The global diamond market size is anticipated to reach USD 123.83 billion by 2030, expanding at a CAGR of 3.0% over the forecast period, according to a new report by Grand View Research, Inc. The market is mainly driven by strong jewelry demand from emerging economies.
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Natural diamonds dominated the market in 2018 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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Further Key Findings from the Report Suggest:
• Natural segment held the largest revenue share accounting for 96.2% of the global diamond market in 2018, owing to strong demand from jewelry application particularly from the U.S. and China
• Synthetic segment is predicted to grow at the fastest CAGR of 10.0% from 2019 to 2030 owing to its rapid penetration in the jewelry application. Synthetic diamond jewelry has been gaining popularity in the past few years on account of high affordability and low cost.
• Industrial application is projected to grow at a CAGR of 2.8% from 2019 to 2030 due to rising construction activities in terms of new construction as well as refurbishment activities around the globe
• North America dominated the market with a revenue share of 51.7%. The future outlook in North America is likely to be influenced by changing buying patterns of the millennials shifting from natural diamonds to synthetic or lab grown ones on account of low cost
• In March 2019, Debswana Diamond launched a new project called the Cut-9 with the aim to extend the life of the Jwaneng Mine until 2035. The new project is expected to yield 53 million carats of rough diamonds from 44 million tons of treated material. The project is worth an investment of USD 2 billion and has been given to the Majwe Mining Company for providing diamond mining services.
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