Press release
Synthetic Diamond Market to Hit USD 33.48 Billion by 2030 at 7.91% CAGR | Key Players Include Element Six & Sumitomo Electric
Synthetic Diamond Market Overview:The Synthetic diamond market size expected to rise from USD 25.49 billion in 2025 to USD 33.48 billion till 2030, This marks an expected compound annual growth rate (CAGR) of approximately 7.91 %.
Synthetic diamonds-also referred to as lab-grown or engineered diamonds-are increasingly used beyond gemstone applications, particularly in electronics, telecommunication, precision tools, and other industrial sectors. The shift is largely driven by the growing need for high-performance materials that offer consistent quality, lower cost, and better traceability compared to mined diamonds.
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Emerging Trends in the Synthetic Diamond Market
Growth in Electronics, EVs, and Telecom
One of the chief drivers behind synthetic diamond demand is the expanding use in electronics and telecommunication industries. Synthetic diamond wafers and thin films offer favorable thermal conductivity, electrical insulating properties, and durability in harsh operating environments. As more semiconductor and power devices adopt diamond-based substrates or heat spreaders, demand is rising steadily.
Moreover, electric vehicles (EVs) and 5G/6G telecommunication infrastructure demand are contributing to the uptake of synthetic diamond components. As power electronics and high-frequency devices become more compact and efficient, the thermal and reliability advantages of diamond materials become increasingly attractive.
Luxury & Jewelry Uptake
While industrial demand is the major driver, synthetic diamonds are also gaining traction in the luxury and jewelry segments. Lab-grown diamonds enable brands to offer stones with assured traceability, lower environmental burden, and more design flexibility (e.g. fancy colors). Some luxury retailers and jewelry brands, especially in Gulf Cooperation Council (GCC) markets, are gradually introducing lab-grown fancy-color diamonds to appeal to consumers seeking ethical alternatives.
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Market Segmentation in Synthetic Diamond Market
The synthetic diamond market is segmented across product types, manufacturing processes, and geographies. Below is a more detailed breakdown:
By Product Type
Rough or uncut synthetic diamonds: This segment held over 66 % share of the market in 2024. These are primarily used in industrial applications, cutting tools, abrasives, or as feedstock for further processing.
Polished / finished synthetic diamonds: Although smaller in share now, this segment is showing faster growth with a projected CAGR of 9.84 % through 2030. These are targeted more toward jewelry, decorative, or high-end optical applications.
By Manufacturing Process
HPHT (High Pressure High Temperature): Traditional, high throughput method; still dominant in industrial grades where small defects are acceptable.
CVD (Chemical Vapor Deposition): Gaining market share rapidly due to advantages in purity control, film layering, and suitability for advanced applications in electronics, optics, and quantum devices.
By Geography / Region
Asia-Pacific: Largest revenue share (~56 %) and fastest growth region.
North America
Europe
South America
Middle East & Africa
In geographical segmentation, markets are further broken down at the country level across major industrial and consumer centers.
Regional Dominance of Asia-Pacific
The Asia-Pacific region currently commands a dominant share of the synthetic diamond market-approximately 56 % of global revenue in 2024. The region benefits from robust electronics manufacturing, support from government initiatives, and competitive cost structures. Going forward, Asia-Pacific is expected to grow at a CAGR of around 8.35 % through 2030.
Countries such as China, India, Japan, South Korea, and Taiwan are major centers for synthetic diamond production, especially for wafer and industrial diamond tools. Government incentives, export-oriented electronics sectors, and R&D investments further support the region's lead.
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Key Players in the Synthetic Diamond Market
Several companies stand out as significant contributors to the synthetic diamond industry, each bringing strengths in manufacturing, R&D, market reach, and domain expertise. According to Mordor Intelligence, the leading players in synthetic diamond are: Element Six (De Beers Group), Henan Huanghe Whirlwind Co., Ltd., Sumitomo Electric Industries, Ltd., Zhengzhou Sino-Crystal Diamond Co., Ltd., and Zhuhai Zhongna Diamond Co., Ltd.
Element Six (De Beers Group) is a market leader with deep technological expertise and global presence.
Henan Huanghe Whirlwind is strong in industrial synthetic diamond products and benefits from scale in China.
Sumitomo Electric contributes through precision manufacturing, especially for electronics and tools.
Zhengzhou Sino-Crystal and Zhuhai Zhongna focus on a broad range of synthetic diamond types and have established their presence especially in wafer and tool markets Other notable players include Adamas One Corp., Applied Diamond Inc., ILJIN Diamond Co., New Diamond Technology, and Pure Grown Diamonds (PGD). These companies often specialize in niche segments-such as premium gem-quality synthetic diamonds, consumer jewelry, or high-performance industrial grades. Competition in the synthetic diamond market tends to focus on cost efficiency, process improvements, purity/defect control, and relationships with high-tech customers in electronics, photonics, and industrial tooling.
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Conclusion
The synthetic diamond market is firmly positioned for steady growth toward USD 33.48 billion by 2030, driven by a rising need for advanced materials in electronics, telecom, EV, and industrial sectors. While HPHT continues to hold a dominant share, CVD is catching up quickly thanks to its advantages for premium applications. Asia-Pacific remains the key region in this market, both in production and demand.
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