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.
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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
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.
- 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.
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.
Expanding operations in future? To get the perfect launch ask for a custom report
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
Key Market Developments
- In March 2019, Debswana Diamond, a 50:50 joint venture between the Government of Botswana and De Beers Group, announced a project to extend the life of the Jwaneng mine, one of the world’s most valuable diamond mines
- In September 2019, Botswana Diamonds, an Ireland-based exploration and project development company, and its associate i.e. Vutomi signed an agreement with Eurafrican Diamond Corporation (EDC) for the Marsfontein farm. The agreement enabled EDC to mine and process identified deposits on the Marsfontein Mining Permit, with 25% of the pre-tax revenue from high value ‘Special Stones’, weighing more than or equal to 10.8 carats or valued at more than US$ 8,000 per carat.
Global Diamond Mining Market: Research Scope
Global Diamond Mining Market, by Grade
- Gem Grade
- Industrial Grade
Global Diamond Mining Market, by Application
- Jewelry Making
- Consumer Goods
Global Diamond Mining Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.