Diamond Cutting And Polishing Market Research Report: By Diamond Type (Natural Diamonds, Synthetic Diamonds), By Diamond Cut (Round, Brilliant, Emerald, Oval, Pear, Marquise, Asscher, Radiant), By Diamond Color (Colorless, Near Colorless, Faint Yellow, Very Light Yellow, Light Yellow), By Diamond Clarity (Flawless (FL), Internally Flawless (IF), Very Very Slightly Included (VVS1), Very Slightly Included (VS1), Slightly Included (SI1)), By Application (Jewelry, Industrial, Medical, Investment) and By Regional (North America, Europe, South Am

Global Diamond Cutting And Polishing Market Overview

Diamond Cutting And Polishing Market Size was estimated at 32.83 (USD Billion) in 2022. The Diamond Cutting And Polishing Industry is expected to grow from 35.67 (USD Billion) in 2023 to 75.3 (USD Billion) by 2032. The Diamond Cutting And Polishing Market CAGR (growth rate) is expected to be around 8.65% during the forecast period (2024 - 2032).

Key Diamond Cutting And Polishing Market Trends Highlighted

There is an increasing demand for polished diamonds in the jewelry industry, which in turn is fueling the growth of the  diamond cutting and polishing market. The market is expanding due to the rising acceptance of diamond-encrusted ornaments, especially in emerging countries. This has also been driven by technological improvements in cutting and polishing that enable higher quality as well as intricate designs on diamonds. Furthermore, the emergence of online diamond sellers has opened up new avenues for diamond cutters and polishers to reach a wider clientele base. In addition, there has been a trend toward automated machinery for cutting and polishing functions, which increases efficiency while minimizing labor costs. Also noteworthy is the increased attention towards sustainable and ethical sourcing practices associated with this gemstone, which has left consumers more concerned about their purchase origins and effects.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Diamond Cutting And Polishing Market Drivers

Rising Demand for Diamond Jewelry

The burgeoning acceptance of diamond jewelry drives the  market for the cutting and polishing of diamonds. Mainly, diamond is associated with love, commitment, and luxury making it a common choice for engagement rings, wedding bands, and other special occasion jewelry. Besides, the rising middle class in emerging markets is also leading to an increase in the demand for diamond jewelry, especially from countries like India, China and Brazil.

Additionally, the increasing trend of online sales is further propelling market growth as it makes it easier for consumers to buy diamonds and diamond jewelry from anywhere in the world.

Technological Advancements in Diamond Cutting and Polishing

The use of technology is a major factor in fostering  growth within the diamond cutting and polishing sector. New and improved cutting and polishing methods have allowed manufacturers to make more precise, efficient, and better-quality diamonds. These developments have also seen the emergence of new shapes and designs for diamonds that are highly sought-after by customers. Besides, labor costs are being curtailed through automation as well as robotics during diamond cutting and polishing processes, thereby boosting productivity thus strengthening market demand.

Growing Popularity of Lab-Grown Diamonds

Another important driver of the diamond market is the increasing popularity of artificial diamonds, which are grown in laboratories. They are made using the same chemical and physical processes as natural diamonds but in a controlled environment. Thus, since they are more economically feasible than the natural ones, their access to them is also greater for consumers. Diamond cutters and polishers can also gain from more lab-grown diamonds selling on the market because this will enable them to have a larger number of choices for customers.

Diamond Cutting And Polishing Market Segment Insights

Diamond Cutting And Polishing Market Diamond Type Insights

The Diamond Cutting And Polishing Market is segmented by Diamond Type into Natural Diamonds and Synthetic Diamonds. The Natural Diamonds segment held the largest market share in 2023, accounting for over 90% of the  revenue. This dominance is attributed to the limited supply and high demand for natural diamonds, which are considered a symbol of luxury and prestige. However, the Synthetic Diamonds segment is expected to witness significant growth during the forecast period, owing to advancements in technology and increased consumer acceptance of lab-grown diamonds.The  Diamond Cutting And Polishing Market revenue for Natural Diamonds is projected to reach $32.1 billion by 2024, exhibiting a steady growth rate of 8.5%. This growth is primarily driven by the rising disposable income in emerging economies, increasing demand for diamond jewelry, and expanding retail distribution channels. Major markets for natural diamonds include India, Belgium, the United States, and China. On the other hand, the  Diamond Cutting And Polishing Market revenue for Synthetic Diamonds is anticipated to grow at a CAGR of 10.2% over the forecast period, reaching $3.2 billion by 2024.The growth of this segment is attributed to the increasing popularity of lab-grown diamonds as an ethical and sustainable alternative to natural diamonds. Synthetic diamonds offer similar optical and chemical properties to natural diamonds but at a lower cost, making them more accessible to a wider consumer base. Key players in the synthetic diamond market include Element Six, Diamond Foundry, and IIa Technologies. The market segmentation provides valuable insights into the competitive landscape and growth opportunities in the Diamond Cutting And Polishing Market.By understanding the dynamics of each segment, businesses can tailor their strategies to target specific customer groups and capitalize on emerging trends.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Diamond Cutting And Polishing Market Diamond Cut Insights

The Diamond Cutting And Polishing Market is segmented based on Diamond Cut into Round, Brilliant, Emerald, Oval, Pear, Marquise, Asscher, and Radiant. In 2023, the Round segment held the largest market share of 52.3%. The Round cut is a classic and timeless choice, known for its brilliance and fire. The Brilliant cut is similar to the Round cut but has a more complex faceting pattern, resulting in even more brilliance. The Emerald cut is a rectangular cut with stepped facets, giving it a sophisticated and elegant look. The Oval cut is an elongated version of the Round cut, providing a more modern and unique look.The Pear cut is a teardrop-shaped cut known for its feminine and romantic appeal. The Marquise cut is a football-shaped cut known for its elongated and pointed shape. The Asscher cut is a square cut with cropped corners, giving it a vintage and geometric look. The Radiant cut is a rectangular cut with cropped corners, combining the brilliance of the Round cut with the sophistication of the Emerald cut. The increasing demand for diamond jewelry, particularly engagement rings and other special occasion jewelry is driving the growth of the diamond cutting and polishing market.The rising disposable income and changing consumer preferences are also contributing to the market growth.

Diamond Cutting And Polishing Market Diamond Color Insights

The Diamond Color segment plays a significant role in the  Diamond Cutting And Polishing Market. Colorless diamonds, with no visible color, are the most sought-after and command premium prices. In 2023, the Colorless segment accounted for around 55% of the market revenue, driven by strong demand for engagement rings and high-end jewelry. Near Colorless diamonds, with a slight yellowish tint, are also popular and account for around 30% of the revenue share. Faint Yellow and Very Light Yellow diamonds, with a more pronounced yellow hue, offer a budget-friendly alternative to Colorless and Near Colorless diamonds and hold a combined revenue share of approximately 12%.Light Yellow diamonds, with a clear yellow color, account for the remaining 3% of revenue. The demand for specific diamond colors varies regionally, with Colorless diamonds preferred in major markets such as the US and China, while Near Colorless diamonds are gaining popularity in emerging markets.

Diamond Cutting And Polishing Market Diamond Clarity Insights

Data predicts that in 2023, the  Diamond Cutting And Polishing Market revenue will reach around 35.67 billion USD, which is likely to increase to 75.3 billion USD by 2032. The market growth is influenced by rising demand for diamond jewelry, especially in emerging economies, and increasing applications of diamonds in industrial sectors. Segmentation of the market based on Diamond Clarity is a crucial aspect of this industry analysis. The Flawless (FL) and Internally Flawless (IF) segments represent the highest clarity grades, indicating the absence of inclusions or blemishes visible to the naked eye.These diamonds are extremely rare and highly sought after in the luxury jewelry market, commanding premium prices. The Very Very Slightly Included (VVS1) and Very Slightly Included (VS1) segments represent diamonds with minimal inclusions that are difficult to detect even under 10x magnification. These diamonds offer a balance between quality and affordability, making them popular for engagement rings and other fine jewelry. The Slightly Included (SI1) segment includes diamonds with noticeable inclusions that may affect their brilliance and transparency.These diamonds are typically used in lower-priced jewelry or industrial applications. The varying clarity grades cater to different consumer preferences and budgets, influencing the overall market dynamics of the Diamond Cutting And Polishing Market.

Diamond Cutting And Polishing Market Application Insights

The  Diamond Cutting And Polishing Market segmentation by application includes Jewelry, Industrial, Medical, and Investment. The Jewelry segment accounted for the largest share of the market in 2023 and is projected to continue to dominate the market during the forecast period. The growing demand for diamond jewelry, particularly in emerging markets, is driving the growth of this segment. The Industrial segment is expected to witness significant growth over the forecast period due to the increasing use of diamonds in various industrial applications, such as cutting tools, abrasives, and electronics.The Medical segment is also expected to grow steadily over the forecast period due to the increasing use of diamonds in medical devices and implants. The Investment segment is expected to witness moderate growth over the forecast period as diamonds are considered a safe haven asset by investors. With a market valuation of USD 20.34 billion in 2023, the  Diamond Cutting And Polishing Market is anticipated to reach around USD 38.97 billion by 2032, expanding at a CAGR of 7.3% from 2023 to 2032.

Diamond Cutting And Polishing Market Regional Insights

The  Diamond Cutting And Polishing Market is segmented by region into North America, Europe, APAC, South America, and MEA. APAC is projected to witness the fastest growth during the forecast period due to increasing demand from emerging economies such as China and India. The Asia-Pacific region is expected to hold the largest market share by 2024. North America and Europe are mature markets with a well-established diamond cutting and polishing industry. However, these regions are expected to experience slower growth compared to APAC and South America.The South American market is expected to grow at a steady pace, driven by increasing demand from Brazil and Argentina. MEA is expected to witness moderate growth, primarily driven by demand from Saudi Arabia and the UAE.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Diamond Cutting And Polishing Market Key Players And Competitive Insights

Major players in the Diamond Cutting And Polishing Market industry are constantly striving to gain a competitive edge in the market. Leading Diamond Cutting And Polishing Market players are investing heavily in research and development to introduce innovative products and technologies. They are also focusing on expanding their  presence through strategic acquisitions and partnerships. The Diamond Cutting And Polishing Market industry is characterized by intense competition, with players vying for market share through aggressive pricing strategies and product differentiation. The competitive landscape is expected to remain fragmented, with a large number of small and medium-sized players operating in the market. However, the entry of new players and the increasing consolidation of the industry are expected to intensify competition in the coming years.One of the key competitors in the Diamond Cutting And Polishing Market is De Beers. The company is a  leader in the diamond industry, with a presence in over 20 countries. De Beers is known for its high-quality diamonds and its commitment to sustainable mining practices. The company has a strong brand presence and a wide distribution network. Another major player in the Diamond Cutting And Polishing Market is Signet Jewelers. The company is a leading retailer of diamond jewelry in the United States. Signet Jewelers has over 3,000 stores across the country and a strong online presence. The company offers a wide range of diamond jewelry, including engagement rings, wedding bands, and fashion jewelry.Another key competitor in the Diamond Cutting And Polishing Market is Chow Tai Fook. The company is a leading jeweler in China and Hong Kong. Chow Tai Fook has over 2,000 stores across Asia and a strong online presence. The company offers a wide range of diamond jewelry, including engagement rings, wedding bands, and fashion jewelry. Chow Tai Fook is known for its high-quality diamonds and its commitment to customer service.

Key Companies in the Diamond Cutting And Polishing Market Include

• De Beers Group


• Shree Ramkrishna Exports Pvt. Ltd.


• KGK Diamonds


• Laxmi Diamonds


• Petra Diamonds Limited


• Hari Krishna Exports


• Mahalaxmi Diamondsw


• Rosy Blue International


• Venus Jewellers


• Kiran Gems


• Bharat Diamond Bourse


• Rio Tinto plc


• Suashish Diamond Industry


• Mehta Company

Diamond Cutting And Polishing Market Industry Developments

The  diamond cutting and polishing market is projected to reach USD 75.3 billion by 2032, exhibiting a CAGR of 8.65% from 2024 to 2032. The market growth is attributed to the rising demand for diamond jewelry, particularly in emerging economies, and increasing disposable income levels. The growing popularity of lab-grown diamonds is also contributing to market expansion.Recent news developments in the market include De Beers' investment in Lightbox Jewelry, a producer of lab-grown diamonds, and the launch of the "Grown with Care" certification program by the Diamond Producers Association to promote responsible sourcing of lab-grown diamonds. These developments indicate the growing acceptance and adoption of lab-grown diamonds in the market.

Diamond Cutting And Polishing Market Segmentation Insights

Diamond Cutting And Polishing Market Diamond Type Outlook

• Natural Diamonds


• Synthetic Diamonds

Diamond Cutting And Polishing Market Diamond Cut Outlook

• Round


• Brilliant


• Emerald


• Oval


• Pear


• Marquise


• Asscher


• Radiant

Diamond Cutting And Polishing Market Diamond Color Outlook

• Colorless


• Near Colorless


• Faint Yellow


• Very Light Yellow


• Light Yellow

Diamond Cutting And Polishing Market Diamond Clarity Outlook

• Flawless (FL)


• Internally Flawless (IF)


• Very Very Slightly Included (VVS1)


• Very Slightly Included (VS1)


• Slightly Included (SI1)

Diamond Cutting And Polishing Market Application Outlook

• Jewelry


• Industrial


• Medical


• Investment

Diamond Cutting And Polishing Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa