The US market for industrial diamond consumption consists of the U.S. (50%), China (20%), Ireland (13%), Russia (3%), Republic of Korea (3%) and others (11%) for imports. 52 tonnes were produced in the US in 2008 which accounts for about $300 million with 2 major producers. Globally, the market is 17 times larger than this figure and 40% of the material produced is in the form of diamond powder priced at $4,500 – $7,500 per kg that ETI’s technology will compete with. China controls approximately 89% of the $20 billion global industrial diamond market.
The types of products in this market mostly include abrasives for grinding, cutting, lapping and polishing. Other applications for very fine diamond powder called nanodiamond is for medicine delivery and industrial lubricant additives, computer components and the manufacture of flat screen TVs.
Nanodiamond, which is typically produced from a carbon-producing explosive method, has many uses in the global medical industry. Nanodiamond is used for bio-applications as a carrier for chemotherapy drugs, the development of therapeutic agents for diagnostic probes, gene therapy, anti-viral and anti-bacterial treatments, tissue scaffolds, protein puriﬁcation and bio-labeling. According to Ray Techniques Ltd, a nanodiamond producer in Israel, the use of nanodiamond grows at an astonishing rate of 40% per year.