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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.
Base Year
Historical Year
Forecast Year
Value in USD Billion
2025-2034
Industrial Diamond Market Outlook
*this image is indicative*
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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.
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.
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.
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.
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.
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
Market Breakup by Application
Market Breakup by Region
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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.
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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., 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, founded in 1946 and headquartered in Oxford, United Kingdom, is a global leader in synt...
Founded in 1888 and headquartered in London, United Kingdom, De Beers Group is one of the world's la...
ILJIN Diamond Co., established in 1975 and based in Seoul, South Korea, is a prominent manufacturer ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
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.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global industrial diamond market attained a value of nearly USD 2.20 Billion in 2024.
The market is projected to grow at a CAGR of 3.10% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 2.99 Billion by 2034.
The major drivers of the market include rising population and the development in infrastructure and the increasing production of automobiles.
The rising industrial activities in emerging economies, particularly China and India, is expected to be a key trend guiding the growth of the industry.
The types of industrial diamond available are natural industrial diamond and synthetic industrial diamond.
Industrial diamond finds applications as construction, transportation, and electronics, amongst others.
The key players in this market include Applied Diamond Inc., Element Six (UK) Ltd., De Beers Group, PJSC Alrosa, ILJIN DIAMOND CO., LTD, Adamas One Corporation (Scio Diamond Technology Corporation), and Industrial Diamond Laboratories, Inc., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2024 |
Historical Period | 2018-2024 |
Forecast Period | 2025-2034 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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