Industrial Diamond Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global industrial diamond market attained a value of USD 2.20 Billion in 2024. The industry is further expected to grow in the forecast period of 2025-2034 at a CAGR of 3.10% to reach USD 2.99 Billion by 2034 due to speedy development in construction and automotive industries.

Key Trends and Developments

The industrial diamond market is growing due to the increased demand for synthetic diamonds, advancements in diamond production technology, a greater focus on sustainability within the industry, and the emergence of new applications in electronics and healthcare.

January 2025

The Indian government launched the Diamond Imprest Authorization (DIA) Scheme to strengthen the country’s global position in the diamond trade. The scheme offers duty-free imports of diamonds under ¼ carat, provided exporters add 10% value before exporting. It targets exporters with Two Star Export House status, supporting local manufacturing and global competitiveness.

November 2024

De Beers launched its "Forever Present" marketing campaign in the U.S. during the 2023 holiday season to boost natural diamond demand. Featuring real-life couples celebrating milestones, the campaign targets holiday shoppers through digital platforms and billboards. It complements the "Worth the Wait" campaign, aiming to reach a broad audience.

April 2024

Minespider and Star Diamond Corp. have partnered to launch the G7-compliant Diamond Passport, ensuring transparency and traceability for rough diamonds. This initiative supports G7 countries' ban on Russian diamonds and provides certification to confirm diamonds are ethically sourced, with full provenance data, including size, shape, and quality details.

October 2023

The BRICS nations launched the Informal BRICS Cooperation Platform with African diamond-mining countries. The initiative aims to promote ethical trade and sustainable development in the diamond industry, supporting the Kimberley Process. The summit also praised the UAE’s leadership of the Kimberley Process for 2024.

Rise of Synthetic Diamonds is Impacting Industrial Diamond Market Revenue

The industrial diamond market is experiencing a shift towards synthetic diamonds, which now dominate global use due to their cost-effectiveness, durability, and adaptability to specific industrial needs. These diamonds are revolutionising supply chains and sparking innovation in production technologies. The discovery of a 2,492-carat diamond in Botswana’s Karowe Mine in August 2024, the second largest ever found, highlights the contrast between traditional mining and synthetic alternatives, with Botswana’s president calling the find historic.

Technological Advancements in Diamond Production is Influencing Industrial Diamond Market Trends and Dynamics

Advancements in diamond synthesis technologies, such as High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD), are transforming the industrial diamond market. These methods produce diamonds with enhanced properties like greater durability and precision, broadening their applications in cutting, grinding, and drilling. In January 2025, India introduced the Diamond Imprest Authorization (DIA) Scheme to improve diamond sector competitiveness by facilitating duty-free imports of diamonds under ¼ carat, aiming to boost exports and support MSME exporters from April 2025.

Sustainability Focus in the Diamond Industry is Driving Industrial Diamond Market Growth

With increasing environmental awareness, the industrial diamond market is embracing sustainability, especially in production practices. Companies are adopting energy-efficient methods and using recycled materials to reduce their environmental impact. This aligns with consumer demand for eco-friendly products. In July 2024, Switzerland’s LOEV launched the first Swiss Made Diamond collection, using renewable energy in the production of lab-grown diamonds, offering a transparent, ethical, and sustainable alternative to mined diamonds in the jewellery industry.

Emerging Applications in Electronics and Healthcare is a Key Trend in the Industrial Diamond Market

Industrial diamonds are expanding into new sectors such as electronics and healthcare. In electronics, they are used in semiconductors and heat sinks due to their excellent thermal conductivity. In healthcare, diamonds are utilised in surgical tools and diagnostic equipment. In August 2024, Medline received the Diamond-level HIRC Resiliency Badge for its exceptional supply chain, showcasing the expanding role of industrial diamonds in innovative industries.

Market Segmentation

With diamond having the highest thermal conductivity, it is used for industrial purposes in drilling, cutting, and polishing. The industrial diamond demonstrates numerous properties such as clean operation and fast material removal rates. They can be either natural or synthetic in types. Industrial diamonds can endure extreme pressure and give seamless finishing after cutting, thus, they are used in transportation, construction, and electronics sectors, among others.

Market Breakup by Type

• Natural Industrial Diamond
• Synthetic Industrial Diamond

Market Breakup by Application

• Construction
• Transportation
• Electronics
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Market Analysis

The global industrial diamond industry is being driven by the high demand for abrasives for purposes of grinding, polishing, and cutting. The development in infrastructure and the increasing production of automobiles are further fuelling the growth of the industry. The availability of cheaper substitutes might hinder the growth of the industry, however, research for reducing the production cost and increasing the scope of its application is generating growth opportunities for the global industrial diamond market.

Competitive Landscape

The industrial diamond market key players specialise in producing high-performance diamond products for cutting, grinding, polishing, and drilling across various industries, including electronics, aerospace, and automotive. Using advanced chemical vapour deposition (CVD) technology, they create precision-engineered synthetic diamonds to meet specific client needs. Renowned for quality, these companies provide customised solutions while prioritising sustainability and eco-friendly diamond products.

Applied Diamond Inc.

Applied Diamond Inc., established in 1993, is a leading provider of synthetic diamond solutions for industrial applications. Based in New York, United States, the company specialises in manufacturing high-performance diamond products used in precision cutting, grinding, and drilling. They focus on advanced diamond materials for a variety of industries.

Element Six (UK) Ltd.

Element Six, founded in 1946 and headquartered in Oxford, United Kingdom, is a global leader in synthetic diamond manufacturing. The company specialises in producing industrial diamonds and supermaterials used in various applications, including cutting, grinding, and drilling. Element Six focuses on innovation and sustainable practices in the diamond industry.

De Beers Group

Founded in 1888 and headquartered in London, United Kingdom, De Beers Group is one of the world's largest producers of diamonds. The company has a rich history in both natural and synthetic diamonds, specialising in mining, production, and distribution. De Beers is known for its commitment to sustainability and ethical sourcing.

ILJIN DIAMOND CO., LTD

ILJIN Diamond Co., established in 1975 and based in Seoul, South Korea, is a prominent manufacturer of industrial diamonds. The company focuses on producing synthetic diamond materials for cutting, grinding, and polishing. ILJIN is a key player in the global market, known for its high-quality diamond products and innovation.

Other key players in the industrial diamond market report are PJSC Alrosa, Adamas One Corporation (Scio Diamond Technology Corporation), and Industrial Diamond Laboratories, Inc., among others.