Diamonds are precious luxury materials known for their extraordinary hardness and thermal conductivity, which makes diamond mining one of the most lucrative business. Geographically, Africa accounts for the majority of the diamond mining market share due to the large number of mines present in this region. They are majorly used in jewellery making and industrial applications. Globally, consumer preference for branded diamond jewellery is increasing owing to avoid investment risk and growing awareness about diamond quality, jewellery designs and prices.
Industrial applications segment dominate the market with more than controlling more than 70% of market share. Superior hardness of diamonds makes them apt for use in cutting, grinding, drilling, and polishing tools which are used for various industry applications.
Increased disposable income, rising middle class population as well as strong demand from emerging economies like China and India are fuelling growth in the diamond market. Supply of diamonds is expected to expand marginally, majorly attributed to technological breakthroughs in diamond mining and growing supply of recycled diamonds.
Diamond mining operations is expected to face challenges in terms of accessing diamond deposits, depth of occurrence, increase in mining costs, over-production of synthetic/artificial diamonds and aging mines scheduled to go out of production. In addition, the capital intensive nature of mining projects can result into huge investments especially in the innovative technologies.
In addition, environmental issues such as soil erosion, increased carbon footprints and removal of other minerals can further pose challenges to diamond mining operations. In order to overcome this, companies are adopting more eco-friendly mining policies. In addition governments around the world are setting up regulations that can ensure minimal evacuation, stockpiling and return of other minerals in order to maintain natural state of the mined region.
There are lot of companies operating in diamond mining market which makes it highly competitive. Some of the major players include ALROSA, De Beers, Rio Tinto, Gem Diamond, Stornoway, Dominion, Petra Diamonds and among others.
ASDReport.com has a good collection of reports that can fulfil all your market research related requirements pertaining to diamond mining market.