Growing Demand for Diamond Market - Increasing disposable income to Drive the Market Size to USD 138.53 Billion with a Noteworthy CAGR of 4.49% by 2030, According to Zion Market Research

Growing Demand for Diamond Market - Increasing disposable income to Drive the Market Size to USD 138.53 Billion with a Noteworthy CAGR of 4.49% by 2030, According to Zion Market Research

PR Newswire

NEW YORK, July 11, 2023

NEW YORK, July 11, 2023 /PRNewswire/ -- According to Zion Market Research study, the global diamond market size was valued at around USD 97.45 billion in 2022 and is predicted to reach a value of USD 138.53 billion by 2030 with a compound annual growth rate (CAGR) of approximately 4.49% during the forecast period (2023- 2030).

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The report delves deeper into several crucial aspects of the global diamond industry. It includes a detailed discussion of existing growth factors and restraints. Future growth opportunities and challenges that impact the diamond market are comprehensively addressed in the report.

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Diamond Market: Overview

Diamonds are composed of unadulterated carbon. It is one of the most valuable minerals on the planet. By far, diamond is the hardest naturally occurring mineral known to science and industry. In the years since their commercialization, diamonds have achieved the status of precious gemstones. However, due to the mineral's intriguing chemical and physical properties, it also has extensive industrial applications. The peculiarity and popularity of diamonds are attributable, in part, to their sparkle, brilliance, and hardness. They are currently found in three types of deposits: kimberlite pipelines, glacial tills, and alluvial gravels.

Researchers report that the carbon responsible for creating diamonds originates from the melting of preexisting rocks found in the upper mantle of the earth, which is 70 to 120 miles below the earth's surface. Demand and consumption of diamonds in the industrial and jewellery sectors have increased dramatically in recent years.

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Key Industry Insights & Findings of the Diamond Market Reports:

Browse Complete Report Here | Diamond Market By Application (Industrial And Jewelry), By Product (Synthetic And Natural), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030

Diamond Market: Growth Factors

The global diamond market is anticipated to expand due to the rising value of diamonds. Many users view these minerals as long-term investments due to the fact that the value of diamonds rises over time. The 'Kohinoor', the world's most famous diamond, is presently valued at over USD 19 billion. Increasing disposable income and a shift in the perceived investment value of diamonds have contributed to a rise in global demand for diamonds of all shapes and sizes. In 2021, the jewelry and timepieces division of LVMH Mot Hennessy Louis Vuitton, a multinational luxury house, reported a nearly 167% increase in revenue. The announcement was made shortly after Tiffany & Co., a well-known provider of diamond jewelry, formed a partnership with LVMH. This segment's total revenue in 2021 was greater than $10 billion.

Diamond Market: Restricting Factors

Diamonds are the only precious gemstones comprised of a single element, which contributes to their enduring popularity. Typically, they consist of 99.5% carbon. These factors contribute to the high price of diamonds for commercial or industrial use. Given that the creation of diamond-based jewelry is labor-intensive and necessitates the assistance of highly experienced labourers, the brand offering the product also has an impact on the price. The average price of 1 carat of the diamond can range between $1,250 and $1,700, depending on a variety of factors, including carat weight, quality, colour, and clarity, to mention a few. In the future years, it could have a substantial impact on the global diamond market's sales volume.

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Global Diamond Market: Segmentation

The global market for diamonds is segmented by application, product, and region.

By Application

Industrial and jewelry are the two global market segments based on application. In the future years, the diamond industry is anticipated to be led by the jewelry segment due to the rising purchasing power of middle-income groups and the enduring popularity of diamond-based jewelry among luxury-buyers. Aditya Birla, an Indian conglomerate, declared its entrance into the jewelry market with an initial investment of USD 50 billion in June 2023. The name of the new business is Novel Jewels. Such announcements indicate the expansion of the diamond market in developing nations like India.

By Product

The global market is divided into synthetic and natural segments based on product. Current industry expansion is dominated by the natural segment, although the synthetic segment's market share is consistently increasing. The high price of diamonds extracted from the earth signifies luxury and perceived status. Since natural diamonds have a higher resale value than their counterparts, the majority of individuals are likely to invest in and purchase them. Diamond engagement rings generate more than 39% of the total revenue generated by engagement rings. In June 2023, De Beers, the most well-known diamond jewelry manufacturer in the world, launched 15 rings with lab-grown diamonds on the Lightbox website to determine consumer preference between the two diamond varieties.

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Competitive Players

The report contains qualitative and quantitative research on the global diamond Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.

Some of the main players in the global diamond market include;

Key questions answered in this report:

Report Scope:

Report Attribute

Report Details

Market Size in 2022

USD 97.45 Billion

Market Forecast in 2030

USD 138.53 Billion

Growth Rate

CAGR of 4.49%

Base Year

2022

Forecast Years

2023- 2030

Key Companies Covered

Rio Tinto Diamonds, De Beers Group, Alrosa-Nyurba, Petra Diamonds, Leviev Group, Lucara Diamond Corp, Dominion Diamond Mines, Graff Diamonds, Blue Nile, Chow Tai Fook, Signet Jewelers, Gem Diamonds, and others.

Segments Covered

By Application, By Product, and By Region

Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Customization Scope

Avail customized purchase options to meet your exact research needs.

 

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Regional Analysis:

North America is anticipated to lead the global diamond market during the forecast period. Due to the increasing use of diamonds in industrial applications, the United States and Canada are expected to become the largest contributors. The primary applications of laboratory-created or synthetic diamonds are in mining, construction, and machinery manufacturing. In recent years, stone quarrying and highway construction have generated substantial revenue. In addition, the regional jewellery segment contributes to the expansion of the North American market.

In 2020, after the Covid-19 restrictions were lifted, there was a surge in demand for diamond jewellery in the United States, which led to increased online sales. Geographically located in both Europe and Asia, Russia is presently the largest producer and supplier of diamonds. However, the ongoing conflict with Ukraine has affected the diamond industry in Russia.

Diamond Market: By Region Outlook (2023-2030)

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