Diamond Mining Market Size to Surpass USD 85.63 Billion by 2032 Due to Surging Demand for Luxury Diamond Jewelry and High Investments | SNS Insider

The U.S. Diamond Mining Market was valued at USD 16.72 billion in 2024 and is projected to reach USD 23.14 billion by 2032, growing at a CAGR of 4.19% during the forecast period 2025–2032.

Austin, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Diamond Mining Market Size & Growth Insights:

According to the SNS Insider,“The Diamond Mining Market size was valued at USD 60.25 Billion in 2024 and is expected to reach a valuation of USD 85.63 Billion by 2032, expanding at a CAGR of 4.54% during 2025-2032.”

Rising Demand for Luxury Jewelry and Industrial Applications Globally Augments Market Expansion

The global industry for diamond mining is being driven by rising consumer demand for investment-grade diamonds, engagement rings, and luxury jewelry. The market will be further driven by an increase in industrial applications such as drilling, grinding, and cutting. The demand for diamonds and, consequently, overall revenue growth is being driven by the rising per capita income, which is primarily occurring in developing nations. The global demand for luxury diamond jewelry and diamond investments has boosted the diamond mining industry. Consumer spending is being stimulated by rising disposable income, especially in developing nations. It is anticipated that an increase in industrial applications, such as drilling, grinding, and cutting, will support market expansion.

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Leading Market Players with their Product Listed in this Report are:

• De Beers Group
• ALROSA
• Rio Tinto Diamonds
• Petra Diamonds
• Lucara Diamond Corporation
• Mountain Province Diamonds
• Debswana Diamond Company
• Anglo American plc
• Gem Diamonds
• Dominion Diamond Mines
• Rockwell Diamonds
• Stornoway Diamond Corporation
• Firestone Diamonds
• Trans Hex Group
• Namdeb Diamond Corporation
• Lucapa Diamond Company
• Chidliak Diamond Project
• Bayan Obo Mining Co.
• Zimtu Capital Corp.
• North Arrow Minerals

Diamond Mining Market Report Scope:

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Key Industry Segmentation

By Type

Natural Diamonds led the market with approximately 54.73% share in 2024 due to the well-established demand for these diamonds in luxury jewelry as well as for investment purposes. Synthetic Diamonds are the fastest-growing segment with a CAGR of 4.91% as consumers continue to demand more environmentally friendly and cheaper options.

By Mining Method

Open Pit dominated with around 43.61% share in 2024. The segment’s growth is driven by its cost efficiency and high capacity to produce. On the other hand, underground mining is on the rise, since it permits the exploitation of deeper, high grade diamond resources. Underground mining is the fastest-growing segment at a CAGR of 5.20% as it permits the exploitation of deeper, high grade diamond resources.

By End-User

Jewelry accounted for the largest share at about 58.32% in 2024 due to the high demand for luxurious and engagement products. Industrial applications are the fastest-growing segment with a CAGR of 5.21% owing to the increasing application scope in cutting, grinding and drilling tools.

By Distribution Channel

B2C held the majority share at approximately 73.86% in 2024 as consumers tend to buy diamonds directly for jewelry and high-end luxurious products. B2B is the fastest-growing segment with a CAGR of 5.20%, driven by the high demand among manufacturers, wholesalers and for industrial uses. 

North America Held the Dominant Market Share of 40.89% in 2024; Asia Pacific is Expected to Witness the Fastest CAGR Growth of 5.16% over 2025-2032

In 2024 North America dominated the Diamond Mining Market and accounted for 40.89% of revenue share, this leadership is due to the robust consumer demand for luxury and engagement jewelry, and increased retailer acceptance of lab-grown diamonds. Asia Pacific is expected to witness the fastest growth in the Diamond Mining Market over 2025-2032, with a projected CAGR of 5.16% due to increase in disposable incomes, shift of consumers towards high-end jewelry and engagement jewelry along with rising awareness about the ethical and lab grown diamonds.

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Recent News:

• In May 2024, De Beers reported significant advancements in its 'Building Forever' sustainability strategy. Achievements include engaging 5,000 women and girls in STEM education ahead of schedule and establishing a Diamonds For Development Fund in Botswana with an initial investment of approximately USD 75 million. The company also made strides in renewable energy projects and expanded its diamond traceability platform, Tracr. 
• In March 2025, ALROSA launched its Long-Term Investment Program through 2028, emphasizing sustainable development and maintaining stable diamond production. The company also acquired a significant gold deposit in Russia's Far East to diversify revenue streams and enhance financial stability. These initiatives aim to mitigate challenges from market fluctuations and international sanctions.

Exclusive Sections of the Diamond Mining Market Report (The USPs):

• MANUFACTURING & YIELD METRICS – helps you assess production efficiency through yield rates, defect ratios, and automation levels across various extraction techniques.
• APPLICATION & DEPLOYMENT TRENDS – helps you understand end-use segmentation by tracking the share of diamonds used for jewelry, industrial, and investment purposes, along with lab-grown adoption dynamics.
• MATERIAL & TECHNOLOGY ADOPTION INDEX – helps you evaluate the penetration of natural vs. synthetic and ethically certified diamonds, guiding sustainable sourcing strategies.
• RELIABILITY & PERFORMANCE BENCHMARKS – helps you analyze operational stability through MTBF, pressure-temperature tolerances, and defect rates post-processing.
• TECHNOLOGICAL AUTOMATION RATE – helps you uncover modernization trends by identifying the proportion of automated versus manual extraction processes impacting productivity.

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