Diamond is the most concentrated form of pure crystalline carbon in nature and has the properties of highest hardness and thermal conductivity. These are the most durable, expensive, and rarest metal found across the globe. Diamonds are used in multiple industrial applications such as polishing tools, and cutting. It has gained popularity across the globe for its beauty as a gemstone.
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The major producers of diamond across the globe are the Central & Southern Africa countries, Russia, Australia, Canada, and Botswana. Diamonds are attractive among end-users for its usage in the industrial and fashion sector.
Major drivers of the global diamond market include exploration of new deposits, acceptance of diamond as jewelry in wedding and engagement functions, and growth in the global economy and purchasing power of individuals. In addition, continuous robust growth in jewelry products, and innovative design across the globe are expected to propel the market during the forecast period.
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However, availability of limited deposit sources of diamond, and rise in cost of diamond processing are major restraints of the market. Development of new diamond based industrial products, targeting customers with new jewelry design, and penetration of diamond sale through e-commerce business are expected to create significant opportunities for the market.