Press release
Lab Grown Diamond Market Size, Share, Growth, Overview, Demand, Report, 2032 | Companies- Mini Diamonds (India), WD Lab Grown Diamonds (U.S), De Beers Group (U.K), Solitario (India)
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.Lab grown diamonds are man-made using chemical vapor deposition (CVD) or high-pressure high-temperature (HPHT) processes, allowing for precise quality control. Unlike natural diamonds, which take years to form, these are produced in laboratories within a few months. These products are eco-friendly, as they avoid the environmental damage caused by mining, including deforestation, air pollution, and land erosion. Their production also generates minimal waste, making them a preferred choice for eco-conscious consumers.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/lab-grown-diamond-market-110569
๐๐ข๐ฌ๐ญ ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ ๐๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ:
โถ Mini Diamonds (India)
โถ WD Lab Grown Diamonds (U.S.)
โถ De Beers Group (U.K.)
โถ Solitario (India)
โถ Adamas One Corp (U.S.)
โถ Diamond Foundry Inc. (U.S.)
โถ Element Six UK Ltd (U.K.)
โถ Henan Huanghe Whirlwind Co., Ltd (China)
โถ Diam Concept (France)
โถ ABD Diamonds (India)
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
HPHT Segment Dominated owing to Superior Quality with HPHT
In terms of manufacturing method, the market is bifurcated into CVD and HPHT. The HPHT segment dominated the global market in 2023. The HPHT method often yields higher-quality diamonds compared to CVD, resembling natural diamond production and offering better clarity and color.
Up to 2 carat Segment Dominates due to its Popularity
In terms of size, the market is classified into up to 2 carat, between 2 & 4 carat, and above 4 carat. The up to 2-carat diamond segment captures the highest lab grown diamond market share due to its lower cost and suitability for daily wear in wedding and engagement rings, making it a preferred choice for many consumers.
Colorless Segment Dominated due to Growing Usage in Cutting Tools
In terms of nature, the market is classified into colorless and colored. In 2023, colorless lab-grown diamonds led the market due to their superior quality and value. Their extensive use in cutting tools, electronics, and jewelry drives this segment's growth.
Industrial Segment Led due to High Demand for Industrial Tools
In term of application, the market is categorized into industrial and fashion. The industrial segment captured the key lab grown diamond market share. Lab-grown diamonds' strength and utility in cutting, polishing, and drilling applications across various industries contribute to the significant growth of the industrial segment.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.
๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฏ๐๐ซ๐๐ ๐:
This report delivers an in-depth analysis of the global market, including competition, regional dynamics, manufacturing methods, market size, and applications. It also explores market trends and key industry developments contributing to recent growth.
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ:
High Product Use across Industries to Bolster Market Growth
Lab grown diamonds' exceptional strength and hardness make them ideal for use in cutting tools, machinery components, and abrasives. Their effectiveness in drilling, polishing, and grinding across various industries, boosts product demand. Moreover, the efficient thermal conductivity of the product enhances their use in electronic devices, such as diode lamps and computers, as heat spreaders. This application drives growth in the electronics and semiconductor sectors.
However, quality concerns regarding color and durability of such products compared to natural ones, along with limited consumer awareness about the benefits of lab grown options, negatively impact lab grown diamond market growth.๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
๐๐๐ญ ๐ ๐๐ฎ๐จ๐ญ๐: https://www.fortunebusinessinsights.com/enquiry/get-a-quote/lab-grown-diamond-market-110569
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
Asia Pacific Leads the Market Owing to Supportive Government Initiatives
Asia Pacific holds the apex position in the market. Regional growth is bolstered by government initiatives, such as India's 2023 promotional scheme for lab grown diamond R&D, which encourages innovation and development in the sector.
In Europe, the demand for lab-grown diamonds is surging due to growing sustainability trends in France, Italy, and Germany. Moreover, youth is increasingly drawn to eco-friendly, affordable, and stylish diamond jewelry, supporting market expansion.
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐:
Key Players Emphasis on Educating Consumers to Expand their Market Reach
Industry leaders provide lab grown diamonds in various shapes, colors, and carat sizes to drive sales. They are enhancing global reach through collaborations and educating consumers on lab-grown versus natural diamonds. Notably, Ayaani Diamonds launched a new store in Mumbai in February 2024, highlighting expansion efforts.
๐๐๐ฒ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ:
November 2023- Prada, the Italian luxury fashion brand, launched a new gold jewelry line featuring lab-grown diamonds, including snake rings, heart-shaped earrings, chokers, and chain necklaces.
๐๐ซ๐จ๐ฐ๐ฌ๐ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ: https://www.fortunebusinessinsights.com/lab-grown-diamond-market-110569
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
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