Diamond Mining market forecast to reach $167.94 Bn by 2034

The global diamond mining market is a robust and evolving industry, projected to grow significantly in the coming years. Valued at approximately USD 106.70 billion in 2024, the market is anticipated to reach around USD 167.94 billion by 2034, demonstrating a compound annual growth rate (CAGR) of roughly 4.64% between 2025 and 2034. Within this expanding landscape, underground mining stands out as a high-opportunity segment, poised for increased investment and dominance.

Underground mining has already established itself as a leading method of diamond extraction, holding a significant market share. This technique involves extracting diamonds from beneath the Earth’s surface using specialised equipment such as diamond core drill bits, wireline, or rotary drilling equipment. The rising expenditures in subterranean diamond extraction are a clear indicator of its growing importance and potential. As easily accessible surface deposits deplete, the industry is increasingly turning to more complex, deeper reserves, where underground methods become essential, driving further demand and technological innovation in this sector.

The global diamond mining market, particularly its underground segment, offers significant opportunities for growth driven by persistent demand and technological advancements. However, it must proactively address challenges related to ethical sourcing, sustainability, operational costs, and the evolving competitive landscape shaped by factors like US tariffs and the rise of lab-grown diamonds.