Press release
Lab Grown Diamonds Market Anticipated To Witness Robust Growth, Surpassing $38.86 Billion By 2029
Lab Grown Diamonds Market
What Is the Current Lab Grown Diamonds Market Size and Its Estimated Growth Rate?
The market size for lab grown diamonds has experienced rapid expansion in recent years. The market is projected to increase from a size of $25.68 billion in 2024 to $28.27 billion in 2025, representing a compound annual growth rate (CAGR) of 10.1%. Factors such as increasing demand for jewelry, a penchant for a luxury lifestyle, preferences for CVD techniques, a growing demand for diamonds, and rising disposable income have all contributed to the robust growth witnessed during the historic period.
The market size of lab grown diamonds is anticipated to witness robust expansion in the upcoming years. The projected growth is to hit $38.86 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.3%. This predicted uptick for the forecast period is largely due to factors such as evolving laser technology, rising acceptance of fashion and jewelry, growing consumer adoption, demand for synthetic gemstones, and economic progress. The forecast period will likely observe key trends such as progressive developments, product innovation, CVD technology, enhanced laser technology, and a rise in collaborative endeavors.
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How Are Emerging Segments Shaping the Lab Grown Diamonds Market Landscape?
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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Which Growth Factors Are Influencing Lab Grown Diamonds Market Expansion?
The anticipated increase in diamond demand is believed to drive the lab-grown diamond market in the future. Diamonds, known for their carbon atoms assembled in a crystal lattice formation, are valuable gemstones. They have a multitude of beneficial applications and strengths in different sectors like jewelry making, electronics, and healthcare. The Observatory of Economic Complexity, a tool for visualizing international trade data based in the US, stated in July 2024 that the most rapidly expanding export markets for UK diamonds from 2021 to 2022 were Israel ($101M), France ($77.9M), and Belgium ($58.3M). The UK, meanwhile, brought in $1.79B worth of diamonds in 2022, making it the world's 12th biggest diamond importer. As a result, the lab-grown diamond market is being propelled by diamond demand.
Who Are the Dominant Players Across Different Lab Grown Diamonds Market Segments?
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 Lab Grown Diamonds Market Trends Are Gaining Traction Across Different Segments?
Leading businesses working in the lab-grown diamonds industry are concentrating on creating novel products, such as colored lab-grown diamonds, in order to consolidate their market position. Colored lab-grown diamonds, which come in a range of hues, are produced synthetically in a lab via special processes involving certain trace elements, radiation, or other treatments. For example, Cullen Jewelry, a fine jewelry specialist based in Australia, premiered its first collection of colored lab-grown diamonds, 'Love in Color,' in August 2023. This collection, featuring shades of pink, yellow, and blue, wonderfully enhances their existing array of Radiant Beauty certified colored moissanite gemstones, a hallmark of high quality.
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Which Geographic Regions Are Expected to Dominate the Lab Grown Diamonds Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Lab Grown Diamonds Market?
2. What is the CAGR expected in the Lab Grown Diamonds Market?
3. What Are the Key Innovations Transforming the Lab Grown Diamonds Industry?
4. Which Region Is Leading the Lab Grown Diamonds Market?
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