Diamond Jewelry Market Size, Share, Trends, Growth and Forecast 2032

Diamond Jewelry Industry Prospective:

The global diamond jewelry market size was worth around USD 90.29 billion in 2023 and is predicted to grow to around USD 136.52 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.70% between 2024 and 2032.

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Diamond Jewelry Market: Overview

Diamond jewelry is produced by cutting raw diamonds in the desired shape. According to market analysis, diamonds are one of the world’s most prestigious and expensive gemstones holding high value among consumers of luxury products. Furthermore, diamonds are the hardest gemstones on Earth. Diamond jewelry is often classified based on the 4 Cs whichare color, cut, clarity, and carat. Pieces of diamond jewelry can either be made of a single diamond or have multiple gemstones of varying Cs.

In most cases, diamond sets are pieced together with gold making diamond jewelry one of the most expensive forms of accessories. The color of a diamond is regulated by the Gemological Institute of America (GIA). The surge in demand for affordable diamond jewelry has promoted the development and application of lab-grown diamonds that are comparatively less priced as compared to jewelry made of natural diamonds.

Industry studies indicate that diamond jewelry has been a part of several cultures over centuries and continues to leave a significant impact on the living standards of diamond jewelry. One of the major drawbacks faced by the industry includes growing concerns about the sale and use of blood diamonds and poor working conditions for people working in diamond mining sites. Furthermore, diamond jewelry is generally not considered as an ideal form of investment as compared to gold and other gemstones which further restricts the overall growth in the industry.

Key Insights:

• As per the analysis shared by our research analyst, the global diamond jewelry market is estimated to grow annually at a CAGR of around 4.70% over the forecast period (2024-2032)
• In terms of revenue, the global diamond jewelry market size was valued at around USD 90.29 billion in 2023 and is projected to reach USD 136.52 billion by 2032.
• The market is projected to grow at a significant rate due to the changing consumer lifestyle.
• Based on the carat, the carat segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the cut, the oval-cut segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Diamond Jewelry Market: Growth Drivers

Changing consumer lifestyle to promote market growth rate during the forecast period

The global diamond jewelry market is projected to grow due to the changing consumer lifestyle worldwide. An increase in disposable income and greater job opportunities along with the emergence of non-conventional methods of monetary gains are some of the factors shaping the spending habits of the general population.

For instance, consumers are actively seeking products and services that improve the overall quality of life and are willing to spend extra on luxury products including diamond jewelry. One of the major trends observed globally is increased Western influence across countries worldwide.

The surging adoption of the trend involving diamond engagement rings which was earlier a part of Western Europe gradually made its way to other cultures with globalization and increased consumer awareness. In addition to this, availability of several financial schemes facilitating transactions dealing with luxury goods such as access to credit cards and equated monthly payments.

Increasing demand for lab-grown diamonds to continue generating significant revenue in the long run

The demand for lab-grown diamonds has significantly improved in the last few years. These diamonds are produced in laboratories and hence production or supply can be easily managed as compared to natural diamonds. In addition to this, the process of producing lab-grown diamonds is less tedious as compared to the centuries-long natural process of forming diamonds that have to be mined from beneath the Earth’s surface. These factors contribute to the relatively low cost of lab-grown diamonds as compared to natural counterparts and subsequently higher demand in the global diamond jewelry market.

In October 2024, Trend Limited, one of India’s prominent retail companies under the Tata Group, announced the launch of a new range of lab-grown diamond brands under the name ‘Pome’.

Diamond Jewelry Market: Restraints

Concerns over blood diamond and reports related to poor working conditions of miners to limit growth rate

The global industry for diamond jewelry is projected to be restricted by the growing awareness and concern over blood diamonds. These variants of the popular gemstone are mined in war zones. They are further used for funding violence in the region. In addition to this, mining of blood diamonds generally deals with forced labor including children working in inhuman conditions. Blood diamonds are traded using illegal means. According to official statistics, more than 3.9% of the diamonds traded worldwide are conflict diamonds.

Diamond Jewelry Market: Opportunities

Digital mediums for selling jewelry will generate market growth opportunities

The global diamond jewelry market is projected to generate growth opportunities due growing integration of digital mediums to market and sell diamond jewelry. The emergence of verified online portals offering a seamless diamond accessory buying experience has helped market players reach a broader group of audiences making sales across borders.

In addition to this, industry players are opting for novel marketing and advertising strategies to attract new consumer groups. In October 2024, De Beers Group and Signet Jewelers launched a new campaign to reach for natural diamonds. The former is one of the world’s largest retailers of diamond jewelry while the latter owns several retail brands such as Jared and KAY Jewelers. The initiative is called ‘Worth the Wait’ and celebrates evolving relationships and modern love.

Furthermore, market players can benefit by entering new markets especially emerging economies that are witnessing a rising trend of luxury spending. In November 2023, one of the world’s leading jewelry brands, Cartier, announced the launch of its first-ever boutique in Mumbai, India at the newly launched Jio World Plaza. Innovation in the field of diamond cutting will further facilitate the industry’s growth rate in the coming years.

Diamond Jewelry Market: Challenges

Increasing demand for competing gemstones to generate market growth opportunities

The global industry for diamond jewelry is projected to be challenged by the growing demand for competing gemstones. For instance, gold is considered the primary material for making jewelry in several cultures. It offers an excellent return on investment. Diamond, on the other hand, may register diminished costing once it is used by an owner except in exclusive cases where diamond jewelry becomes a part of rich heritage.

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Diamond Jewelry Market: Report Scope

Diamond Jewelry Market: Segmentation

The global diamond jewelry market is segmented based on carat, color, cut, and region.

Based on the carat, the global market segments are 5.00 CT, 4.00 CT, 3.5 CT, 3.0 CT, 2.5 CT, 2 CT, 1.75 CT, 1.5 CT, 1.25 CT, CT, 0.75C CT, and less than 0.75 CT. In 2023, the highest demand was listed in the carat segment. According to market analysis, 1 CT diamond is often considered for engagement and wedding rings. The carat value offers excellent cost-efficiency and is available in exquisite designs. The average cost of 1 CT natural diamond in the low range is between USD 1000 to USD 3000 according to industry analysis.

Based on grade, the global diamond jewelry industry is divided into grade S/T/U/V/W/X/Y/Z, grade N/O/P/Q/R, K/L/M, GRADE G/H/I/J, and grade D/E/F.

Based on the cut, the global market divisions are heart cut diamond, pear cut diamond, marquise cut diamond, oval cut diamond, cushion cut diamond, radiant cut diamond, pear cut diamond, and others. In 2023, the highest revenue was registered in the oval cut segment. Industry research indicates that oval-shaped diamond rings achieved higher popularity in 2023. Furthermore, cushion-cut diamonds are generally considered timeless and hence enjoy widespread popularity. The Pink Star oval-cut diamond is the most expensive ring in the world currently worth USD 71.2 million.

Diamond Jewelry Market: Regional Analysis

North America to deliver the highest return during the forecast period

The global diamond jewelry market will be led by North America during the projection period. According to market analysis, the US is expected to lead the regional revenue due to greater demand for diamond jewelry in the country. The region enjoys the widespread popularity of diamond rings for engagements and weddings. According to official statistics, in 2022, more than 2 million engagement rings were sold in the US.

In addition to this, the higher disposable income of the general population allows greater demand for diamond jewelry. The US is home to several high-value personalities including celebrities, businessmen, and artists. They create an excellent consumer base for diamond jewelry sellers. The presence of several manufacturers of exclusive diamond jewelry such as Tiffany and Co, Harry Winston, Blue Nile, and others further help the region thrive.

Europe is a prominent market with a growing trend of diamond jewelry. The regional revenue is influenced by the existence of several key fashion industry players spread across European nations, particularly France and Italy. Moreover, the increasing adoption of new technologies for producing lab-grown diamonds across European jewelry sellers will further encourage regional revenue.

Diamond Jewelry Market: Competitive Analysis

The global diamond jewelry market is led by players like:

• Harry Winston
• Helzberg Diamonds
• Tiffany & Co.
• Van Cleef & Arpels
• Pandora
• Chopard
• Brilliant Earth
• Cartier
• Mikimoto
• De Beers
• James Allen
• Bulgari
• Graff
• Zales
• Blue Nile

The global diamond jewelry market is segmented as follows:

By Carat

• 5.00 CT
• 4.00 CT
• 3.5 CT
• 3.0 CT
• 2.5 CT
• 2 CT
• 1.75 CT
• 1.5 CT
• 1.25 CT
• CT
• 0.75C CT
• less than 0.75 CT

By Color

• GRADE S/T/U/V/W/X/Y/Z
• GRADE N/O/P/Q/R
• K/L/M
• GRADE G/H/I/J
• GRADE D/E/F

By Cut

• Heart Cut Diamond
• Pear Cut Diamond
• Marquise Cut Diamond
• Oval Cut Diamond
• Cushion Cut Diamond
• Radiant Cut Diamond
• Pear Cut Diamond
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa