channel

• B2B
• B2C

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Diamond Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2025-2034, the market for diamonds in the Asia Pacific is expected to grow at a CAGR of 5.1% amid rising disposable incomes and the surging demand for luxury items. The cultural significance of diamond and the expansion of online retail channels are boosting the diamond market revenue in the Asia Pacific. Meanwhile, the market in Europe is projected to grow at a CAGR of 4.2% between 2025 and 2034 due to the growing awareness of ethical sourcing and conflict-free diamonds, rising demand for lab-grown diamonds, and the surging trend of personalisation and customisation.

CAGR 2025-2034- Market by

Region

Asia Pacific

5.1%

Europe

4.2%

North America

XX%

Latin America

XX%

Middle East and Africa

XX%

Leading Companies in the Global Diamond Market

Major players are expected to diversify their product offerings and communicate the USP (unique value proposition) of their natural stones to customers to increase the diamond market value. By focusing on innovation and sustainability, companies are also introducing lab-grown diamond jewellery that are relatively inexpensive, yet attractive to consumers. Based on market analysis, diamond companies are expected to focus on ensuring supply chain transparency of lab-grown diamonds to drive long-term business growth.

De Beers plc

De Beers plc was founded in 1888 and is headquartered in London, England. It is a leading retailer of luxury items and diamond jewellery worldwide. In H1 of 2024, it reported a revenue of USD 2.2 billion.

PJSC ALROSA

PJSC ALROSA was founded in 1957 and is headquartered in Russia. It is responsible for 98% of the nation’s diamond production, with a 25% share in the global diamond market share.

Petra Diamonds Ltd.

Petra Diamonds Ltd. was founded in 1997 and is headquartered in St. Helier, one of the largest islands in the English Channel. It is a diamond mining company, which has a significant market presence in countries like Tanzania and South Africa.

Rio Tinto PLC

Rio Tinto PLC was founded in 1873 and is headquartered in London, England. It is engaged in exploring, mining, and processing critical minerals and stones, including diamonds.

Other players included in the diamond market report are Debswana Diamond Company (Pty) Limited, Burgundy Diamond Mines Limited Company, Lucara Diamond Corp, Gem Diamonds Ltd., Stornoway Diamonds Inc., and Mountain Province Diamonds Inc, among others.