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Diamond Market Size To Reach $53.16 Billion By 2033

Diamond Market To Reach $53.16 Billion By 2033 | CAGR 2.7%

December 2025 | Report Format: Electronic (PDF)

Diamond Market Growth & Trends

The global diamond market size is expected to reach USD 53.16 billion by 2033, expanding at a CAGR of 2.7% from 2026 to 2033, according to a new report by Grand View Research, Inc. The market is mainly driven by strong jewelry demand from emerging economies.

Natural diamonds dominated the market in 2022 as they are one of the hardest materials available on earth and are mainly utilized for jewelry applications. Industrial applications of natural diamond account for a comparatively smaller share as compared to their synthetic counterparts, while their share in jewelry application is expected to gain prominence over the coming years.

Synthetic or lab grown diamonds were mainly used for industrial purposes, however, in recent years, the market has witnessed significant investments in synthetic production technologies for making quality products intended for jewelry applications. Approximately 2% of the diamond jewelry sold in 2018 was estimated to be produced synthetically or in a lab.

Major players in the market are making considerable investments in mining rough diamonds to sustain the rising demand. For instance, in October 2018, LUCAPA Diamond Company announced about the commencement of full scale diamond mining at its Mothae Mine in Mokhotlong. The recoveries from the mine are being processed through a plant, which has an annual capacity of 1.1 million ton. The company expects to double the capacity to 2.2 million ton per annum by 2021.

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Diamond Market Report Highlights

Natural diamonds dominate the global diamond market due to their rarity, intrinsic value, and long-standing perception as symbols of luxury and status.
Jewelry & ornaments remain the largest application for diamonds, accounting for most of the global demand.
The Asia Pacific is the fastest-growing regional market, driven by rising disposable incomes, shifts in urban lifestyles, and the expansion of jewelry retail networks in India, China, and Southeast Asia.