GVR Report cover Diamond Market Size, Share & Trends Report

Diamond Market Size, Share & Trends Analysis Report By Product (Natural, Synthetic), By Application (Jewelry & Ornaments, Industrial), By Region, And Segment Forecasts, 2019 - 2030

  • Published Date: Nov, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-4-68038-111-5
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 115

Industry Insights

The global diamond market size was valued at USD 87.31 billion in 2018 and is predicted to grow at a CAGR of 3.0% from 2019 to 2030. The growth of the industry can be mainly attributed to the rising demand from jewelry application especially in emerging economies in Asia Pacific like India and China.

The value chain of the industry involves upstream, midstream, and downstream processes. The upstream process involves exploration, production, and sorting of rough diamonds. The midstream process involves cutting and polishing of rough diamonds to produce finished product. The downstream process involves jewelry designing and setting from the polished diamond and its consequent retail sales.

China diamond market

As of 2018, China emerged as the second-largest market after the U.S. The millennials in the country mainly contribute to the demand for diamond jewelry. This indicates a large potential for the market to expand further. Considering the growing potential for diamond jewelry in the country, the existing industry players are making attempts to further invest and expand their target audience.

In June 2018, De Beers opened its 1,000th Forevermark jewelry store, Libert’aime, in China, targeting the millennial population by offering lower prices and new styles and by integrating the physical store, online platform, and social channels like WeChat and Weibo.

The presence of De Beers has compelled ALROSA to increase its spending in the country. As of 2018, De Beers, with its 1,000 stores that contributed 14% to its sales, was ahead of ALROSA, which had contracts with 6 jewelry companies including Chow Tai Fook.

China has been a major consumer of mined diamonds over the past several years. However, with growing technological advancements, the country is expected to become a leading supplier of synthetic or lab-grown products. Synthetic diamonds produced in the country are majorly used for industrial applications like abrasives.

However, with increasing competitiveness, technological advancements, and rising demand for jewelry, companies such as Henan Huanghe Whirlwind and Sino-Crystal, which produce diamonds for industrial applications, have ventured into the jewelry segment.

Product Insights

Natural product segment dominated the market with a revenue share of 96.2% in 2018. They are rare and are mainly used for jewelry applications. Finding and processing them involves complex processes, which makes them expensive in the jewelry industry. Despite the challenges presented by cheaper lab-grown jewelry counterparts, the inherent allure of natural diamonds continues to exist, and is predicted to remain resilient over the coming years.

Synthetic diamonds are mainly produced using High-Pressure, High-Temperature (HPHT) and Chemical Vapor Deposition (CVD) processes. They are mainly used for industrial applications such as cutting and drilling. However, since the past five years, the share of synthetic jewelry has increased owing to massive reduction in its production cost.

In 2008, the cost of lab-grown jewelry created using Chemical Vapor Deposition technology was USD 4,000 per carat. In 2017, the cost of the same product was between USD 300 and USD 500 per carat.

Application Insights

Jewelry application is estimated to grow at a CAGR of 3.0% from 2019 to 2030. Growing middle-class population coupled with increasing spending power of millennials and generation Z are among the key factors contributing to the growth of jewelry segment. According to De Beers Group, millennials represent almost 60% of the U.S. jewelry market while millennials in China drive an outstanding 80% of the total jewelry demand in China.

Millennials tend to spend their extra money on experiences like travel rather than luxury items. Thus, manufacturers and retailers are now embracing the idea of attaching a story in their marketing campaigns that includes the journey of a diamond from the mine to the consumers.

Global diamond market

For industrial applications, synthetic or lab-grown products have significantly higher penetration. Industrial diamond is mainly used as an abrasive and its demand from sectors such as metal machining, construction, and exploration drilling has been increasing continuously since the past few decades. In construction, it is particularly used in the applications such as hand sawing, wire sawing, and core drilling. Growing construction activities in the developing countries is predicted to benefit the segment growth.

Regional Insights

North America held the highest revenue share of 51.7% in 2018. The strong demand for engagement rings from the U.S. is a significant factor for its dominant share. There are over 40,000 retail stores present in the country. Leading jewelry sellers including Zales, Signet Jewelers, and Fred Meyer Jewelers have captured the majority of the market share in the U.S.

Europe is one of the prominent markets in the globe. Fine jewelry, particularly diamond products, is gaining prominence in the European market. Key consumers of these products are females who use them on special occasions such as birthdays, wedding anniversaries, and engagements. Synthetic product segment is also gaining attention in the European countries on account of awareness about sustainable lifestyles and the low prices associated with them.

Asia Pacific is predicted to grow with the fastest CAGR of 3.4% from 2019 to 2030. Ascending demand for jewelry in China and India is driving the market in the region. The millennials in these countries mainly contribute to the demand for jewelry. This indicates a large potential for the market to expand further. Considering the growing potential for jewelry in the country, the existing market players are making attempts to further invest and expand their target audience.

Central & South America market is characterized by the presence of around 11,500 retail jewelry stores. In 2015, Panama Diamond Exchange (PDE) was inaugurated in Panama as the first dedicated trading center for jewelry, colored gemstones, and diamonds in Central & South America. Before the establishment of this center, CSA companies were dependent on Europe and the U.S. markets.

Diamond Market Share Insights

The global diamond market is characterized by several small to medium-scale players catering to a particular country or region and a few major players such as De Beers Group, ALROSA and Rio Tinto catering to the global market. The major players are also involved in upstream business. It is difficult to enter the upstream sector owing to the presence of established players.

The prices of natural diamonds are volatile owing to the uncertainty in the supply and demand .However, there are no production constraints associated with lab-grown products. As a result, major manufacturers are focusing their attention on introducing lab grown counterparts for jewelry applications. For instance, in May 2018, De Beers announced new laboratory-grown diamonds brand called Lightbox for jewelry application. 

Report Scope



Base year for estimation


Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2030

Market representation

Revenue in USD million & CAGR from 2019 to 2030

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country Scope

U.S., Canada, Germany, France, UK, Belgium, Poland, China, India, Brazil

Report coverage

Revenue and volume forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2030. For the purpose of this study, Grand View Research has segmented the global diamond market on the basis of product, application, and region.

  • Product Outlook (Revenue, USD Million, 2014 - 2030)

    • Natural

    • Synthetic

  • Application Outlook (Revenue, USD Million, 2014 - 2030)

    • Jewelry

    • Industrial

  • Regional Outlook (Revenue, USD Million, 2014 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • France

      • UK

      • Belgium

      • Poland

    • Asia Pacific

      • China

      • India

    • Central and South America

      • Brazil

    • Middle East and Africa

gvr icn


gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.