The global diamond market size was USD 97.57 billion in 2024. The market is projected to grow from USD 102.10 billion in 2025 to USD 138.66 billion in 2032 at a CAGR of 4.5% during the forecast period. North America dominated the diamond market with a market share of 55.33% in 2024. 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, 2025-2032.”

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List of Key Players Mentioned in the Report:

• KGK Group (China)
• De Beers (Canada)
• Rio Tinto (U.K.)
• Arctic Canadian Diamond Company Ltd. (Canada)
• Petra Diamonds (South Africa)
• Alrosa (Canada)
• Argyle (Switzerland)
• WD Lab Grown Diamonds (U.S.)
• Gem Diamonds (U.K.)
• Sagar Diamonds (India)

Diamonds, renowned for being one of the hardest substances on Earth, are widely recognized both as precious gemstones and for their industrial value. The market growth is primarily driven by increasing demand for diamond jewelry and expanding industrial applications. Thanks to their exceptional hardness, diamonds are extensively used by professionals in both jewelry manufacturing and various industrial sectors. Moreover, their unique properties make them valuable in scientific research. Collectively, these factors are anticipated to propel the global diamond market during the forecast period.

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.