The global diamond market is projected to grow by $42.72 billion between 2024 and 2028, with a compound annual growth rate (CAGR) of 8.09%, according to Technavio, as reported by Diamond World.
This growth is driven by rising demand for wedding jewelry and the increasing adoption of lab-grown diamonds across various sectors. Millennials and Gen Z, increasingly interested in the unique qualities and affordability of lab-grown diamonds, are reshaping consumer preferences. In response, the industry is integrating both natural and lab-grown options to align with evolving trends.
AI advancements are also transforming the diamond market, optimizing production processes and enhancing customer experiences. At the same time, e-commerce continues to expand, despite challenges posed by counterfeit products.
Asia-Pacific leads the market with a 32% share, driven by key players in China, the US, India, Germany, and the UAE.