Global Diamond Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

Global Diamond Market Growth

Lab grown diamonds are sold at an 80% discount on the prices of natural diamonds and are expected to become exceedingly popular in Western countries. Industrial analysis suggests that in 2023, 46% of all stones embedded in engagement rings were synthetic diamonds, which is a substantial growth of 12% from 2019. Over the forecast period, the diamond market value is expected to rise substantially, as technological advancements continue to improve the quality and size of synthetic diamonds (over 3 carats).

As open-pit resources are getting depleted while incurring high maintenance costs, major industry players are exploring different ways of the lifetimes of existing diamond mines by shifting towards underground operations. For instance, De Beers spent USD 1.0 billion on expanding its Jwaneng diamond mine in Botswana, which produces 12 million carats of diamonds. Similarly, it also expanded its South African mine of Venetia with a capital spending of USD 2.3 billion and increased its operational life up to 2045. This is creating a favourable diamond market outlook.

Increasing financial regulation is also impacting the market dynamics. In 2021, the government of Belgium mandates diamond companies to reduce cash payments to less than EUR 3,000 with the objective of combating terrorist financing and money laundering. Such regulations are expected to favourably impact the market growth in upcoming years.

Key Trends and Developments

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Global Diamond Market Trends

Online diamond retailing

With increasing consumer comfort in shopping online, many diamond brands are gradually shifting towards digital platforms to enhance their market reach. The increasing consumer preference for convenience, the ability to compare different prices, and access to a wide range of diamonds, including customised designs of engagement rings, is surging the preference for online channels. Transparent pricing policies and virtual try-ons are enhancing the consumer appeal for online diamond retailers among younger generations, which has emerged as one of the key diamond market trends.

High premiums for diamond traceability

Diamond manufacturers are utilising digital transparency software, including blockchain, to analyse log purchasing contracts and chain of custody to better understand traceability requirements. This has enabled jewellery companies, including digital brands, to cater to the rising demand for sustainable jewellery, thereby driving the diamond market expansion. Over the forecast period, consumer ESG demands can broaden to include sustainable water use and mine safety, which highlights the need for diamond manufacturers to establish strategic partnerships with key suppliers for driving the market growth.

Global Diamonds Industry Segmentation

Global Diamond Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2025-2034, the market for diamonds in the Asia Pacific is expected to grow at a CAGR of 5.1% amid rising disposable incomes and the surging demand for luxury items. The cultural significance of diamond and the expansion of online retail channels are boosting the diamond market revenue in the Asia Pacific. Meanwhile, the market in Europe is projected to grow at a CAGR of 4.2% between 2025 and 2034 due to the growing awareness of ethical sourcing and conflict-free diamonds, rising demand for lab-grown diamonds, and the surging trend of personalisation and customisation.

Leading Companies in the Global Diamond Market

Other players included in the diamond market report are Debswana Diamond Company (Pty) Limited, Burgundy Diamond Mines Limited Company, Lucara Diamond Corp, Gem Diamonds Ltd., Stornoway Diamonds Inc., and Mountain Province Diamonds Inc, among others.