Lab Grown Diamonds Market Synopsis:
Lab Grown Diamonds Market Size Was Valued at USD 10.8 Billion in 2023, and is Projected to Reach USD 19.36 Billion by 2032, Growing at a CAGR of 6.7% from 2024-2032.
The market of lab-grown diamonds is quickly developing in the last several years due to the enhancement of diamond production technologies and enhanced consumer knowledge of eco-friendly and ethical substitutes for mined diamonds. These synthetic diamonds produced by HPHT method and CVD method have physical, chemical and optical characteristics as natural diamonds. As more and more end-uses like jewelry, electronics and cutting tools come up, lab-grown diamond is fast turning into a multi-dimensional material of value.
One of the drivers of growth for the market is the increasing concern for the public to use diamonds that are both eco-friendly and cleared of conflicts. Lab-grown diamonds plan to deliver a much more environmentally friendly alternative than the excavating techniques, which will entice the environmentally sensitive clients. Also, these diamonds cut are usually cheaper by 20-40% compared to the mined diamonds and they are perfect for consumers with a low budget but not a low standard for quality and beauty.
The market is supported by partnerships between product manufacturers and retail chains, which increases the recognition of products among consumers. This sector of the industry progresses with technology because new technologies contribute to increased production and better-quality products at larger quantities for the growing markets. As lab- grown diamonds penetration continues to rise in the luxury segments and in industrial uses the market is likely to have continuous growth primarily in the North American, European, and Asia Pacific markets.
Lab Grown Diamonds Market Trend Analysis:
Rising Popularity in the Jewelry Industry
- They estimate lab-grown diamonds to be gaining remarkable market share in the sector, mainly owing to the increasing demand for sustainable mined diamonds. Joseph and Samar rely on millennials and Gen Z consumers who are willing to spend extra to ensure they only purchase environmentally friendly products which also do not support conflict in any way. Jewellers and other luxurious brands are already coming up with new lines with lab grown diamonds as more and more consumers embrace them in today’s market.
Technological Innovations in Diamond Synthesis
- Improvements in CVD, HPHT synthesis, and other processes and technologies to synthesize diamonds of better quality at cheaper costs continue to be made. These advancements are enriching the potential uses of synthetic diamonds from personal adornment to industrial purposes, and letting the manufacturers to fill the increasing global consumer needs with better addressable market size and SAE.
Lab Grown Diamonds Market Segment Analysis:
Lab Grown Diamonds Market is Segmented on the basis of manufacturing method, size, nature, application, and region
By Manufacturing Method, CVD segment is expected to dominate the market during the forecast period
- LGD market, in terms of manufacturing methods is partitioned into CVD and HPHT manufacturing processes that serve different market needs. The CVD method is preferred by many in the jewelry industry as it offers quite large and Chemically Vapour Deposition nearly perfect diamonds. However, the HPHT method, which copies the processes in the earth’s mantle, is commonly used in industrial applications involving smaller yet tougher diamond. The two technologies are developing continuously to refine the overall production rates and optimized costs across industries; therefore, the market is expanding in various domains.
By Application, Industrial segment expected to held the largest share
- The market for lab-grown diamonds is divided into industrial and fashion uses, so it meets various needs. In industrial grade, these diamonds are cherished for their hard character and thermal conductivity qualities that make them valuable in cutting, abrasive and high-performance electronic devices tools. On the other hand, in the fashion industry, lab grown diamonds are abundant in the jewelry market as they are environmentally friendly, sustainable and cheaper as compared to the mined diamonds. This broad range of usage has immensely driven the market growth since both sectors are reaping benefits from the progressive improvement of production technologies as well as enhanced consumer sensitivity to the environment.
Lab Grown Diamonds Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- North America is projected to be the leading region in the lab-grown diamonds market during the forecast period because of demanding consumer trends toward eco-friendly and sustainable diamonds in the region. Increased acceptance of lab grown diamonds in the jewelry industry along with high consciousness about ecological and social aspects makes United States and Canada as anticipated markets. Also, the availability of key players and innovative technologies in the synthesis of diamond and CVD and HPHT methods asserting the dominance of North America. The existing and constantly developing retail channels in the region and the trend of direct cooperation between manufacturers of jewelry products and providers of lab-grown diamonds are also driving the market.
Active Key Players in the Lab Grown Diamonds Market:
- Diamond Foundry Inc. (USA)
- Henan Huanghe Whirlwind CO., Ltd. (China)
- New Diamond Technology LLC (Russia)
- ABD Diamonds Pvt. Ltd. (India)
- Mittal Diamonds (India)
- Diam Concept (France)
- De Beers Group (UK)
- WD Lab Grown Diamonds (USA)
- Swarovski AG (Austria)
- Clean Origin LLC (USA)
- Other Active Players.
Key Industry Developments in the Lab Grown Diamonds Market:
- In December 2024, The European Union approved a grant of EUR 81 million ($84 million) to support Diamond Foundry’s establishment of a facility in Spain for producing rough diamonds for industrial applications. The European Commission, the EU’s executive body, announced earlier in the week that the site in Trujillo, Extremadura, would utilize the company’s plasma reactor technology to grow diamond wafers.
- In July 2024, Diam Concept, the French lab-grown diamond company that received financial backing from Chanel, entered receivership. Founded in 2016 by Alix Gicquel, a globally recognized scientist who had established a team working on "plasma for diamond growth" in France in 1990, the company utilized advanced CVD (chemical vapor deposition) technology to produce diamonds for high-end jewelry. It specialized in D, E, and F-color white diamonds, as well as a range of colored stones, including champagne, cognac, green, blue, pink, yellow, orange, and red.
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Lab Grown Diamonds Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 10.8 Billion |
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Forecast Period 2024-32 CAGR: |
6.7% |
Market Size in 2032: |
USD 19.36 Billion |
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Segments Covered: |
Manufacturing Method |
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Nature |
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Application |
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Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Lab Grown Diamonds Market by By Manufacturing Method (2018-2032)
4.1 Lab Grown Diamonds Market Snapshot and Growth Engine
4.2 Market Overview
4.3 CVD
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
4.3.3 Key Market Trends, Growth Factors, and Opportunities
4.3.4 Geographic Segmentation Analysis
4.4 HPHT
Chapter 5: Lab Grown Diamonds Market by Size (2018-2032)
5.1 Lab Grown Diamonds Market Snapshot and Growth Engine
5.2 Market Overview
5.3 2-4 Carat
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
5.3.3 Key Market Trends, Growth Factors, and Opportunities
5.3.4 Geographic Segmentation Analysis
5.4 Below 2 Carat
5.5 Above 4 Carat
Chapter 6: Lab Grown Diamonds Market by Nature (2018-2032)
6.1 Lab Grown Diamonds Market Snapshot and Growth Engine
6.2 Market Overview
6.3 Colored
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
6.3.3 Key Market Trends, Growth Factors, and Opportunities
6.3.4 Geographic Segmentation Analysis
6.4 Colourless
Chapter 7: Lab Grown Diamonds Market by Application (2018-2032)
7.1 Lab Grown Diamonds Market Snapshot and Growth Engine
7.2 Market Overview
7.3 Industrial
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
7.3.3 Key Market Trends, Growth Factors, and Opportunities
7.3.4 Geographic Segmentation Analysis
7.4 Fashion
Chapter 8: Company Profiles and Competitive Analysis
8.1 Competitive Landscape
8.1.1 Competitive Benchmarking
8.1.2 Lab Grown Diamonds Market Share by Manufacturer (2024)
8.1.3 Industry BCG Matrix
8.1.4 Heat Map Analysis
8.1.5 Mergers and Acquisitions
8.2 DIAMOND FOUNDRY INC. (USA)
8.2.1 Company Overview
8.2.2 Key Executives
8.2.3 Company Snapshot
8.2.4 Role of the Company in the Market
8.2.5 Sustainability and Social Responsibility
8.2.6 Operating Business Segments
8.2.7 Product Portfolio
8.2.8 Business Performance
8.2.9 Key Strategic Moves and Recent Developments
8.2.10 SWOT Analysis
8.3 HENAN HUANGHE WHIRLWIND CO. LTD. (CHINA)
8.4 NEW DIAMOND TECHNOLOGY LLC (RUSSIA)
8.5 ABD DIAMONDS PVT. LTD. (INDIA)
8.6 MITTAL DIAMONDS (INDIA)
8.7 DIAM CONCEPT (FRANCE)
8.8 DE BEERS GROUP (UK)
8.9 WD LAB GROWN DIAMONDS (USA)
8.10 SWAROVSKI AG (AUSTRIA)
8.11 CLEAN ORIGIN LLC (USA)
8.12 OTHER ACTIVE PLAYERS.
Chapter 9: Global Lab Grown Diamonds Market By Region
9.1 Overview
9.2. North America Lab Grown Diamonds Market
9.2.1 Key Market Trends, Growth Factors and Opportunities
9.2.2 Top Key Companies
9.2.3 Historic and Forecasted Market Size by Segments
9.2.4 Historic and Forecasted Market Size By By Manufacturing Method
9.2.4.1 CVD
9.2.4.2 HPHT
9.2.5 Historic and Forecasted Market Size By Size
9.2.5.1 2-4 Carat
9.2.5.2 Below 2 Carat
9.2.5.3 Above 4 Carat
9.2.6 Historic and Forecasted Market Size By Nature
9.2.6.1 Colored
9.2.6.2 Colourless
9.2.7 Historic and Forecasted Market Size By Application
9.2.7.1 Industrial
9.2.7.2 Fashion
9.2.8 Historic and Forecast Market Size by Country
9.2.8.1 US
9.2.8.2 Canada
9.2.8.3 Mexico
9.3. Eastern Europe Lab Grown Diamonds Market
9.3.1 Key Market Trends, Growth Factors and Opportunities
9.3.2 Top Key Companies
9.3.3 Historic and Forecasted Market Size by Segments
9.3.4 Historic and Forecasted Market Size By By Manufacturing Method
9.3.4.1 CVD
9.3.4.2 HPHT
9.3.5 Historic and Forecasted Market Size By Size
9.3.5.1 2-4 Carat
9.3.5.2 Below 2 Carat
9.3.5.3 Above 4 Carat
9.3.6 Historic and Forecasted Market Size By Nature
9.3.6.1 Colored
9.3.6.2 Colourless
9.3.7 Historic and Forecasted Market Size By Application
9.3.7.1 Industrial
9.3.7.2 Fashion
9.3.8 Historic and Forecast Market Size by Country
9.3.8.1 Russia
9.3.8.2 Bulgaria
9.3.8.3 The Czech Republic
9.3.8.4 Hungary
9.3.8.5 Poland
9.3.8.6 Romania
9.3.8.7 Rest of Eastern Europe
9.4. Western Europe Lab Grown Diamonds Market
9.4.1 Key Market Trends, Growth Factors and Opportunities
9.4.2 Top Key Companies
9.4.3 Historic and Forecasted Market Size by Segments
9.4.4 Historic and Forecasted Market Size By By Manufacturing Method
9.4.4.1 CVD
9.4.4.2 HPHT
9.4.5 Historic and Forecasted Market Size By Size
9.4.5.1 2-4 Carat
9.4.5.2 Below 2 Carat
9.4.5.3 Above 4 Carat
9.4.6 Historic and Forecasted Market Size By Nature
9.4.6.1 Colored
9.4.6.2 Colourless
9.4.7 Historic and Forecasted Market Size By Application
9.4.7.1 Industrial
9.4.7.2 Fashion
9.4.8 Historic and Forecast Market Size by Country
9.4.8.1 Germany
9.4.8.2 UK
9.4.8.3 France
9.4.8.4 The Netherlands
9.4.8.5 Italy
9.4.8.6 Spain
9.4.8.7 Rest of Western Europe
9.5. Asia Pacific Lab Grown Diamonds Market
9.5.1 Key Market Trends, Growth Factors and Opportunities
9.5.2 Top Key Companies
9.5.3 Historic and Forecasted Market Size by Segments
9.5.4 Historic and Forecasted Market Size By By Manufacturing Method
9.5.4.1 CVD
9.5.4.2 HPHT
9.5.5 Historic and Forecasted Market Size By Size
9.5.5.1 2-4 Carat
9.5.5.2 Below 2 Carat
9.5.5.3 Above 4 Carat
9.5.6 Historic and Forecasted Market Size By Nature
9.5.6.1 Colored
9.5.6.2 Colourless
9.5.7 Historic and Forecasted Market Size By Application
9.5.7.1 Industrial
9.5.7.2 Fashion
9.5.8 Historic and Forecast Market Size by Country
9.5.8.1 China
9.5.8.2 India
9.5.8.3 Japan
9.5.8.4 South Korea
9.5.8.5 Malaysia
9.5.8.6 Thailand
9.5.8.7 Vietnam
9.5.8.8 The Philippines
9.5.8.9 Australia
9.5.8.10 New Zealand
9.5.8.11 Rest of APAC
9.6. Middle East & Africa Lab Grown Diamonds Market
9.6.1 Key Market Trends, Growth Factors and Opportunities
9.6.2 Top Key Companies
9.6.3 Historic and Forecasted Market Size by Segments
9.6.4 Historic and Forecasted Market Size By By Manufacturing Method
9.6.4.1 CVD
9.6.4.2 HPHT
9.6.5 Historic and Forecasted Market Size By Size
9.6.5.1 2-4 Carat
9.6.5.2 Below 2 Carat
9.6.5.3 Above 4 Carat
9.6.6 Historic and Forecasted Market Size By Nature
9.6.6.1 Colored
9.6.6.2 Colourless
9.6.7 Historic and Forecasted Market Size By Application
9.6.7.1 Industrial
9.6.7.2 Fashion
9.6.8 Historic and Forecast Market Size by Country
9.6.8.1 Turkiye
9.6.8.2 Bahrain
9.6.8.3 Kuwait
9.6.8.4 Saudi Arabia
9.6.8.5 Qatar
9.6.8.6 UAE
9.6.8.7 Israel
9.6.8.8 South Africa
9.7. South America Lab Grown Diamonds Market
9.7.1 Key Market Trends, Growth Factors and Opportunities
9.7.2 Top Key Companies
9.7.3 Historic and Forecasted Market Size by Segments
9.7.4 Historic and Forecasted Market Size By By Manufacturing Method
9.7.4.1 CVD
9.7.4.2 HPHT
9.7.5 Historic and Forecasted Market Size By Size
9.7.5.1 2-4 Carat
9.7.5.2 Below 2 Carat
9.7.5.3 Above 4 Carat
9.7.6 Historic and Forecasted Market Size By Nature
9.7.6.1 Colored
9.7.6.2 Colourless
9.7.7 Historic and Forecasted Market Size By Application
9.7.7.1 Industrial
9.7.7.2 Fashion
9.7.8 Historic and Forecast Market Size by Country
9.7.8.1 Brazil
9.7.8.2 Argentina
9.7.8.3 Rest of SA
Chapter 10 Analyst Viewpoint and Conclusion
10.1 Recommendations and Concluding Analysis
10.2 Potential Market Strategies
Chapter 11 Research Methodology
11.1 Research Process
11.2 Primary Research
11.3 Secondary Research
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Lab Grown Diamonds Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 10.8 Billion |
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Forecast Period 2024-32 CAGR: |
6.7% |
Market Size in 2032: |
USD 19.36 Billion |
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Segments Covered: |
Manufacturing Method |
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Size |
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Nature |
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Application |
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Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Fencing Market research report is 2024-2032.
Diamond Foundry Inc. (USA), Henan Huanghe Whirlwind CO., Ltd. (China), New Diamond Technology LLC (Russia), ABD Diamonds Pvt. Ltd. (India), Mittal Diamonds (India), Diam Concept (France), De Beers Group (UK), WD Lab Grown Diamonds (USA), Swarovski AG (Austria), Clean Origin LLC (USA), Other Active Players.
The Lab Grown Diamonds Market is segmented into Manufacturing Method, Size, Nature, Application and region. By Manufacturing Method (CVD and HPHT), By Size (2-4 Carat, Below 2 Carat, and Above 4 Carat), By Nature (Colored and Colourless), and By Application (Industrial and Fashion). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Russia; Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; The Netherlands; Italy; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Lab-grown diamonds, also known as synthetic or man-made diamonds, are diamonds that are produced in a controlled laboratory environment using advanced technologies such as High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD). These diamonds have the same physical, chemical, and optical properties as natural diamonds but are created without the need for mining. Lab-grown diamonds are considered more sustainable and ethical as they eliminate the environmental and social concerns associated with traditional diamond mining. They are increasingly popular in jewelry, industrial applications, and other sectors due to their lower cost and superior quality control.
Lab Grown Diamonds Market Size Was Valued at USD 10.8 Billion in 2023, and is Projected to Reach USD 19.36 Billion by 2032, Growing at a CAGR of 6.7% from 2024-2032.
