Diamond Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Natural, Synthetic), By Application (Jewelry & Ornaments, Industrial), By Distribution Channel (Offline and Online), By Region, By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 109.12 Billion
CAGR (2026-2031)	4.15%
Fastest Growing Segment	Online
Largest Market	North America
Market Size (2031)	USD 139.27 Billion

Market Overview

The Global Diamond Market will grow from USD 109.12 Billion in 2025 to USD 139.27 Billion by 2031 at a 4.15% CAGR. The Global Diamond Market encompasses the trade of carbon-based minerals valued for their extreme hardness and optical brilliance, serving both the luxury jewelry sector and various industrial applications. The market is primarily propelled by rising disposable incomes in emerging economies, the sustained cultural imperative for bridal jewelry, and the essential utility of industrial diamonds in heavy manufacturing and construction. These foundational drivers provide a stable baseline for demand, distinct from temporary stylistic shifts or transient consumer preferences.

However, the industry faces a significant challenge regarding the rapid proliferation of lab-grown diamonds, which disrupts established value chains by offering identical physical attributes at reduced price points. This competitive pressure, combined with geopolitical instability, has notably impeded value growth in key processing regions. According to the Gem & Jewellery Export Promotion Council, in the fiscal year ending March 2025, India's exports of cut and polished diamonds decreased by 16.8 percent to USD 13.3 billion, illustrating the tangible financial impact of these prevailing market constraints.

Key Market Drivers

The rapid expansion and consumer acceptance of lab-grown diamonds is fundamentally reshaping the Global Diamond Market by introducing a high-volume, cost-effective alternative to natural stones. This driver is disrupting established value chains as technological advancements significantly reduce production costs, allowing synthetic stones to capture a growing share of the bridal and fashion segments. The shift is particularly evident in the engagement ring market, where price-sensitive consumers are increasingly opting for the larger carat weights offered by laboratory-created diamonds. According to National Jeweler, June 2024, in the 'De Beers’ Rough Diamond Sales Sink 31%' article, industry data indicated that in April 2024, 45 percent of diamond engagement rings sold by specialty jewelers in the United States were set with lab-grown diamonds, illustrating the substantial market penetration of these manufactured alternatives.

Despite this disruption, the resilient global demand for bridal and engagement jewelry continues to provide a crucial baseline for the industry, anchored by deep-seated cultural traditions that favor diamonds for milestone celebrations. Major retail networks rely on this enduring emotional imperative to generate consistent revenue, helping to stabilize the broader market against volatility in the luxury sector. This resilience is visible in the performance of market leaders; according to Signet Jewelers, September 2024, in the 'Second Quarter Fiscal 2025 Results', the company recorded total sales of USD 1.5 billion, underscoring the sustained consumer appetite for jewelry products. To meet this downstream demand, upstream supply activities remain continuous, as evidenced when, according to Anglo American, June 2024, in the 'De Beers’ rough diamond sales for Cycle 5 2024' report, the group achieved rough diamond sales of USD 315 million during the fifth sales cycle of the year.

Download Free Sample Report

Key Market Challenges

The rapid proliferation of lab-grown diamonds constitutes a structural disruption that fundamentally hampers value creation within the global natural diamond market. Unlike cyclical economic downturns, the availability of synthetic stones offers consumers a product with identical physical and optical characteristics at a significantly lower price point. This price disparity erodes the exclusivity that historically underpinned the value of natural diamonds, particularly in the high-volume bridal jewelry segment. As consumers increasingly substitute natural stones for larger, cost-effective lab-grown alternatives, the natural market suffers from a decoupling of volume demand and revenue generation. This shift forces natural diamond prices downward and compresses margins for miners and manufacturers who cannot compete on cost basis alone.

The financial magnitude of this displacement is evident in trade statistics from major processing hubs. According to the Gem & Jewellery Export Promotion Council, during the period from April to September 2024, India's exports of cut and polished diamonds declined by 20.6 percent to USD 6.9 billion. This substantial contraction highlights how the widespread adoption of synthetic alternatives is actively cannibalizing market share and reducing the overall turnover of the natural diamond sector, preventing the market from realizing potential value growth even during periods of stable consumer activity.

Key Market Trends

The implementation of blockchain-enabled supply chain traceability has transitioned from a voluntary best practice to a regulatory necessity, primarily driven by the G7 nations' stringent import restrictions on Russian-origin stones. This geopolitical pressure is compelling miners and manufacturers to adopt immutable digital ledgers that verify provenance from the mine to the retail counter, ensuring compliance while satisfying consumer demand for ethical sourcing. The scale of this technological adoption is accelerating rapidly as major industry players integrate these systems into their core operations to secure market access. According to Mining Review Africa, August 2025, in the 'De Beers tracks three million diamonds using blockchain technology' article, the De Beers Group has successfully registered nearly three million diamonds on its Tracr platform since 2022, demonstrating the sector's committed shift toward transparent, digitally verified supply chains.

Concurrently, the market is witnessing a strategic bifurcation of natural and synthetic diamond branding, as industry leaders move to strictly differentiate the value propositions of these two categories. This trend acts as a direct counter-response to the commoditization of laboratory-created stones, prompting major entities to divest from or aggressively reposition their synthetic offerings to protect the exclusivity and investment value of natural diamonds. This strategic pivot allows companies to insulate the natural market from the continuous financial depreciation affecting manufactured stones. According to De Beers Group, May 2025, in the 'De Beers Group announces intention to close Lightbox business' press release, the company decided to cease its consumer-facing lab-grown jewelry operations after observing that wholesale prices for synthetic diamonds had plummeted by 90 percent since 2018, reinforcing the imperative to refocus exclusively on natural mineral assets.

Segmental Insights

The online sales channel represents the fastest-growing segment within the global diamond market due to increasing consumer confidence in digital transactions for high-value luxury goods. This expansion is primarily driven by the integration of detailed inventory data and visualization tools that allow buyers to inspect gemstones remotely. Furthermore, the widespread availability of digital grading reports from established institutions like the Gemological Institute of America ensures transparency and authenticity, effectively mitigating fraud concerns. Consequently, retailers are investing heavily in e-commerce infrastructure to meet the rising demand from digitally native consumers seeking convenience and competitive pricing.

Regional Insights

North America maintains its position as the leading region in the Global Diamond Market, largely due to significant consumer demand within the United States. This market leadership is supported by high disposable income levels and a widespread cultural preference for diamond engagement rings and bridal jewelry. Additionally, the region benefits from established retail networks and strict industry guidelines set by the Federal Trade Commission (FTC). These regulations ensure commercial transparency and maintain consumer confidence, solidifying North America's role as the primary driver of global revenue for both natural and synthetic diamonds.

Recent Developments

• In November 2025, a premier diamond mining company launched a new branded line of polished diamonds named "Origin" across retail partners in North America. This product release leverages advanced blockchain technology to offer consumers complete transparency regarding the provenance and ethical sourcing of each stone. The initiative provides an immersive digital and in-store experience that details the diamond's specific journey and the positive impact on its source community. By combining traceability with storytelling, the company aims to build deeper consumer trust and differentiate its high-quality natural diamonds in an increasingly conscientious luxury market.
• In October 2024, the world’s largest retailer of diamond jewelry collaborated with a leading diamond mining company to launch a strategic marketing campaign focused on natural diamonds. Titled "Worth the Wait," this initiative was designed to re-engage younger consumers, particularly "Zillennials," by highlighting the emotional significance and enduring value of mined stones. The partnership involved extensive training for retail associates to effectively communicate the unique attributes of natural diamonds. This campaign represented a major coordinated effort to stimulate demand in the bridal category and differentiate natural diamonds from their lab-grown counterparts in a competitive marketplace.
• In June 2024, the world's largest jewelry brand launched four new lab-grown diamond collections in the Danish market, marking a significant expansion of its sustainable luxury portfolio. The release featured jewelry crafted with renewable energy and recycled silver or gold, reinforcing the company's strategy to democratize access to diamonds. This product introduction was accompanied by a major promotional campaign aimed at enhancing the perceived value of lab-created stones. The new assortments utilized innovative setting techniques to maximize brilliance, offering consumers an ethically produced alternative that mirrors the physical and chemical properties of natural diamonds while minimizing environmental impact.
• In May 2024, a global leader in diamond technology reported the successful adoption of its new planning paradigm for small rough diamonds, known as the "Most Valuable Plan." This technological breakthrough enables manufacturers to optimize yield and value from smaller stones, contributing to the company's return to profitability. Concurrently, the firm highlighted its ongoing collaboration with a major industry blockchain platform to support compliance with G7 sanctions through verifiable data. These solutions address the industry's critical need for enhanced traceability and efficiency, allowing stakeholders to objectively verify a diamond's journey from the mine to the retail market.

Key Market Players

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

By Type	By Application	By Distribution Channel	By Region
Natural Synthetic	Jewelry & Ornaments Industrial	Offline and Online	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Diamond Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Diamond Market, By Type:

• Natural
• Synthetic

• Diamond Market, By Application:

• Jewelry & Ornaments
• Industrial

• Diamond Market, By Distribution Channel:

• Offline and Online

• Diamond Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE