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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Diamond Global Market Report 2022' -
97 billion in 2021 to $551.91 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The diamond mining market is expected to grow to $661.23 billion in 2026 at a compound annual growth rate (CAGR) of 4.6%.
The diamond mining market consists of sales of diamonds by entities (organizations, sole traders, and partnerships) that mine diamonds of different carats.
The main types of diamond mining are jewellery making and industrial applications.Jewellery making refers to ornamental pieces (such as rings, necklaces, earrings, and bracelets) that are made of materials that may or may not be precious (such as gold, silver, glass, and plastic), and are set with genuine or imitation gems, and are worn for personal adornment.
The grades are gem grade and industrial grade.The various mining type includes Underground Mining, Surface Mining.
The mining type includes underground mining, and surface mining.
Africa was the largest region in the diamond mining market in 2021. The regions covered in this diamond mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growth in the diamond mining market is due to the increasing population in developing countries such as China and India owing to rising disposable income, increased demand, and availability of credit.Disposable income refers to the amount of money that an individual or household has to spend or save after income taxes have been deducted.
Marine Mining is a form of diamond mining that is used in offshore placer deposits.For instance, in 2021, according to the Bureau of Statistics of China, a China-based Government agency data, Disposable Personal Income in China increased to 47412 CNY 2021 from 43834 CNY in 2020.
Therefore, the rising disposable income is driving the growth of the diamond mining market.
Companies engaged in the diamond mining industry are using X-Ray Transmission (XRT) technology, to increase efficiency in their operations in the global diamond mining market.Under this technology, a mineral concentrate is passed through sensors that bombard each stone with X-rays and measure the absorption of each stone.
XRT technology is quickly becoming the standard in the industry, as new mines begin using it and older mines make a transition to it.
The countries covered in the diamond mining market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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