Published on 24 Nov 2022 on Insider Monkey via Yahoo Finance

10 Biggest Diamond Companies in the World

In this piece, we will take a look at the ten biggest diamond companies in the world. For more companies, head on over to 5 Biggest Diamond Companies in the World. 

Diamonds are among the most precious and rarest minerals on Earth. Their rarity is due to the fact that it takes thousands of years for a piece of coal, once subjected to mind boggling pressures (thought to be 45,000 times the pressure at sea level), to turn into a diamond. They are found both under the land and under the sea, and since they were carried to their destination through molten rock, each diamond in existence today is more than 100 million years old. As if this were not enough, on average, it takes miners to sift a whopping 250 tons of Earth to find a single carat of diamonds.

Mining diamonds from under the sea requires using specialized crawlers to suck up the seabed, which is then searched for diamonds. Therefore, it is clear that the harder the process of extracting a diamond, the higher its price will be. The industry itself is worth hundreds of billions of dollars. Or at least that is what the research firm The Business Research Company would have you believe. According to its estimates, the global diamond market was worth $504 billion in 2021, and by the end of this year, it will have grown by a compounded annual growth rate (CAGR) of 9.5% and sit at $552 billion. From then until 2026, the industry will grow at a much slower 4.6% CAGR and be worth $661 billion by the end of the forecast period. The demand for diamonds is expected to grow due to the rising affluence of India and China, as populations in the growing economic powers see their disposable incomes rise.