What are the Historical Developments and Current Growth Metrics of the Lab Grown Diamonds Market?
The lab grown diamonds market has seen considerable growth due to a variety of factors.
• The market size for lab grown diamonds has experienced a swift expansion in the recent past. The expansion rate is set to advance from $25.68 billion in 2024 to $28.27 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.1%.
The historic period's escalation is linked to an increased demand for jewelry, adoption of a luxurious lifestyle, preference for CVD techniques, desire for diamonds, and expendable income.
What Does Future Hold for The Lab Grown Diamonds Market By 2029?
The lab grown diamonds market is expected to maintain its strong growth trajectory in upcoming years.
• The market for lab-grown diamonds is predicted to experience robust expansion in the coming years, reaching a valuation of $38.86 billion in 2029 with a compound annual growth rate (CAGR) of 8.3%.
This projected increase in the forecast period could be due to factors like the advancement in laser technology, a surge in the adoption of fashion and jewelry, increased consumer acceptance, rising demand for artificial stones, and economic growth. Notable trends in this timeframe could include progressive advancements, product innovation, CVD technology, laser technology, and a surge in collaborations.
What Are The Primary Growth Drivers In The Lab Grown Diamonds Market?
The lab-grown diamond market is anticipated to grow due to an increased demand for diamonds. Known for their crystal lattice structure that arranges carbon atoms, diamonds serve as invaluable gemstones. From jewelry manufacturing to electronics and healthcare, lab-grown diamonds present numerous practical applications and advantages across several industries. As reported by The Observatory of Economic Complexity, a US-based tool that visualizes international trade data, in July 2024, the fastest expanding export markets for UK diamonds between 2021 and 2022 were Israel, France, and Belgium, generating $101M, $77.9M, and $58.3M respectively. In 2022, the UK, being the 12th largest importer globally, imported diamonds worth $1.79B. This surge in demand for diamonds is significantly contributing to the expansion of the lab-grown diamond market.
What Is The Segmentation Of The Global Lab Grown Diamonds Market?
The lab grown diamonds market covered in this report is segmented –
1) By Type: Polished, Rough
2) By Nature: Colorless, Colored
3) By Manufacturing Process: High Pressure High Temperature (HPHT), Chemical Vapor Deposition (CVD)
4) By Application: Construction And Mining, Jewelry, Healthcare, Electronics, Others Applications
Subsegments:
1) By Polished: Gem-Quality Diamonds, Industrial-Grade Polished Diamonds
2) By Rough: Gem-Quality Rough Diamonds, Industrial-Grade Rough Diamonds
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What New Trends Are Influencing The Lab Grown Diamonds Market?
In the lab-grown diamond industry, key players are focused on broadening their offerings by launching unique products such as colored lab-grown diamonds. Produced in a controlled laboratory environment through artificial procedures, these diamonds acquire various colors from specific trace elements, radiation, or other treatments they undergo during their formation. To illustrate, Cullen Jewelry, a premier company hailing from Australia and known for its exquisite jewelry, unveiled its inaugural colored lab-grown diamonds collection named 'Love in Color' in August 2023. The new collection showcases pink, yellow, and blue hues, offering a substantial upgrade to the brand's existing stock of colored moissanite gems certified under the Radiant Beauty standard, a mark of superior quality.
Who Are the Key Players In The Lab Grown Diamonds Market?
Major companies operating in the lab grown diamonds market report are:
• De Beers Group
• Swarovski AG
• Henan Huanghe Whirlwind Co. Ltd.
• Diamond Foundry Inc.
• Chatham Created Gems
• New Diamond Technology (NDT)
• MiaDonna
• IIa Technologies
• Washington Diamonds Corporation
• Clean Origin LLC.
• WD Labs
• Apollo Diamond Inc.
• Ada Diamonds
• ABD Diamonds Pvt. Ltd.
• ALTR Created Diamonds
• Scio Diamond Technology Corporation
• Diam Concept
• Applied Diamond Inc.
• Mittal Diamonds
• Pure Grown Diamonds
• Renaissance Diamonds
• M7D Corporation
• Taidiam Technology
• BDI - Brevard Diamonds Inc.
• AOTC Group
• Fenix Diamonds
• Tolkowsky Diamonds
• EcoStar Diamond
• Tairus Created Diamonds
What Are The Regional Insights Into The Lab Grown Diamonds Market?
Asia-Pacific was the largest region in the lab grown diamonds market in 2024. The regions covered in the lab grown diamonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
