According to a new report published by Allied Market Research, titled, Diamond Market, The Diamond Market Size was valued at $100.4 billion in 2022, and is estimated to reach $155.5 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Diamonds are precious stones found under the earth’s surface through a string of volcanic eruptions that developed 300-400 million years ago. Moreover, scientific, and technological advancements have established synthetic diamonds which innate the same chemical and physical properties as natural diamonds.
Moreover, they carry properties such as high electrical resistivity, low thermal expansion coefficient, hardness, and high thermal conductivity along with others. These make it highly applicable for industrial usage are highly utilized in the jewelry industry as they carry sparkling surfaces and high refractive index. They are used in the electronic industry in the manufacturing of semiconductors owing to their electronic properties.
The diamond market is analyzed on the basis of product type, application, distribution channel, and region. By product type, the market is bifurcated into natural and synthetic. Among these, the natural segment occupied the major share of the market in 2022 and is anticipated to maintain its dominance during the forecast period.
Natural diamonds are formed when carbon atoms are put through uttermost high pressure and temperature in the earth’s crust. They are found in the form of diamond stones and diamond bort. Natural diamonds are used for making jewellery such as rings, necklaces, earrings along with other ornamental products. They are also available in various colors such as pink, yellow, blue, purple, violet, red, green, gray, white, and black diamonds along with others.
