Global Diamond Market to Grow to $552 Billion

Mumbai: The diamond industry is blossoming, including some of the largest firms. Out of these, the top players are Public Joint Stock Company ALROSA, Rio Tinto Group, and Anglo American plc.

The global diamond market was worth $504 billion in 2021, and by the end of this year, it will have grown by a compounded annual growth rate of 9.5% and sit at $552 billion. From then until 2026, the industry will grow at a much slower 4.6% CAGR and be worth $661 billion by the end of the forecast period, According to The Business Research Company,

The demand for diamonds is expected to grow due to the rising affluence of India and China, as populations in the growing economic powers see their disposable incomes rise.

The global diamond reserves stood at 1.4 billion carats as of January 2021, according to Global Data. While production declined in 2020 due to the coronavirus pandemic, it was expected to grow once again last year and stand at 113 million carats in 2021. Between 2021 and 2025, production is expected to grow at a CAGR of 2% or higher.

Russia is the world’s largest diamond supplier, as it accounted for one-third or 31% of global diamond production in 2020.

The global market for lab-grown diamonds is highly evolving. This particular segment was worth $19.3 billion in 2020, and it will grow at a CAGR of 9.4% until 2030 to sit at $50 billion.