Diamond Market 2033: Investing Smart in a Changing Landscape

The global diamond market was valued at USD 42.74 billion in 2025 and is expected to reach USD 53.16 billion by 2033, expanding at a CAGR of 2.7% from 2026 to 2033. Market growth is primarily supported by rising demand for branded and customized jewelry, particularly among millennials and Gen Z consumers, who increasingly seek individuality and personalization in luxury purchases.

Another major driver of market expansion is the growing adoption of digital traceability and ethical sourcing practices, which has strengthened consumer trust and accelerated diamond sales worldwide. Sustainability has emerged as a core focus within the modern diamond industry, with both producers and consumers placing greater emphasis on responsible sourcing and environmental protection. Leading mining companies are investing in low-impact extraction methods, renewable energy solutions, and comprehensive mine-to-market traceability systems to reduce environmental impact and enhance transparency. Innovations such as blockchain-enabled tracking, carbon-neutral mining initiatives, recycled diamonds, and eco-certifications are gaining widespread acceptance. These efforts not only lower the industry’s ecological footprint but also support local communities and ecosystems, reinforcing long-term accountability and trust across the supply chain.

Consumer behavior within the diamond market is evolving toward branded, personalized, and story-driven purchases, moving beyond traditional perceptions of luxury. Millennials and Gen Z, in particular, prioritize authenticity, ethical practices, and emotional value, driving strong demand for bespoke engagement rings and customized jewelry designs. At the same time, lab-grown diamonds have entered the mainstream, supported by competitive pricing, sustainability appeal, and physical properties identical to natural diamonds. However, premium natural diamonds continue to appeal to high-net-worth individuals who value rarity and long-term investment potential. This shift in preferences has diversified the market, allowing natural and lab-grown diamonds to coexist as complementary segments within the broader luxury landscape.

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Key Market Trends & Insights

• North America: North America accounted for over 51.0% of global diamond market revenue in 2025. The region’s steady growth is driven by strong demand for engagement jewelry, high-end luxury purchases, and the expansion of retail channels, including online and custom jewelry platforms. Consumers increasingly prioritize ethical sourcing, traceability, and certified diamonds, encouraging suppliers to enhance transparency and sustainability efforts. While lab-grown diamonds are gaining traction due to affordability and design flexibility, natural diamonds continue to dominate high-value purchases among affluent consumers.
• By Type – Natural Diamonds: Natural diamonds held more than 71.0% of global market revenue in 2025. Their dominance is attributed to rarity, intrinsic value, and their long-standing association with luxury and prestige. Major mining countries include Russia, Botswana, Canada, and Australia, with companies such as De Beers and ALROSA leading production. Natural diamonds remain highly preferred for high-value applications, especially bridal jewelry and luxury collections, where authenticity, emotional significance, and investment value are key considerations.
• By Application – Jewelry & Ornaments: The jewelry and ornaments segment accounted for over 95.0% of global market revenue in 2025, making it the largest application segment. Diamonds are extensively used in engagement rings, necklaces, bracelets, and other luxury accessories, with strong consumer preference for certified and branded stones. Rising disposable incomes in emerging economies such as India and China, along with increasing demand for customized and bespoke jewelry, continue to reinforce the dominance of this segment.

Market Size & Forecast

• 2025 Market Size: USD 42.74 Billion
• 2033 Projected Market Size: USD 53.16 Billion
• CAGR (2026-2033): 2.7%
• North America: Largest market in 2025
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

Major players in the global diamond market include De Beers Group, ALROSA, Rio Tinto Diamonds, and others.

• De Beers Group: Founded in 1888, De Beers Group is one of the most influential companies in the global diamond industry, operating across exploration, mining, sorting, trading, and branded retail through De Beers Jewelers and Forevermark. The company emphasizes technological innovation, ethical sourcing, and sustainability initiatives to ensure responsible mining and supply-chain transparency. Its global customer base includes luxury jewelry brands and diamond distributors across North America, Europe, the Middle East, and the Asia Pacific.
• ALROSA: Established in 1992, ALROSA is Russia’s largest diamond mining company and the world’s leading producer of rough diamonds by volume. The company operates major mining assets in Yakutia and the Arkhangelsk region, utilizing advanced exploration and extraction technologies to support long-term resource sustainability. ALROSA supplies high-quality rough diamonds to global polishing and jewelry markets, serving clients across Belgium, India, China, and the UAE.
• Rio Tinto Diamonds: As part of the Rio Tinto Group, founded in 1873, Rio Tinto Diamonds is a prominent global producer known for premium mining operations such as Argyle and Diavik. The company is recognized for rare and high-value diamonds, including pink, yellow, and champagne stones, which are in strong demand within the luxury jewelry sector. Rio Tinto integrates sustainable mining practices, digital traceability, and transparent supply chains to enhance consumer confidence in ethically sourced natural diamonds.

Key Players

• ALROSA
• Anglo American plc.
• Debswana Diamond Company Ltd.
• De Beers Group
• Dominion Diamond Corporation
• Gem Diamonds
• Lucara Diamond Corporation
• Petra Diamonds
• Rio Tinto Diamonds
• Rockwell Diamonds

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Conclusion

The global diamond market is set to experience steady growth through 2033, driven by evolving consumer preferences, increasing demand for branded and customized jewelry, and a strong emphasis on ethical sourcing and sustainability. While natural diamonds continue to dominate high-value and luxury segments, lab-grown diamonds are expanding the market by appealing to cost-conscious and environmentally aware consumers. North America remains the largest market, supported by mature retail infrastructure and high consumer spending, while Asia Pacific is expected to register the fastest growth due to rising incomes and expanding jewelry demand. Together, innovation, sustainability, and diversification of offerings will continue to shape the long-term outlook of the global diamond industry.