Lab Grown Diamonds Market size was valued at USD 23.6 Billion in 2022 and is expected to grow at a CAGR of 9.4 percent from 2023 to 2029 to reach USD 44.26 Billion.

Lab Grown Diamonds Market Report Scope and Research Methodology

The Lab Grown Diamonds Market report provides a comprehensive analysis of this rapidly evolving sector. Covering various aspects such as market size, market dynamics, regional insights, segments, and key players, the report serves as a valuable guide for investors and industry stakeholders.

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What are Lab Grown Diamonds Market Dynamics?

Lab Grown Diamonds, also known as synthetic diamonds or man-made diamonds, have witnessed significant growth due to technological advancements and increased market entrants. Offering identical chemical and structural properties as natural diamonds, these lab-created gems have gained popularity for being conflict-free and environmentally friendly. Their affordability, costing around 40 percent less than natural diamonds, has also contributed to their growth. However, limited consumer awareness and the need for competitive pricing remain challenges for market expansion.

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What is Lab Grown Diamonds Market Regional Insight?

North America and the Asia Pacific are emerging as key regions in the Lab Grown Diamonds Market. In North America, the US dominates the market, with over 50 percent of global consumer demand originating from this region. The Asia Pacific region, notably India and China, is experiencing rapid growth, with government initiatives and reduced custom duties driving market expansion.

The market is segmented based on manufacturing method, size, and application. The Chemical Vapor Deposition (CVD) manufacturing method is expected to witness high growth due to its ability to produce high-quality diamonds with fewer impurities. In terms of size, below 2 carats represent the largest market share, while larger diamonds are gaining popularity due to technological advancements and cost reductions. The fashion segment dominates due to increased adoption by major jewelry retailers, while the industrial segment is also growing due to demand in developing countries.

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What is Lab Grown Diamonds Market Segmentation?

by Nature
Colorless
Colored

by Manufacturing Method
High Pressure High Temperature (HPHT)
Chemical Vapor Deposition (CVD)
According to the manufacturing process, the market is split between Chemical Vapor Deposition (CVD) and High Pressure High Temperature (HPHT). The Chemical Vapor Deposition (CVD) segment is anticipated to expand at a rapid CAGR during the forecast period. It is a brand-new process for creating lab-grown diamonds that helps to create high-quality stones with a small amount of imperfections. This manufacturing technique gives the growing process more control. The need for CVD techniques is anticipated to rise as a result of these causes.

by Size
2-4 carat
Below 2 carat
Above 4 carat
2-4 carat, Below 2 carat, and Above 4 carat are the categories into which the market for lab-grown diamonds is split. The biggest market share was held by the Below 2 carat group. This is explained by the fact that lab-grown diamonds are in high demand because they are more affordable than bigger diamonds. The little diamonds are commonly used to create jewelry, including rings, earrings, and pendants. Due to the rising demand for large-sized lab-grown diamonds, the 2-4 carat and above 4 carat segment is also anticipated to expand during the projected period. These diamonds are becoming more and more popular as a result of breakthroughs in technology and lower production costs.

by Type
Polished
Rough

by Application
Fashion
Industrial
The market is split into two categories based on application: fashion and industry. The fashion sector, which accounted for the highest proportion of the lab-grown diamonds market in 2022, is anticipated to expand rapidly over the coming years. Man-made diamonds currently account for around 9% of the specialized diamond jewelry market, a significant increase since 2020. The movement to make lab-grown diamonds more widely used is being led by some of the biggest jewelry merchants. For instance, the largest jewelry manufacturer in the world, Pandora, is anticipated to switch from using mined diamonds to lab-created diamonds in their jewelry as part of an effort to market sustainable jewelry.

by Distribution Channel
Online
Offline

Purchase Report

Who are Lab Grown Diamonds Market Key Players?

1. Swarovski
2. Clean Origin
3. Vibranium Lab
4. Diamond Foundry
5. 12FIFTEE
6. RITANI
7. CVD Diamond Inc
8. LUSIX
9. Craft Lab Grown Diamonds
10. De Beers Group
11. New Diamond Technology
12. Henan Huanghe Whirlwind CO., Ltd.
13. Mittal Diamonds
14. ABD Diamonds Pvt. Ltd
15. WD Lab Grown Diamonds
16. Diam Concept
17. HEYARU Group
18. Eco Lab Diamonds
19. Panora
20. Kimaï
21. VRAI
22. Queensmith
23. Brilliant Earth
24. RITANI
25. James Allen
26. Blue Nile
27. Mia Donna
28. Ada Diamonds

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by Product
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations


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