Editor’s Note
This article highlights the robust growth trajectory of the global diamond market, projected to reach $153.1 billion by 2034. A key driver is the sustained demand for jewelry, with North America, particularly the U.S., maintaining a dominant market position.
The global diamond market size was valued at USD 102.06 billion in 2025 and is projected to grow from USD 106.76 billion in 2026 to USD 153.1 billion by 2034, exhibiting a CAGR of 4.6% during the forecast period. North America dominated the diamond market with a 55% market share in 2025. Furthermore, the U.S. diamond market size is projected to grow significantly, reaching an estimated value of USD 68.64 billion by 2032, driven by the increasing consumption of jewelry worldwide.
Diamonds are one of the hardest materials on earth and are renowned as gemstones. Market growth is associated with the rising demand for jewelry and their use in industrial applications. The product is used for its extreme hardness and distributed to industry experts for jewelry and manufacturing/industrial purposes. Moreover, the product is adopted for research purposes where unique qualities are required. Thus, all these factors are expected to propel the global market during the forecast period.
Market Size and Forecast
Market Size in 2025: USD 102.06 Billion
Market Size in 2026: USD 106.76 Billion
Projected Value for 2034: USD 153.1 Billion
CAGR (2026-2034): 4.6%
Market Share Highlights
Regional Leader: North America held a 55% share in 2025.
The United States alone is projected to reach USD 68.64 billion by 2032, driven by strong jewelry demand and high disposable income.
North America: Market Size in 2026: USD 59.29 Billion
Asia-Pacific: Fast-growing economies (China, India)
Europe: High per capita income and presence of major producers (e.g., De Beers, Alrosa).
Latin America: Industrialization fuels demand for diamond-based cutting tools.
Middle East & Africa: Growth from industrial applications and increasing regional investments.
The COVID-19 outbreak impacted almost all countries worldwide. Mines were closed and production was limited due to restrictions on polishing and cutting centers. Jewelry manufacturers faced supply chain disruptions as affected countries such as the United States, India, China, Russia, and others imposed lockdowns. However, demand was not massive during the pandemic, but the global market has returned to pre-pandemic levels. China contributed to the market recovery as it is one of the fastest-growing economies in the world.
Growing Demand for Innovative Jewelry Designs Due to Evolving Consumer Preferences to Foster Market Proliferation
The demand for colored jewelry has increased as consumer preferences have changed. The shift in consumer behavior has created a huge opportunity for existing and new producers of these products, synthetic diamonds, as well as numerous retailers to establish their presence in the global market. Moreover, online platforms have grown significantly in just a few years, thereby propelling jewelry consumption, as consumers prefer to shop online to save time and maintain social distance.