Growing number of uses for diamonds of industrial quality is expected to drive market expansion in the near future

Market Research Future (MRFR) has published a cooked research report on the “Global Diamond Mining Market” that contains information from 2018 to 2032. The diamond mining market is estimated to register a CAGR of 5.51% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global diamond mining market – ALROSA, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds, Rio Tinto, Stornoway Diamond, Mountain Province Diamonds, Archon Minerals, Rockwell Diamonds, Lonrho Mining, Diamond Corp, Peregrine Diamonds, True North Gems, Tsodilo Resources, Shore Gold, Paragon Diamonds, North Arrow Minerals, African Consolidated Resources, Debswana Diamond, Koidu Holdings, and Mwana Africa.

Diamond Mining Market Highlights

The global diamond mining market is accounted to register a CAGR of 5.51% during the forecast period and is estimated to reach USD 630.203 billion by 2032.

In many production processes, the use of sophisticated cutting tools has expanded due to the growing consumer demand for high-quality products. Due to their high abrasiveness, wear resilience, and hardness, diamonds are the ideal material for a wide range of industrial uses. For instance, tiny diamonds are utilized in grinding wheels for purposes involving cutting, grinding, and drilling. Diamond powder is also utilized in polishing applications. The production of electronic circuits, laser components, and information processors is another major market for industrial-grade diamonds. In addition, a number of researchers are experimenting with using diamonds as heat sinks in computer and electronic applications. Therefore, the market for diamond mining will be driven by the growing number of uses for industrial-grade diamonds.

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Segment Analysis

The global diamond mining market has been segmented into type and application.

On the basis of type, the market is segmented into Underground Mining and Open-Pit Mining. The underground mining segment was attributed to holding the largest market share in 2022. The method of mining underground involves taking diamonds out of the earth's surface. Diamond core drill bits, such as those with rotary or wireline drilling systems attached, are used in underground mining. Additionally, it is anticipated that rising investments in underground diamond extraction will increase demand for diamond mining.

Based on application, the global diamond mining market has been segmented into Jewelry, Industrial, and Research. The jewelry segment was expected to hold the largest market share in 2022 due to the growing populations of developing countries and rising disposable income. Other reasons propelling the growth of the jewelry business are the expanding middle class and the growing spending power of millennials and Generation Z. Millennials prefer to spend their extra cash on experiences like travel over luxury goods.

Regional Analysis

The global diamond mining market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe diamond mining market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The diamond mining market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World diamond mining market comprises of Middle East, Africa, and Latin America.

The largest market share for diamond mining was maintained by the North American regional sector. Owing to the rising industrial application segment of diamonds, the US and Canada areas are expected to become the primary contributors. Additionally contributing to the region's prosperity are the large number of mining companies and growing mining industry investments.

Moreover, the Europe market has been persistently growing over the forecast period. The rising demand for diamonds from nations like Germany, Russia, and the UK is causing the region to expand. Throughout the projected period, shifts in consumer behavior and lifestyle are also expected to drive market expansion in this sector. In addition, the region is home to a number of the top producers of mining equipment in the world, who are developing their product lines to meet the rising demand for diamond mining.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The demand for diamond mining in the region is being driven by the increasing use of jewelry in developing countries like China and India. The industry is expanding primarily due to the growing demand for gem-quality diamonds from emerging countries in Asia-Pacific.

Furthermore, the rest of the world's diamond mining market is divided into the Middle East, Africa, and Latin America. The global market for diamond mining is expanding rapidly as a result of the growing demand for premium stones, which are frequently regarded as status symbols by many wealthy buyers. Additionally, Africa has been growing at a rapid pace, and during the projected period, market suppliers should anticipate to see various potential possibilities there. Over the course of the projection period, growing applications for industrial-grade diamonds will support market expansion in Africa.

Key Findings of the Study

• The global diamond mining market is expected to reach USD 630.203 billion by 2032, at a CAGR of 5.51% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. Growing jewelry usage in developing nations such as China and India is driving demand for diamond mining in the region.


• Based on type, the underground mining segment was attributed to holding the largest market in 2022, with an approximate market share of 60%.


• ALROSA, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds, Rio Tinto, Stornoway Diamond, Mountain Province Diamonds, Archon Minerals, Rockwell Diamonds, Lonrho Mining, Diamond Corp, Peregrine Diamonds, True North Gems, Tsodilo Resources, Shore Gold, Paragon Diamonds, North Arrow Minerals, African Consolidated Resources, Debswana Diamond, Koidu Holdings, and Mwana Africa.