Global industrial diamond market was worth over USD 20 billion in 2014. The U.S. and Africa are major diamond producers and account for majority of the share in the market. 40% of the overall materials produced are in the form of diamond powder, which is priced in the range of USD 4,500 to USD 7,500 per kg.
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Increasing demand for abrasives in major end-use industries is expected to drive the overall market demand. Synthetic industrial diamonds are preferred over natural forms as their physical properties can be customized as per requirement. Surge in demand for industrial diamonds is balanced by the enormous supply of synthetic diamonds.
Industrial diamonds are mainly used as cutting, grinding, polishing, and lapping tool. Diamonds used in ornaments are verified on the basis of the cut and color, whereas these products are valued on the basis of their strength, resistibility towards heat & corrosion, and conductivity towards thermal energy.
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Industrial diamond covers over 80% of the overall diamond industry. These diamonds are used in manufacturing electronic goods such as flat screens, medical equipment, and production of abrasive. It is mostly used in the form of nanoparticles in the industry. Production of abrasive controls the global requirement of industrial diamond. This trend is estimated to carry on in future.
Industrial diamond industry strength is highly dependent on the global economy. Volatile prices may have negative impact on the overall market pricing. Recession in developed countries resulted in direct decline of diamond prices in 2009. Synthetic industrial diamonds producers frequently witness political conflict in regions across the globe. African mines are the most problematic areas where the producers face problem.
Regional politics hampers the market penetration of foreign companies. Botswana GDP is highly dependent on the diamond industry. It accounts for over 30% of the overall GDP in 2014. Increasing demand for synthetic diamonds in the industries is expected to cause major hindrance to the natural diamond producers.
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