Global Synthetic Diamonds Market Growth Facilitated by Increasing Industrial Demand

According to Inkwood Research, the Global Synthetic Diamonds Market is estimated to rise with a CAGR of 8.89% in terms of revenue during the forecast years of 2022-2030.

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Lab-grown diamonds, generally referred to as lab-created diamonds as well as man-made diamonds, are manufactured in highly controlled laboratory settings using cutting-edge technological processes.

These procedures replicate the environmental conditions under which diamonds are organically developed beneath the Earth's crust. Furthermore, synthetic diamonds constitute real carbon atoms arranged in a diamond crystal form.

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Rising Industrial Demand for Synthetic Diamonds to Propel Global Market Growth
While the majority of people associate diamonds with jewelry, including both natural as well as synthetic, most artificial diamonds are also utilized for industrial processes. Just like their organic counterparts, synthetic diamonds also exhibit exceptional hardness, in addition to a very low friction coefficient. This makes them advantageous in mechanical applications like extending tool life, decreasing operating costs and carbon footprints, and minimizing downtime. Polycrystalline diamond (PCD), for example, is a tough synthetic diamond with excellent wear resistance, thermal stability, and fracture toughness. As a result, the rising industrial demand for synthetic diamonds is anticipated to propel the global market growth during the forecasted period.

Offline Segment Dominated the Distribution Channel Category in 2021
While e-commerce jewelry retailers such as Blue Nile and James Allen have been acquiring a greater share of the diamond engagement market, research indicates that only 11% of couples purchased their engagement rings online. Also, the vast majority of customers still prefer to go to a jewelry store for their purchases. More digital-first jewelry brands are also transitioning into brick-and-mortar retail, including Brilliant Earth, presently with 14 showrooms. In addition, Diamond Foundry's brand VRAI opened its first United States storefront in Los Angeles, as well.

North America to be the Fastest-Growing Region by 2030
North America is a prominent region in the global synthetic diamonds market, and its growth is mainly ascribed to the rapidly emerging automobile and aerospace sector, the rise in construction and mining activities, and the growing need for electronics. On the other hand, the majority of the millennials and Gen-Zs are also inclining toward jewelry made of synthetic diamonds, including casual as well as special occasion jewelry. Hence, these factors have significantly increased the demand for synthetic diamonds, thereby supplementing the regional market's growth during the forecast period.

In terms of manufacturing, the global synthetic diamonds market is fragmented, with leading companies holding substantial control over the supply. This aspect has led to intense rivalry, in addition to competitive pricing.

Engis Corporation, Brilliant Earth LLC, Asahi Diamond Industrial Co Ltd, etc., are among the major players operating in the global market.

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