LS Index · Tech diamond supply chain

LS Tech Diamond Index

Eighteen public companies across the tech diamond supply chain, from substrate and heat-spreader makers to the chipmakers adopting diamond cooling.

Public companies

Supply-chain tiers

Countries

Max weight per company

Why an index

Diamond is becoming the cooling material of AI

Diamond moves heat about five times better than copper, which has made it a leading answer to the hotspot problem in 2,000-watt AI GPUs.

The companies that grow, cut, polish and integrate tech diamond are spread across China, Japan, Korea, Europe and the US. The LS Tech Diamond Index follows them as one supply chain.

What the index tracks

A daily index level in US dollars, with history back to January 2024
Performance of each of the four supply-chain tiers
Prices, market caps and weights for all 18 companies
Quarterly rebalancing, with no company above 8%
A private watchlist of pre-IPO pioneers

The market behind the index · LattiSpec Lens

A working market, and a growing one

Tech diamond is not a laboratory promise. LattiSpec Lens sizes the supply chain the LS Tech Diamond Index follows at $1.65 billion in 2026, projected to reach $4.7 billion by 2036.

$1.65BTech diamond supply chain, 2026

$4.7BProjected by 2036

≈11%Compound annual growth, 2026 to 2036

42Commercial subsectors assessed

Estimated market size2026 to 2036

$1.65B2026Baseline

$2.75B2031Estimate

$4.72B2036Estimate

LattiSpec Lens · Global tech diamond market size & price summary, August 2026

Total unit volume2026 to 2036

859,1502026Baseline

1,492,1002031Estimate

2,754,0002036Estimate

LattiSpec Lens · Global tech diamond market size & price summary, August 2026

Demand in use today

54%

Already in current, high-volume use

Of the $1.65 billion in 2026 demand, roughly $890 million is already in current, high-volume use.

Largest applications today

The largest single application today is not AI: it is defense

Defense · AESA radar$171M

AI data-center thermal management$162.5M

Annual demand, 2026. Followed by industrial lasers, telecom and drilling.

Volume-weighted average price

A maturing industrial supply chain

$1,9232026

$1,8432031

$1,7142036

“Average unit prices decline over the period, and that is the signature of a maturing industrial supply chain.”

Source: LattiSpec Lens, “The Current Market Size and Landscape of the Tech Diamond Supply Chain” (August 2026), built on more than three years of primary, field-level market research. Read the report

These figures describe the tech diamond supply chain, not the past or future performance of the LS Tech Diamond Index, and are not investment advice.

Live index

Index performance

End-of-day values in US dollars, updated after the markets close. Values before January 1, 2026 are backtested.

Methodology

Weighted by strategic importance, not market size

To keep mega-cap chipmakers such as Nvidia and Intel from dominating through sheer size, the index uses a Strategic Pure-Play Weighting Model. Each company’s weight reflects how critical it is to the tech diamond supply chain, how much of its business comes from synthetic diamond and CVD technology, and how strong its position is in solving AI thermal bottlenecks.

Tier 1

40%

Core CVD substrate & thermal spreader manufacturers

Companies directly growing, polishing and fabricating synthetic diamond heat spreaders and semiconductor-grade wafers.

6 companies

Tier 2

25%

Tooling, precision processing & raw materials

Producers of raw synthetic diamond, PCD compacts, PCB drill bits and CMP polishing slurries essential for diamond fabrication.

5 companies

Tier 3

15%

Growth reactors, processing & capital equipment

Equipment makers supplying the reactors, deposition systems and laser processing tools that grow and process diamond layers.

3 companies

Tier 4

20%

Hyperscale buyers & quantum innovators

Semiconductor giants driving adoption through high-power GPU architectures, plus pioneers using diamond thin films for quantum interconnects.

4 companies

Weighting profile

Index rules

No company above 8% at a rebalance
Rebalanced quarterly at the close of the last trading day of March, June, September and December
Between rebalances weights move with prices; a company above 10% goes back to its target at the next rebalance
Daily moves are measured in local currency and converted to US dollars at spot rates (CNY, JPY, KRW, GBP)
Base value 100.00 at the December 31, 2025 close; earlier values are backtested

Private watchlist · Pro plan

Pre-IPO pioneers to watch

Some of the most important tech diamond companies aren’t public yet. Pro subscribers follow their milestones, funding, CHIPS Act awards and foundry partnerships, and get an “Index Inclusion Candidate” note when one files for an IPO.

Akash Systems

Oakland, California, USA

GPU / GaN diamond cooling · AI data centers & defense

Diamond Foundry

San Francisco, USA

Single-crystal diamond substrates · AI chips & thermal substrates

Orbray Co., Ltd.

Tokyo, Japan

2-inch and 4-inch single-crystal diamond wafers · Semiconductor foundries

Appsilon

Delft, Netherlands (Turkish-founded)

CVD diamond material · Microelectronics & optics

Diamond Materials GmbH

Freiburg, Germany

CVD heat spreaders & optics · European industrial tech

Applied Diamond, Inc.

Delaware, USA

CVD thin films & substrates · US defense & aerospace

Quantum Brilliance

Canberra, Australia / Stuttgart, Germany

NV-center quantum chips · Room-temperature quantum computing

PsiQuantum

Palo Alto, USA

Photonic quantum hardware · Fault-tolerant quantum computing

Plans

Choose your access

Billed monthly or annually. Built for teams that expense research tools.

Essential

For individual investors, consultants and enthusiasts

$49/month

or $490 a year

Pro Intelligence

For supply chain, procurement, equity research and VC/PE teams

$349/month

or $3,490 a year

Enterprise

For hedge funds, corporate strategy and semiconductor procurement

$1,250+/month

or from $12,000 a year

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Connect with our Co-Founder

Schedule a call with us for any questions you might have.