Newark, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10.8 billion lab-grown diamonds market will reach USD 20.6 billion by 2032. There has been a noticeable surge in lab-grown diamonds in jewellery. As a more affordable option for jewellery made of naturally extracted diamonds, many businesses offer lab-grown diamond jewellery. Diamonds created in labs come in a wide range of sizes and forms, opening up various applications. Many businesses, including Pandora's globally famous jewellery brand, have switched from genuine diamonds to lab-grown ones. Manufacturers of lab-grown diamonds are working with several jewellery companies and designers, particularly in Europe, to produce distinctive, fashionable, and exclusive jewellery.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 10.8 Billion |
| Market Size in 2032 | SD 20.6 billion |
| CAGR | 6.7% |
| No. of Pages in Report | 235 |
| Segments Covered | Manufacturing Method, Size, Nature, Application |
| Drivers | Increasing demand from end-user industries |
| Opportunities | Changing lifestyle of working women |
| Restraints | Complex manufacturing process |
Key Insights on Lab Grown Diamonds Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential lab-grown diamonds market share. The market for lab-grown diamonds in Asia Pacific is growing due to increasing urbanization and developing socio-economic conditions. Furthermore, the rising disposable income and the increasing number of working women increase the demand for lab-grown diamonds. Based on results in 2019, China accounted for an estimated 56% of the global market for lab-grown diamonds, making it the world's largest producer.
The CVD segment dominated the market with the most significant revenue of USD 5.61 billion.
The CVD segment dominated the market with the most significant revenue of USD 5.61 billion. Due to low production costs associated with chemical vapour deposition (CVD), growing end-user industry demand for lab-grown diamonds, compact machine footprints, and improved CVD techniques that allow for fine control over chemical impurities and the properties of the produced diamond, the chemical vapour deposition lab-grown diamond market is both the largest and fastest-growing segment of the global lab-grown diamond market.
The below 2-carat segment dominated the market with the most significant revenue of USD 4.75 billion.
The below 2-carat segment dominated the market with the most significant revenue of USD 4.75 billion. Due to the growing demand for sustainable and environmentally friendly alternatives to naturally mined diamonds, rising disposable income, the rapidly expanding working-class population, and the growing popularity of below-two-carat weight diamonds in jewellery, the below-two-carat lab-grown diamond market is both the largest and fastest-growing segment of the global lab-grown diamond market.
The colorless segment dominated the market with the most significant revenue of USD 5.94 billion.
The colorless segment dominated the market with the most significant revenue of USD 5.94 billion. Lab-grown colorless diamonds are very popular to create jewellery like wedding and engagement rings. They are also commonly used in jewellery manufacturing, including nose pins, bracelets, necklaces, and pendants. Additionally, these diamonds can be embedded into belts, watches, phone cases, tiaras, and pamphlets. The finest forms of diamonds are colourless lab-grown diamonds.
The fashion segment dominated the market with the most significant revenue of USD 6.48 billion.
The fashion segment dominated the market with the most significant revenue of USD 6.48 billion. The fashion industry finds these lab-grown diamonds quite attractive since they can be customized in carat weight and size. Smaller lab-grown diamonds are utilized in jewellery and as highlights in high-end apparel and accessories, including watches, handbags, and eyeglass or sunglasses frames.
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Market Dynamics:
Drivers: Growing focus on limiting environmental exploitation
People are becoming more conscious of using eco-friendly techniques when creating jewellery. People are starting to understand how crucial lab-grown diamond jewellery is to sustainability. Compared to mined diamonds, jewellery made from lab-grown diamonds has much less environmental impact. Consequently, environmentally conscious buyers are becoming more interested in lab-grown diamonds and jewellery.
Restraint: No rarity attached
Since lab-grown diamonds lack rarity, their value will continue to decline in the anticipated years, which will have a negative effect on their resale value and increase the cost of upgrading them in the future, thereby preventing lab-grown diamonds from growing in the coming years.
Opportunity: Increasing consumer awareness
Growing consumer awareness, increasing concerns about sustainability, lab-grown diamond production technology developments, etc. By analyzing market data, pricing trends, and other factors to provide more accurate & updated diamond pricing estimates, artificial intelligence in the lab-grown diamond market is associated with advanced analytics, pricing, grading, and sorting technologies to simplify & streamline the real-time pricing process, making it more convenient, effective, and efficient for traders, sellers, and buyers.
Challenge: Increased preference for natural diamonds
Unlike lab-grown diamonds, created in large quantities with no limits on their uniqueness or supply, naturally mined diamonds are preferred because they are seen as distinctive, uncommon, one-of-a-kind, and unique, thus challenging the market's growth.
Some of the major players operating in the lab grown diamonds market are:
● Diamond Foundry Inc.
● Henan Huanghe Whirlwind CO., Ltd.
● New Diamond Technology LLC
● ABD Diamonds Pvt. Ltd.
● Mittal Diamonds
● Diam Concept
● De Beers Group
● WD Lab Grown Diamonds
● Swarovski AG
● Clean Origin LLC.
Key Segments cover in the market:
By Manufacturing Method:
● CVD
● HPHT
By Size:
● 2-4 Carat
● Below 2 Carat
● Above 4 Carat
By Nature:
● Colored
● Colorless
By Application:
● Industrial
● Fashion
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About the report:
The global lab grown diamonds market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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