The global Diamond market is forecast to reach USD 113.63 Billion by 2027, according to a new report by Reports and Data. The growth of the industry can be mainly attributed to the growing demand for diamond applications, in jewelry and construction, in emerging Asia-Pacific economies like India and China.
Industrial diamonds are those intended for industrial use, mainly as a cutting or abrasive tool. In general, industrial diamonds are irregularly shaped, of the wrong color, and are of vital importance in the modern metallurgy and mining industries. Their usefulness comes from the fact that diamond is the hardest natural substance known. Globally, the increased demand for high-strength abrasives for several industrial purposes and the increase in disposable income and overall economic growth of a region are the main drivers of industrial diamond growth.
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Key participants include
De Beers, ALROSA, Rio-Tinto Diamonds, Debswana Diamond Company, Ltd, Dominion Diamond Corporation, Lucara, Petra Diamonds, Gem Diamonds, Anglo American PLC, and Rockwell Diamonds, among others.
Further key findings from the report suggest
Emerging and mature digital technologies are affecting all parts of the value chain, enabling diamond producers, intermediaries, and retailers to increase the efficiency of their operations.
The prices of natural diamonds are volatile due to the uncertainty of supply and demand. However, there are no production constraints associated with products grown in the laboratory. As a result, major manufacturers are focusing their attention on the introduction of laboratory-grown counterparts for jewelry applications.
Synthetic diamonds are also widely used in super-abrasive tools, such as grinding wheels, cutting tools, and drilling and dressing tools, among others, for the manufacture of products in the automotive, medical, aerospace, and electronics industries. Therefore, the increased demand for super-abrasives should also stimulate the demand for synthetic diamonds.
The main growth opportunities for the industrial diamond market are the increase in infrastructure and the growth of the construction industry and research and development activities to reduce production costs and increase the scope of industrial diamonds.
China has become the second-largest market after the United States. Millennials in the country contribute mainly to the demand for diamond jewelry. This indicates excellent potential for market expansion. Given the growing potential of diamond jewelry in the country, current industry players are trying to invest more and expand their target audience.
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For this report, Reports and Data have segmented into the global Diamond market on the basis of resin type, composite phases, industry vertical, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Jewelry & Ornaments
Distribution Channel (Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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