Diamond is a complex form of carbon, with a bright, highly refractive crystalline structure that is clear and colorless when transparent and free from flaws is highly valued as a precious stone. According to BlueQuark Research & Consulting, the global Diamond market is expected to witness a significant growth rate during the forecasted period. Factors like increasing the use of Diamond in the electronic industry, synthetic diamond’s unique properties such as broadest optical transmission spectrum and highest known thermal conductivity that are applicable in a wide array of industries, including semiconductors, sensors, and cutters used in oil and gas drilling are expected to drive the global Diamond Market. Further, in jewelry, the stone’s crystalline structure allows it to be cut into a variety of shapes to suit various design preferences, and its excellent optical dispersion makes it stunning when paired with any metals including silver, gold, platinum, and more are projected to drive the Global Diamond Market. Furthermore, Diamonds are an integral part of the automotive industry, are used to produce vehicles, and are expected to drive the Global Diamond Market. However, Diamond mining has several negative environmental consequences, including soil erosion, deforestation, and ecosystem devastation. Diamond deposit sources are limited, and the cost of diamond processing is rising, which is expected to hinder the future market growth of Diamond.

Diamond is used in the electronic industry in semiconductors, sensors, and cutters used in oil and gas drilling. It is used to make jewelry such as rings, earrings, and many other fine jewelry pieces and is used in the automotive industry. Diamonds are more complex than any other gems, and they are an ideal choice for cutting and polishing other stones. It is used in various equipment for construction, including diamond saws, diamond blades, and diamond-coated abrasive wheels. Oil and gas companies use Diamond drill bits to drill through hard materials. It is used in the medical industry as diamonds have potential health benefits. It is also used in various beauty products.

The electronic industry is the most primary and vital consumer of Diamond and is estimated to drive the global demand for Diamond. Diamond is a wide-bandgap semiconductor with enormous potential as an electronic material for active and passive devices such as high-frequency field-effect transistors (FETs), high-power switches, and Schottky diodes. According to U.S. Geological Survey, in 2020, the total domestic primary production of manufactured industrial diamond bort, grit, dust, and powder was estimated to be 110 million carats with a value of USD 44 million, a slight difference from that in 2019. Global production is expected to continue to decline in quantity, and the global supply of crude natural diamond is forecasted to decrease to about 120 million carats in 2030 steadily. Diamond-based semiconductors can increase power density while making faster, lighter, and more straightforward devices, driving the demand for Diamond in the market. Synthetic Diamond’s unrivaled hardness makes it a suitable material for oil and gas drilling cutters where it extends tool life by reducing wear. In semiconductors, synthetic diamond heat spreaders prevent silicon and other semiconducting materials from overheating, which is projected to drive the demand for the Diamond market. Thus, the above factors have made the steel industry a vital segment of growth for the Global market of Diamond. 

The Asia Pacific region is on its way to becoming the global leader in the production and consumption of Diamond, with most of the consumption in populated countries like China and India. China is the leading producing country of synthetic industrial diamond, followed by the United States, Russia, Ireland, and South Africa. The demand for Diamond is increasing in the electronic industry as consumers' needs are growing. Diamond is less harmful to the environment than silicon, and improving a device's thermal performance is expected to drive the global Diamond market. Due to the increasing population and sophisticated lifestyles, leading to increasing demand for jewelry, the spectacular sparkle of these gems makes them a popular centerpiece for many designs and represent a significant economic force, thus adding to the Diamond market demand. In the automotive industry, the diamond saws and drill bits that cut and finish the body and engine components to the diamond coating grinding wheels that bevel and polish the glass in car windows, increasing the demand for Diamond. Lapidary artisans use Diamond-coated tools to cut other gems and rocks. Diamond-coated polishing wheels are used to bring out the shine in the materials, driving the demand for the Global Diamond Industry. Workers use diamond-coated equipment to cut and groove highway pavement in construction, thus causing the Global Diamond Industry. In the oil & gas industry, Diamond bits have been a significant component of the mining industry. In the medical sector, nanodiamond particles are used as an indicator of the effectiveness of cancer medication once administered to patients allowing doctors to monitor the progression of the cells which are driving the global Diamond market. Diamond-based beauty products include diamond flecked spray, exfoliators, and blurring agents, which reduce the appearance of wrinkles, driving the Global Diamond market. Therefore, mentioned factors have made the Asia Pacific region a vital area for the development of Diamond.

Some of the market's key players are Applied Diamond Inc., De Beers Group, Lucara Diamond Corp., Alrosa, Iljin Diamond Co Ltd, among others.

In December 2021, Petra Diamonds agreed to sell half of its investment in the Williamson diamond mine in Tanzania to Caspian's local technical services provider for USD 15 million.

In December 2021, Element Six's DNV Series of synthetic diamonds increased design flexibility to scientists and engineers working on next-generation quantum sensing systems.

In March 2021, Hyperion Materials & Technologies announced the completion of the NanoDiamond Products (NDP), a solution provider of synthetic diamond and cubic boron nitride products.

Global DiamondMarket report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Diamond market by segmenting based on the By Type (White Diamond, Champagne Diamond, Pink Champagne Diamond, Yellow Diamond, Blue Diamond, Green Diamond, Purple Diamond, Others), By Appearance (Natural Diamonds, Treated Diamonds, Man-made Diamonds, Natural Coloured Diamonds, Others), By  Purity (Type Ia, Type IIa, Type Ib, Type IIb, Others),  By Manufacturing Process (High-Pressure High-Temperature (HPHT), Chemical Vapor Deposition (CVD), Laboratory, Others), By Application (Electronic, Jewelry, Automotive, Cutting & Polishing, Construction, Oil & Gas, Medicines, Beauty Products, Others) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.