Diamond Market Size, Share, Growth Analysis, By Type(Synthetic, and Natural), By Product(Rough, and Polished), By Application(Jewelry & Ornaments, and Industrial), By Region - Industry Forecast 2024-2031

Diamond Market size was valued at USD 94.96 billion in 2019 and is poised to grow from USD 99.08 billion in 2023 to USD 139.91 billion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).

Diamonds are the hardest material with the highest thermal conductivity on Earth, and is known for its divine nature as a gemstone; and are known as a material for cutting and grinding tools because of their paramount hardness. In addition, diamonds are formed with the high pressure and temperature conditions. The value chain of the diamond market involves upstream, midstream, and downstream procedures. The upstream procedure such as exploration, production, and sorting of rough diamonds.

The midstream procedure such as cutting, and polishing of rough diamonds for making finished products. The downstream procedure such as jewellery designing, and setting from the polished diamond and others.

The growing demand from jewellery applications most importantly in emerging economies in Asia Pacific including India and China can significantly drive the diamond market over the forecast period (2024-2031). China is the utmost consumer of mined diamonds according to past records. Due to the increasing advancement in technologies, the country is expected to become a leading producer of synthetic products. 

US Diamond Market is poised to grow at a sustainable CAGR for the next forecast year.