The global Diamond Mining market size is projected to reach approximately $577.39 billion by 2030, at a CAGR of 5.3% from 2022 to 2030. Diamond mining is an industry where diamonds (which are made of pure carbon) are extracted from the earth and sold as a commodity. The process by which diamonds are mined began in 1880 with the discovery of diamonds in South Africa. At first, these diamonds were thought to be pure carbon, and they were even sold as such. The first diamond mines that were able to produce a large number of diamonds became known as “diamond syndicates.
COVID-19 Impact Analysis
The Materials industry is currently expected to have a negative impact due to the spread of the COVID-19 virus. Likely, the business models of major players will also be weakened due to this incident. The impact may not be as bad as many expect, but it could last more than two quarters. In the short term, the market demand will show reduced growth due not to an increase in infections but rather due to lower levels of economic activity. The COVID-19 pandemic harmed the market for Diamond Mining. The diamond mining industry was dealt a blow after the effects of the pandemic. Due to a decrease in the risk-taking mentality of consumers and an increase in the concern for their health, the demand for diamond jewelry went down. It’s been predicted that the bottom of the market has been hit and that the industry will recover in the next few years, but it’s not expected to go back to its past glory.
The growth in the Diamond Mining market is driven by the rising demand for diamonds for industrial applications. The rising technological advancements and the limited supply of natural diamonds are some factors contributing to the market growth. Rising populations and increasing disposable income will create ample opportunities for the Diamond Mining Market.
⮚ An increasing number of applications for industrial-grade diamond
The use of advanced cutting tools made of high-grade diamonds has risen in recent years due to the increasing demand for the high-quality products they produce. With properties such as strength, hardiness, and wearability, these materials make up durable cutting tools. For example, Industrial-grade diamonds are used in a wide variety of different diamond processes, such as drilling, cutting, and grinding. They can also be used in polishing applications. Smaller versions – like powdered diamonds – find use in processes like jewelry manufacture. Along with the growing popularity of industrial diamonds, market analysts are predicting a surge in the demand for their use in new applications. Diamonds have been used as heat sinks to enhance performance in electronics and computers. They will also impact the overall size of the Diamond Mining market, driving it up further.
- Technology is Disrupting the Diamond Mining Market
The high maintenance costs associated with the process of mining in diamond mines are often cited as one of the major challenges faced by market players. To overcome this, vendors are increasingly automating and connecting devices so that production lines can be directed to create efficiencies and proper integration with IoT technologies. Vendors are also adopting blockchain technologies to secure highly critical information about diamonds. This includes information regarding their availability, inventory data, and several other particulars related to the industrial process.
Global Diamond Mining market Opportunity:
⮚ Increasing Population and Rising Disposable Income in Developing Countries
The global diamond mining industry is expected to witness significant growth in the forecast period owing to an increase in disposable income and improved earning capacity. The diamond mining industry is anticipated to witness significant growth in the forecast period owing to several factors such as increasing demand for diamond as an investment vehicle, rising demand in emerging markets of India and China, and growth of the retail sector in the world’s leading economies.
Based on the Type, the Diamond Mining market is segmented based on Underground Mining and Open-Pit Mining. The Open-Pit Mining segment is anticipated to account for the large market share. Underground, mining is a process in which diamonds are extracted from below the surface of the earth. Open-pit mining is the method where large portions of land are excavated to extract diamonds.
Based on Application, the global Diamond Mining market has been divided into Jewelry, Industrial, and Research. The Jewelry segment is expected to hold the largest market share due to an increase in disposable income and the rising population in developing countries.
Global Diamond Mining Market Share, by Segmentation
Based on region, the global Diamond Mining market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The Middle East and Africa are projected to dominate the use of the Diamond Mining market followed by the Asia-Pacific and Europe regions.
The Middle East and Africa Market
Africa is a leading producer of diamonds, accounting for over 50% of the total number of diamonds produced in the world. This land has been mined for diamonds for over a century and it continues to provide some of the most extensive diamond reserves worldwide. Easing restrictions and increasing investments in mining new sites in the region will drive growth in terms of diamond production throughout the Middle East & Africa during this decade due to increased demand for high-quality stones that are often seen as status symbols by many affluent consumers around the world.
Asia-Pacific is the fastest-growing region for the Diamond Mining Market. The world’s leading diamond-consuming countries, such as China, India, Australia, and Russia are found in the Asia Pacific. In these countries industries using diamonds for various purposes such as infrastructure and jewelry manufacturing surge the most. The growth of those industries will take the Asia Pacific to be the top largest consumer of natural diamonds over the forecast period.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as Anglo American Plc, Dominion Diamond Mines ULC, Gem Diamonds Ltd., and Lucara Diamond Corp., lead the global Diamond Mining business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- 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
- Mwana Africa
In September 2019, Botswana Diamonds and its associate Vutomi signed an agreement with Eurafrican Diamond Corporation to explore the Marsfontein farm. EDC’s agreements have enabled them to mine minerals from the Marsfontein Mining Permit with 25% of the pre-tax revenue from high value and valuable ‘Special Stones’ valued at more than US$8,000 per carat.
Scope of the Report
Global Diamond Mining Market, by Type
- Underground Mining
- Open-Pit Mining
Global Diamond Mining Market, by Application
Global Diamond Mining Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 577.339 Billion|
|CAGR||5.3% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Anglo American Plc, Dominion Diamond Mines ULC, Gem Diamonds Ltd., Lucara Diamond Corp., MIBA Sarl, Murowa Diamonds, Petra Diamonds Ltd., PJSC ALROSA, Rio Tinto Plc, and Zimbabwe Consolidated Diamond Company Pvt. Ltd.|
|Key Market Opportunities||Increasing Population and Rising Disposable Income in Developing Countries|
|Key Market Drivers||An increasing number of applications for industrial-grade diamond|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Diamond Mining market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Diamond Mining market historical market size for the year 2020, and forecast from 2021 to 2028
- Diamond Mining market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Diamond Mining market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Diamond Mining Market FAQs
- What is the study period of this market?
- The study period of the global Diamond Mining market is 2020 – 2030
- What is the growth rate of the global Diamond Mining market?
- The global Diamond Mining market is growing at a CAGR of ~ 3% over the next 7 years
- Which region has the highest growth rate in the global Diamond Mining market?
- Asia Pacific is expected to register the highest CAGR during 2022 – 2030
- Which region has the largest share in the global Diamond Mining market?
- The Middle East and Africa hold the largest share in 2021
- Who are the key players in the global Diamond Mining market?
- Anglo American Plc, Dominion Diamond Mines ULC, Gem Diamonds Ltd., and Lucara Diamond Corp. are the major companies operating in the global Diamond Mining
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- Yes we offer 16 hours of analyst support to solve the queries
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