The UK’s Merchant Research and Consulting Ltd has issued its latest report on the world’s synthetic industrial diamond market which it estimates will see production reach 4.42 billion carats (>$850 million) in 2015. This compares with 60 million carats of natural industrial diamond which is expected to continue to decline over time as competing synthetic diamond becomes ever more cost effective and of higher quality.
China is expected to remain the world leading producer of synthetic industrial diamond with annual production exceeding 4 billion carats, representing a global market share of over 90%.
Merchant Research and Consulting recently reported that only around 20% of global diamond production is used in the jewellery industry with some 80% used for various industrial applications. For example, synthetic diamond powder/grit produced at high pressure and high temperature is used in diamond tools in which the diamond is bonded in the tool by various metal powders or alloy powders. The diamond tools have extreme hardness and high thermal conductivity and are used for drilling, cutting, polishing and grinding tools.