The global diamond market was valued at approximately USD 41.49 billion in 2024 and is projected to reach around USD 50.23 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.3% between 2025 and 2030. This steady growth trajectory is primarily driven by the increasing global demand for diamond jewelry, especially in emerging economies such as China and India, where rising disposable incomes and changing lifestyle preferences are fueling the purchase of luxury goods, including diamonds.

One of the key drivers shaping the market is the growing consumer preference for ethical and sustainable products. Consumers are becoming more aware of the environmental and social impacts associated with traditional diamond mining, such as ecological degradation and unethical labor practices. This has led to a noticeable shift in purchasing behavior toward lab-grown diamonds and responsibly sourced natural diamonds, both of which offer a more ethical and eco-conscious alternative.

This transformation in consumer sentiment is particularly evident among the millennial and Gen Z demographics, who are emerging as dominant consumer groups in the luxury jewelry segment. These younger buyers tend to prioritize values like sustainability, transparency, and ethical sourcing when making purchasing decisions. As a result, brands that align with these values are witnessing increased traction. For instance, Brilliant Earth, a company known for offering a wide array of conflict-free and ethically sourced diamonds, has successfully tapped into this growing demand, contributing to the expansion of both lab-grown and sustainably sourced natural diamond segments.

Key Market Trends & Insights:

• In 2024, North America accounted for more than 51.4% of the global diamond market revenue, making it the leading region. This dominance can be attributed to the region’s strong demand for high-end jewelry, well-established retail infrastructure, and a high level of consumer awareness regarding the origins of diamond products.
• Meanwhile, the Asia Pacific region is witnessing rapid growth in diamond consumption. In countries like China and India, the increasing adoption of jewelry for traditional ceremonies, weddings, and festivals continues to boost demand. The expanding middle-class population, coupled with a cultural affinity for gold and diamond ornaments, is a significant factor driving the market upward in this region.
• The synthetic diamond segment is expected to record the fastest CAGR over the forecast period. The appeal of synthetic diamonds lies in their cost-effectiveness, ethical production process, and physical and chemical similarity to natural diamonds. Technological advancements in lab-grown diamond production have also enabled manufacturers to scale up production and meet growing consumer demand.
• The rise of the middle-income population, especially in developing countries, and the increasing purchasing power of younger generations are key forces behind the expansion of the jewelry and ornaments segment. Millennials and Gen Z are not only more brand- and quality-conscious but are also willing to spend on luxury products that reflect their personal values and style preferences.

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Market Size & Forecast:

• 2024 Market Size: USD 41.49 Billion
• 2030 Projected Market Size: USD 50.23 Billion
• CAGR (2025-2030): 3.3%
• North America: Largest market in 2024

Key Companies & Market Share Insights:

Several major players are actively shaping the competitive landscape of the global diamond market. These companies range from traditional mining firms to retailers focusing on ethically sourced and synthetic alternatives.

• Petra Diamonds Limited: Headquartered in the United Kingdom, Petra Diamonds is a significant player in the diamond mining industry. The company focuses on extracting high-quality diamonds through its operations across Southern Africa, particularly in South Africa and Tanzania. One of its most notable assets is the Cullinan mine, renowned for producing some of the world’s largest and most valuable diamonds. Petra’s strategic focus on high-value production and operational efficiency has helped it maintain a solid presence in the global market.
• Rio Tinto: As a leading multinational mining corporation, Rio Tinto has historically maintained a substantial footprint in the diamond industry. The company operated through key assets such as the Argyle mine in Australia and the Diavik mine in Canada. Rio Tinto adopts a vertically integrated business model, managing all aspects from exploration and mining to the sale of rough diamonds. However, in recent years, the company has taken a strategic decision to reduce its diamond operations, including the closure of the Argyle mine in 2020 due to declining ore reserves and economic considerations. Despite this, Rio Tinto remains a notable player due to its past production volumes and brand legacy.

Key Players

• Petra Diamonds Limited
• Rio Tinto
• Trans Hex Group
• Lucara Diamond
• ALROSA
• De Beers
• Mountain Province Diamonds
• Arctic Canadian Diamond Company
• Gem Diamonds

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Conclusion:

In conclusion, the global diamond market is witnessing steady growth driven by rising demand for jewelry, particularly in emerging economies. Increasing consumer awareness around sustainability and ethical sourcing is reshaping purchasing patterns, with a notable shift toward lab-grown and responsibly sourced diamonds. The influence of younger, value-driven consumers and expanding middle-class populations is further propelling the market. Meanwhile, key industry players are adapting through strategic innovations and geographic diversification, positioning the market for continued development in the coming years.