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The diamond market size is forecasted to increase by USD 42.71 billion, at a CAGR of 8.09% between 2023 and 2028. The growth of the market is influenced by several key factors. A significant driver is the growing demand for wedding jewelry, which continues to fuel market expansion. Additionally, innovations in design and manufacturing technology are enhancing the appeal and variety of diamond products available to consumers. Another important factor is the increasing demand for synthetic diamonds, particularly from APAC, where these lab-grown alternatives are gaining popularity due to their affordability and ethical considerations. These combined factors are shaping the landscape for diamond jewelry, driving its growth and evolution on a global scale.
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The diamond market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Billion for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share by the jewelry-making segment will be significant during the forecast period. The expanding middle-class population base and their increasing spending power are driving the segment. As a result, customers are investing more in personal accessories such as diamond jewelry along with other wedding services. Therefore, these jewelry manufacturers create unique designs to attract more customers.
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The jewelry making segment was valued at USD 58.77 billion in 2018. Culture, ethnicity, and fashion influence customers' buying decisions for jewelry products. In addition, the growing demand for daily wear jewelry has created opportunities for companies. The preference for online jewelry in the global diamond jewelry market is growing. Thus, companies operating in the market are introducing various technological innovations to support the online purchase decisions of customers. Moreover, the expansion of offline distribution channels by leading companies will leverage the market. All these factors will drive the jewelry-making segment during the forecast period.
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APAC is estimated to contribute 32% to the growth of the global diamond market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The rising economic growth, expanding middle-class population base, and presence of various players are driving diamond market growth in the region. China, India, and Japan are some of the key leading countries. The rapid increase in the presence of organized retailers, coupled with their rising promotional activities and advertisement campaigns for gems and jewelry, is expected to fuel market growth during the forecast period. Rising income levels and growing awareness about the availability of jewelry items online are some of the key drivers for the growth of this market in the region. The availability of fashionable varieties and international brands for both men and women online is also supporting diamond market growth and trends.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for wedding jewelry is notably driving diamond market growth. Bridal jewelry accounts for a major share of the global market. India is a major market for wedding jewelry. The expenditure on bridal jewelry and bridal wear in India is growing. This rise in the budget for wedding functions is led by the expanding middle-class population and their rising disposable income. Thus, the rise in savings fuels the spending power of consumers on wedding functions and related products such as bridal jewelry.
The demand for jewelry in India, especially during the wedding season, is higher when compared to other regions. Thus, companies are launching new brands and products to gain a competitive advantage. These strategies are increasing the demand for wedding jewelry, which, in turn, will drive the global market growth during the forecast period.
The rising demand for synthetic diamonds from emerging applications is a key trend shaping global diamond market growth. The demand for synthetic diamonds is rising, especially for applications such as electronics and semiconductor applications. They are widely used in several electronic devices, such as high-power optical-electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices as well as have other applications like diamond coating, serving as an extra layer of protection for vehicles.
It is preferred in semiconductor applications owing to its unique thermal management properties. The thermal conductivity of synthetic diamonds is higher than that of metals such as copper and aluminum. They can spread heat across various. The combination of electrical and thermal properties of synthetic diamonds is increasing their applications in the electronic industry. Synthetic diamond is used in diodes and high-power switches. Thus, the rising consumption of synthetic diamonds in electronic materials and devices is likely to support the market during the forecast period.
The presence of counterfeit products in the e-retailing space is impeding diamond market growth. The penetration of counterfeit products and brands is increasing at a significant rate in the online retailing space. Customers are unable to check the products physically before purchasing in online retailing to make profits after receiving the entire payment for fake jewelry.
The growing brand consciousness and the preference for luxury products have resulted in the proliferation of fake products in the e-retailing space of diamond jewelry. Counterfeit brands offer fake products at lower prices to attract customers through online retailing. Moreover, these brands mimic the digital marketing strategies of top brands by building pay-per-click (PPC) campaigns that misuse company names and popular search terms. The presence of such counterfeit brands is high in the Middle East and Southeast Asia. This, in turn, will hinder the growth of the market during the forecast period.
This diamond market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the diamond market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anglo American plc - The company offers diamonds through the De Beers Group, which sells rough diamonds to global diamantaires through its trading and auction businesses.
The diamond market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The diamond market is shaped by both natural and synthetic factors, with diamond formation occurring under extreme pressure and high temperature to create the hardest material known. Rare minerals like type Ia diamonds and precious stones are highly valued for their hardness and use in jewelry applications. The abrasive industry also relies on polished diamonds for their durability. Lab-grown diamonds and synthetic products are gaining traction, appealing particularly to millennials interested in sustainable options. The market for rare minerals and natural diamonds is evolving, driven by advancements in chemical vapor deposition and a growing focus on environmental sustainability. Industrial diamonds are used in cutting and grinding tools, while jewelry and ornaments benefit from their purity and rarity. Investment levels in rough diamonds are rising, influenced by e-commerce and changing consumer buying habits, including those of Generation Z. The rise of lab-grown diamonds offers an alternative to natural gems, impacting jewelry application and industrial application. Online sales and social media play significant roles in promoting gemstones and jewelry designing. Meanwhile, home care products and construction industries utilize metal machining and exploration drilling technologies. Carbon and high pressure techniques are used in sorting and polishing diamonds, ensuring their quality and appeal.
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 42.71 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 32% |
Key countries |
China, US, India, Germany, and United Arab Emirates |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anglo American plc, BlueStone Jewellery and Lifestyle Pvt. Ltd., Brilliant Earth LLC, Cartier SA, Chanel Ltd., Compagnie Financiere Richemont SA, DAMIANI S.p.A., F.lli Pisa SRL, Graff Diamonds Ltd., Kalyan Jewellers India Ltd., Kering SA, Malabar Gold and Diamonds, Pandora AS, Sheetal Group, Signet Jewelers Ltd., Swarovski AG, Tacori Inc., and The Swatch Group Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
If our diamond market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this diamond market research and growth report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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