The global diamond mining industry is largely dominated by a hand-full of companies. The top three companies – Alrosa from Russia, De Beers from Luxembourg, and British-Australian Rio Tinto – account for more than 60 percent of global diamond mine production. Mined diamonds are mostly processed in and sold via the major global diamond centers: Antwerp, Dubai, New York, Hong Kong, Mumbai, and Tel-Aviv. In contrast to precious metals, there is no universal market price per gram of diamonds. Nevertheless, global diamond prices have increased more than tenfold since 1960 to the prices today.
Diamonds increase drastically in value through processing from production to retail. In 2017, for example, mined rough diamonds had a production value of some 17.5 billion U.S. dollars. After polishing, this figure increased to 25 billion U.S. dollars. In 2017, the global diamond jewelry market value was approximately 82 billion U.S. dollars. Nearly half of the world's demand for polished diamonds comes from the United States, with a 48 percent share of global demand in 2017.
Diamonds also have a high industrial value. They are especially well regarded as a material for cutting and grinding tools due to their extreme hardness. Around half of all mined diamonds are not of gemstone quality and are used for industrial purposes. Today, the vast industrial demand for diamonds is mostly satisfied by synthetic diamonds (also known as lab grown or lab created diamonds). Synthetic diamonds are also increasingly being used in jewelry as an ethical and less expensive alternative to mined diamonds.