Lab Grown Diamonds Market is Likely to Garner Revenue of $55.6 Billion at a Steady CAGR of 9.8% by the Year 2031-end

The Indian subcontinent is emerging as the leading producer of lab grown diamonds with exports grown by 75% y-o-y. indigenously developed CVD technique is providing major thrust to the local production

According to a new report published by Allied Market Research, titled, "Lab Grown Diamonds Market," The lab grown diamonds market size was valued at $22.3 billion in 2021, and is estimated to reach $55.6 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031.

Lab grown diamonds are made in laboratories and factories. These diamonds are identical to natural diamonds in their composition and appearance. Lab grown diamonds are manufactured using techniques such as HPHT, which stands for high pressure and high temperature, and CVD, which stands for chemical vapor deposition. Diamonds made in labs are generally of better quality than natural diamonds as they are made in controlled environments with constant monitoring and quality control.

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The increase in adoption of lab grown diamonds in the fashion and jewelry sector, along with the increasing application of these diamonds in the industrial sector have spurred the demand for lab grown diamonds across a myriad of industry verticals. These lab grown diamonds can also be customized and personalized as per requirement, which further adds advantages apart from them being highly economical, sustainable, and environment friendly which is expected to propel the growth of the lab grown diamonds industry.

Use of lab grown diamonds in creation of jewelry has increased significantly. Many companies are including lab grown diamond jewelry as a cost-effective alternative to naturally mined diamond jewelry. Lab grown diamonds are available in a myriad of shapes and sizes, which provide multiple avenues to use them effectively. Many companies such as Pandora, which is a well-renowned jewelry company across the world, have completely transitioned over to lab grown diamonds from natural diamonds. The ongoing lab grown diamonds market trends such as ethnicity, sustainability, among others are expected to propel the lab grown diamonds market demand in the upcoming year. Several jewelry companies and designers are collaborating with lab grown diamond manufacturers, especially in Europe to create pieces of jewelry that are unique, stylish, and exclusive. These pieces of jewelry are being displayed at fashion weeks and are being endorsed by celebrities, which leads to an increased demand for fashionable diamond jewelry, especially among the millennial population. Greater adoption of lab grown diamonds by the jewelry and fashion jewelry industry propels the growth of the lab grown diamonds market.

There is a lot of confusion and misinformation in the minds of consumers regarding lab grown diamonds. This confusion regarding diamonds hampers market growth. Lab grown diamonds are also known as synthetic diamonds. Synthetic means artificially created. The word synthetic creates a negative image in the minds of consumers that lab grown diamonds are not real diamonds, which deters consumers from buying these diamonds. A lot of consumers also confuse lab grown diamonds with diamond stimulants, which are different gemstones that just resemble diamonds in appearance. Mixing of these stimulants with lab grown diamonds by a few unethical sellers of diamonds also creates a very negative image about lab grown diamonds among consumers. Wrong perception in the minds of consumers regarding lab grown diamonds is a major roadblock to market proliferation.

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The global lab grown diamonds market is segmented on the basis of manufacturing method, size, nature, application, and region. By manufacturing method, the global market is bifurcated into HPHT and CVD. By size it is segmented into below 2 carat, 2-4 carat, and above 4 carat. By nature, it is bifurcated into colorless and colored. On the basis of application, it is studied across fashion and industrial. The global lab grown diamonds market is also studied across North America, Europe, Asia-Pacific, and LAMEA.Based on the manufacturing method, the CVD segment held the major share of the market in 2021. Techniques for growing diamonds in labs and factories were first invented in the 1950s, in the form of HPHT. It was used for the creation of diamonds that were small and mostly useful for industrial applications.

The global lab grown diamonds market is segmented on the basis of manufacturing method, size, nature, application, and region.

By manufacturing method, the global market is bifurcated into HPHT and CVD.

By size it is segmented into below 2 carat, 2-4 carat, and above 4 carat.

By nature, it is bifurcated into colorless and colored. On the basis of application, it is studied across fashion and industrial.

The global lab grown diamonds market is also studied across North America, Europe, Asia-Pacific, and LAMEA.

Some of the major players profiled in the lab grown diamonds market analysis include ABD Diamonds, Clean Origin, De Beers Group, Diam Concept, Diamond Foundry Inc., Henan Huanghe Whirlwind Co., Ltd, Mittal Diamonds, New Diamond Technology LLC, Swarovski AG,

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TABLE OF CONTENT :-

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: LAB GROWN DIAMONDS MARKET, BY MANUFACTURING METHOD
4.1. Overview
4.1.1. Market size and forecast
4.2. HPHT
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. CVD
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country

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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

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