Global Diamond Mining Market: Introduction
- Diamond mining is the mining of diamonds from identified deposits. A majority of the world’s diamond mining is concentrated in nine countries, with their share in the global production (in physical terms) being as high as 99%. The world’s leading producers of natural diamonds are Russia, the Democratic Republic of Congo (DRC), and Botswana, all together accounting over 60% of the global diamond production.
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Key Drivers of Global Diamond Mining Market
- High demand for diamond jewelry from emerging markets such as China, India, Brazil, and Thailand is driving the global diamond mining market
- Rising demand for diamonds for use in industrial applications also boosts the global market. Diamonds that are not of commercial quality are used in industrial applications, such as grinding wheels for drilling, cutting, polishing applications, electronic chips, and laser components. Increasing demand for high-quality products from consumers has prompted companies across different industries to adopt high-quality cutting tools in their manufacturing operations.
- However, high maintenance costs associated with the machinery used in the diamond mining process is one of the major challenges faced by market players. Furthermore, environmental issues arising out of diamond mining are expected to pose challenges for the global market during the forecast period.
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Gem Grade Segment to Witness Attractive Opportunities
- The global diamond mining market can be segmented based on grade, application, and region
- In terms of grade, the global diamond mining market can be divided into the following segments: gem grade and industrial grade. The gem grade segment is expected to expand at the maximum CAGR during the forecast period. Most manufacturers of luxury goods are major end-users of gem-grade diamonds. Consumer goods manufacturers also use gem-grade diamonds for decorating their products such as watches and handbags and for designing company logos.
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- In terms of application, the global diamond mining market can be divided into the following segments: jewelry making, consumer goods, industrial, and others. The jewelry making segment is expected to expand at the maximum CAGR during the forecast period. Rising preference for branded diamond jewelry presents a growth opportunity for the market, both in developed and developing countries.
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North America to Hold a Major Share of Global Diamond Mining Market
- In terms of region, the global diamond mining market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Middle East & Africa dominated the global diamond mining market in 2019. The market in the region is expected to expand at a prominent CAGR during the forecast period. Africa is a leading producer of diamonds in the world. Currently, Africa accounts for 50% of the diamonds produced in the world. Easing of trade restrictions and increasing investments in new diamond mining sites in the region would drive the diamond mining market in Middle East & Africa in the next few years. Angola, Namibia, DRC, and Zimbabwe are key markets for diamond mining in Africa.
- Europe and Latin America are other major regions of the global diamond mining market. Russia is the top producer of diamond across the globe.
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Key Players Operating in Global Diamond Mining Market
The global diamond mining market is highly concentrated, with the top manufacturers accounting for approximately 40%–45% of the market share. A few key players operating in the global diamond mining market are:
- De Beers
- Dominion Diamond
- Lucara Diamond
- Petra Diamonds
- Rio Tinto
- Stornoway Diamond
- Archon Minerals
- Lonrho Mining
- Diamcor Mining
- North Arrow Minerals
- Debswana Diamond
- Rockwell Diamonds