Press release
Lab Grown Diamonds Market Poised for 8.3 % Growth, Set to Hit $4.82 Billion by 2029
How Is the Lab Grown Diamonds Market Projected to Grow, and What Is Its Market Size?The lab-grown diamonds market will grow from $25.68 billion in 2024 to $28.27 billion in 2025, reflecting a CAGR of 10.1%. Growth drivers include the increasing demand for jewelry, the adoption of lavish lifestyles, the popularity of chemical vapor deposition (CVD) methods, rising demand for diamonds, and growing disposable incomes.
Lab-grown diamonds are expected to see strong growth, reaching $38.86 billion by 2029 at a CAGR of 8.3%, spurred by technological advancements in CVD and laser technology. The demand for synthetic stones in fashion and jewelry will be a key driver, along with increasing collaborations within the industry.
What Are the Key Drivers Behind the Growth of the Lab Grown Diamonds Market?
The growing demand for diamonds is expected to drive the growth of the lab-grown diamond market. Diamonds are valuable gemstones with carbon atoms arranged in a crystal structure. Lab-grown diamonds have practical applications across various industries, including jewelry, electronics, and healthcare. For example, in July 2024, The Observatory of Economic Complexity reported that between 2021 and 2022, the fastest-growing export markets for UK diamonds were Israel ($101M), France ($77.9M), and Belgium ($58.3M), while the UK imported $1.79 billion in diamonds in 2022, making it the 12th largest importer globally. Therefore, the demand for diamonds is fueling the lab-grown diamond market.
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Who Are the Major Industry Players Fueling Lab Grown Diamonds Market Expansion?
Major companies operating in the lab grown diamonds market report are De Beers Group, Swarovski AG, Henan Huanghe Whirlwind Co. Ltd., Diamond Foundry Inc., Chatham Created Gems, New Diamond Technology (NDT), MiaDonna, IIa Technologies, Washington Diamonds Corporation, Clean Origin LLC., WD Labs, Apollo Diamond Inc., Ada Diamonds, ABD Diamonds Pvt. Ltd., ALTR Created Diamonds, Scio Diamond Technology Corporation, Diam Concept, Applied Diamond Inc., Mittal Diamonds, Pure Grown Diamonds, Renaissance Diamonds, M7D Corporation, Taidiam Technology, BDI - Brevard Diamonds Inc., AOTC Group, Fenix Diamonds, Tolkowsky Diamonds, EcoStar Diamond, Tairus Created Diamonds
What Are the Emerging Trends in the Lab Grown Diamonds Industry?
Companies in the lab-grown diamonds market are focusing on innovative products, such as colored lab-grown diamonds, to solidify their market presence. These diamonds, manufactured in controlled lab environments, acquire various hues through trace elements, radiation, or specialized treatments. In August 2023, Cullen Jewelry, an Australia-based fine jewelry brand, introduced its first-ever colored lab-grown diamond collection, 'Love in Color', featuring shades of pink, yellow, and blue. This collection complements the company's existing range of colored moissanite gemstones, all of which have received the Radiant Beauty certification, a mark of exceptional quality.
How Is the Segmentation of the Lab Grown Diamonds Market Defined?
The lab grown diamonds market covered in this report is segmented -
1) By Type: Polished, Rough
2) By Nature: Colorless, Colored
3) By Manufacturing Process: High Pressure High Temperature (HPHT), Chemical Vapor Deposition (CVD)
4) By Application: Construction And Mining, Jewelry, Healthcare, Electronics, Others Applications
Subsegments:
1) By Polished: Gem-Quality Diamonds, Industrial-Grade Polished Diamonds
2) By Rough: Gem-Quality Rough Diamonds, Industrial-Grade Rough Diamonds
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What Is the Leading Region in the Lab Grown Diamonds Market?
Asia-Pacific was the largest region in the lab grown diamonds market in 2024. The regions covered in the lab grown diamonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Lab Grown Diamonds Global Market Report?
- Market Size Analysis: Analyze the Lab Grown Diamonds Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Lab Grown Diamonds Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Lab Grown Diamonds Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Lab Grown Diamonds Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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