Evolve Business Intelligence has published a research report on the Global Diamond Mining Market, 2021–2030. The global Diamond Mining market is projected to exhibit a CAGR of around 5.3% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Diamond Mining market are 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.
The global Diamond Mining market is projected to be valued at $ 577.339 Billion by 2030, recording a CAGR of around 5.3% during the forecast period. Diamond mining is the mining of diamonds from identified deposits. Diamonds have been known to be used in jewelry since antiquity and were first mined in India more than 2500 years ago. Today, diamond mining operations are located in Africa, Canada, Russia, Brazil, and Australia as well as in several other places throughout the world. The exceptional hardness of diamonds and the high value of polished diamonds make them a good investment for many investors. The major factor fueling the growth of this market is the increasing demand for diamonds owing to their decorative nature and their use as gemstones.
The Diamond Mining market faced a fall due to the widespread effect of the pandemic. Prices of precious metals fell sharply and the economy suffered a large, but temporary hit. Despite the money lost during the pandemic, economies bounced back quickly. By mid-June, all restrictions on travel were lifted and the world was heading towards one of the largest economic recoveries of all time. The diamond mining market, which has been in severe distress ever since the start of the pandemic, is close to recovery and will flourish again in the next few years.
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The global Diamond Mining market has been segmented based on the type, application, and region.
By Type, the Diamond Mining market is segmented based on Underground Mining and Open-Pit Mining. The underground Mining segment dominates the market. This can be linked to the high occurrence of diamonds below the surface, near the earth’s crust. The underground mining process involves drilling and blasting to break up the rock and removing it in a minecart or by gravity.
Based on Application, the Diamond Mining market is segmented based on Jewelry, Industrial, and Research. The Jewelry segment is anticipated to hold the largest market. The increase in the global population and the subsequent increase in the number of weddings is leading to a rise in the demand for jewelry. The Industrial Segment is expected to grow at the highest CAGR in the forecast period due to an increase in demand for high-quality diamonds in advanced cutting machines.
The Diamond Mining market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The Middle East and Africa region are projected to dominate the global Diamond Mining market. This dominance in the global market is due to major Diamond mines in the region and fewer trade restrictions in the region. However, due to a rise in disposable income and rising populations in developing countries, Asia-Pacific is expected to outstrip all other areas by clocking the highest CAGR. The Diamond Mining business in North America has been consistently growing. Latin America is expected to grow at a rapid pace.