The global diamond market is projected to grow by USD 42.72 billion between 2024 and 2028, with a compound annual growth rate (CAGR) of 8.09%, according to a new report from Technavio. This growth is largely driven by rising demand for wedding jewelry and the increasing popularity of synthetic diamonds in new applications. Additionally, advancements in AI are playing a key role in reshaping the industry, improving both production methods and customer experiences.
Major players in the market, such as Anglo American plc, Cartier, BlueStone, and Malabar Gold and Diamonds, are benefiting from this growth. E-retailing also continues to expand, though challenges like counterfeit products remain an issue. The Asia-Pacific region leads the market, holding 32% of the global share, with top markets including China, the US, India, Germany, and the UAE.
As millennials and Gen Z increasingly turn to lab-grown diamonds for their ethical benefits, the market is expected to see significant changes. Both natural and synthetic diamonds are becoming central to evolving consumer preferences.
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