The global diamond market size was assessed at USD 90.92 billion in 2022 and is projected to grow from USD 94.19 billion in 2023 to USD 127.84 billion by 2030 recording a moderate CAGR of 4.5% during the forecast period.Diamonds are one of the hardest materials on earth and are well-known as a gemstones. The growth of the market is credited to the surging demand for jewellery and its use in industrial applications. The product is widely used due to its extreme hardness. It is also used for research purposes to study the unique qualities of diamonds. This information is provided by Fortune Business Insights, in its report titled, “Diamond Market, 2022-2030.”
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List of Key Players Mentioned in the Report:
Segmentation:
Synthetic Segment to Capture Largest Share Due to Expansion of Construction Sector
As per type, the market is divided into natural and synthetic. Among these, the synthetic segment dominated the market owing to their cost-effectiveness and easy availability. The growth of the construction industry is also driving segment growth as synthetic stones are used in cutting and drilling tools. Moreover, it helps in decreasing production costs as maintenance costs of synthetic stones are low. Synthetic diamond consumption has increased in the jewellery sector as the trend for western weddings increased which is further propelling segment expansion.
Rough Segment Dominated the Market Owing to Their Low Price
Based on product, the market is split into rough and polished. Among these, the rough segment captured the largest share backed by their low cost and growing usage in drilling equipment and cutting tools. The utilization of rough diamonds in making optical lenses for cutting the lenses will also aid segment growth.
Jewellery Segment to Hold Major Share Backed by High Disposable Income