Lab Grown Diamonds Global Market Report 2024

The lab grown diamonds market size has grown rapidly in recent years. It will grow from $23.3 billion in 2023 to $25.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed in the historic period can be attributed to factors such as the rise in demand for jewelry, the adoption of a lavish lifestyle, increased demand for diamonds, particularly those produced through chemical vapor deposition (CVD) methods, and a higher level of disposable income among consumers. These factors collectively contributed to the expansion of the lab-grown diamonds market during that period.

The lab grown diamonds market size is expected to see strong growth in the next few years. It will grow to $35.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to the increasing use of laser technology, a rise in the adoption of fashion and jewelry, growing consumer acceptance of lab-grown diamonds, the demand for synthetic stones as an ethical and sustainable alternative, and overall economic growth. Major trends expected in the forecast period include advanced developments in lab-grown diamond technology, ongoing product innovation, the utilization of chemical vapor deposition (CVD) and laser technologies, and an increase in collaborations within the industry.

The anticipated rise in demand for diamonds is set to propel the lab-grown diamond market in the coming years. Diamonds, as precious gemstones, have carbon atoms arranged in a crystal lattice structure. Lab-grown diamonds offer practical uses and advantages across diverse industries, including jewelry manufacturing, electronics, and healthcare. According to Alrosa, a Russia-based diamond mining company, in January 2021, sales of raw and polished diamonds generated a total of $4.16 billion. Rough diamond sales accounted for $3.97 billion, while polished diamond sales contributed $192 million. This surge in demand for diamonds is a key factor driving the growth of the lab-grown diamond market.

Major players in the lab-grown diamond market are actively focused on developing innovative products, particularly colored lab-grown diamonds, to enhance their market position. Colored lab-grown diamonds are artificially created in a laboratory setting and exhibit various colors due to trace elements, radiation, or other treatments during their formation. For example, in August 2023, Cullen Jewellery, an Australian-based company specializing in fine jewelry, introduced its inaugural collection of colored lab-grown diamonds, 'Love in Colour.' This collection features pink, yellow, and blue shades, complementing the brand's existing inventory of colored moissanite gemstones that have earned the Radiant Beauty certification, symbolizing excellence.

In January 2021, WD Labs, a US-based producer of laboratory-grown diamonds, acquired J2 Materials for an undisclosed amount. This acquisition allows WD Labs to expand its capabilities in growing high-quality diamonds and producing high-performance diamond substrates for various applications, including optics for advanced synchrotron sources, quantum computer logic, and semiconductors. Simultaneously, it strengthens WD Labs' intellectual property portfolio. J2 Materials LLC, the acquired company, is a US-based manufacturer of chemical vapor deposition (CVD) diamonds in laboratories, catering to the semiconductor and jewelry sectors. This strategic acquisition reinforces WD Labs' position in the lab-grown diamond market and its commitment to advancing diamond-related technologies.

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.

Asia-Pacific was the largest region in the lab grown diamonds market in 2023. The regions covered in the lab grown diamonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lab grown diamonds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The lab grown diamonds market consists of sales of grinding wheels, surgical tools, wedding bands, and optics for lasers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Lab-grown diamonds, also known as synthetic or cultured diamonds, are produced in a laboratory setting rather than being naturally formed within the Earth's mantle. These diamonds showcase identical physical, chemical, and optical characteristics as their natural counterparts and share the same exceptional qualities of fire, scintillation, and brilliance.

The primary types of the lab-grown diamonds market are polished and rough. Polished diamonds undergo a process to refine the surface, achieving a smooth and glass-such as finish. Diamonds come in various natures, including colorless and colored. The manufacturing processes involved in lab-grown diamonds include high pressure high temperature (HPHT) and chemical vapor deposition (CVD). Lab-grown diamonds find applications in various sectors such as construction and mining, jewelry, healthcare, electronics, and other diverse applications.

The lab grown diamonds market research report is one of a series of new reports that provides lab grown diamonds market statistics, including the lab grown diamonds industry global market size, regional shares, competitors with a lab grown diamonds market share, detailed lab grown diamonds market segments, market trends and opportunities, and any further data you may need to thrive in the lab grown diamonds industry. This lab grown diamonds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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