Lab Grown Diamond Market Rapid Growth Trends and Revenue Forecast to 2032

The global lab grown diamond market size was valued at USD 22.79 billion in 2023. The market is projected to grow from USD 25.89 billion in 2024 to USD 74.45 billion by 2032, exhibiting a CAGR of 14.11% during the forecast period of 2024-2032.

Manufactured through CVD or HPHT methods, lab grown diamonds offer controlled quality and are created in just a few months, contrasting with the long formation time of natural diamonds.  The manufacturing of such products consumes limited electricity, which can come from renewable resources, and involves no harmful chemicals. This energy-efficient process appeals to environmentally aware buyers, boosting product demand.

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List of Key Players Mentioned in the Report:

• Mini Diamonds (India)
• WD Lab Grown Diamonds (U.S.)
• De Beers Group (U.K.)
• Solitario (India)
• Adamas One Corp (U.S.)
• Diamond Foundry Inc. (U.S.)
• Element Six UK Ltd (U.K.)
• Henan Huanghe Whirlwind Co., Ltd (China)
• Diam Concept (France)
• ABD Diamonds (India)

Segmentation: 

HPHT Segment Dominated owing to Preferred HPHT Method

As per manufacturing method, the market is divided into CVD and HPHT. In 2023, the HPHT segment held the key lab grown diamond market share. HPHT is favored for producing superior diamonds due to its similarity to natural diamond creation, resulting in enhanced clarity and color compared to CVD. 

Up to 2 Carat Segment Dominates due to their Affordability

As per size, the market is fragmented into up up to 2 carat, between 2 & 4 carat, and above 4 carat. The up to 2 carats segment dominates the market due to their affordability and popularity in wedding and engagement rings, which are favored for their daily wearability and manageable size.

Colorless Segment Led due to Quality And Value

On the basis of nature, the market is categorized into colorless and colored.  Colorless lab-grown diamonds held the apex position in the market in 2023, favored for their quality and value. Their broad application across various industries bolsters segment growth.

Industrial Segment Dominated due to Various Industrial Applications

As per application, the market is bifurcated into industrial and fashion. The industrial segment held the dominant lab grown diamond market share. The industrial segment's growth is driven by the extensive use of lab-grown diamonds in electronics, semiconductors, and research. Their hardness and suitability for tools, machinery, and drilling applications boosts its demand.

In terms of region, the market is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The report offers a comprehensive analysis of the global market, covering competition, regional trends, manufacturing methods, market size, and applications. It also highlights key industry developments and additional factors driving recent market growth.

Drivers and Restraints:

Increasing Demand for Lab-Grown Diamond Jewelry to Boost Market Growth

Lab grown diamonds jewelry offers a more affordable alternative to natural diamonds, making it accessible to middle-income consumers. The wide variety of jewelry options, including earrings, necklaces, and rings, further caters to diverse consumer preferences, driving lab grown diamond market growth. Moreover, celebrity endorsements and the efforts of key players such as Limelight Diamonds and Syndiora to offer a broad range of lab-grown diamond jewelry are accelerating product adoption. This trend enhances consumer interest and boots global sales.

However, the availability of natural diamonds and other precious gemstones, such as emeralds and sapphires, hampers product sales due to their superior aesthetic beauty and durability, which attract consumer preference.

Regional Insights:

Asia Pacific Dominates the Market Owing to High Manufacturing Activity

Asia Pacific leads the global market due to extensive manufacturing of high-quality man made diamonds in countries such as China and India. This robust production capability supports the region’s dominant position in the market.

In 2023, North America secured the second largest market share for lab-grown diamonds, driven by increased consumer disposable income and heightened investment interest in the U.S. and Canada. The burgeoning automotive and electronics sectors are anticipated to further boost demand.

Competitive Landscape:

Industry Participants Focus on Collaborations to Boost Sales

Key players in the lab grown diamond industry offer a range of shapes, colors, and carat options to meet diverse consumer needs and boost sales. Companies are also focusing on brand collaborations, consumer education on the benefits of lab-grown diamonds, and business expansion. For example, Ayaani Diamonds opened a new store in Bandra West, Mumbai, in February 2024.

Key Industry Development:

April 2024- Solitario, an India-based lab-grown diamond company, opened its 15th store in Chennai at Phoenix Marketcity, covering 600 sq. ft.

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