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Synthetic Diamond Market on Track for Strong Growth, Estimated to Grow at 7.6% CAGR Through 2029
Synthetic Diamond
What Is the Expected CAGR for the Synthetic Diamond Market Through 2025?
The market size of synthetic diamonds has experienced robust growth over the recent years. It is projected to increase from $19.21 billion in 2024 to $20.3 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this growth during the historical period include the groundbreaking High-Pressure High-Temperature (HPHT) techniques, their use in industrial cutting and drilling, incorporation in electronics and semiconductors, the advent of lab-produced gemstones, and applications in medical equipment and optical devices.
What's the Projected Size of the Global Synthetic Diamond Market by 2029?
The market size for synthetic diamonds is projected to experience robust expansion in the coming years, reaching $27.25 billion in 2029 with a CAGR of 7.6%. The predicted growth in this timeframe is due to factors such as tailor-made applications for specific use cases, increased expansion in the aerospace industry, advancements in quantum computing, growth within the medical equipment sphere, and increased industrial application. Key trends expected in this period encompass customization and bespoke application development, innovative manufacturing methods, the application of AI for precise diamond cutting and the introduction of sophisticated diamond cutting tools.
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Top Growth Drivers in the Synthetic Diamond Industry: What's Accelerating the Market?
An escalating crave for diamond jewelry is anticipated to supercharge the expansion of the synthetic diamond market in the future. This surge in diamond jewelry demand is credited to growing disposable incomes, cultural relevance, innovation in craft, accessibility through the internet, and its appeal as a viable investment. The usage of synthetic diamonds in the jewelry industry is on the rise due to being a cost-effective, sustainable substitute to mined diamonds, delivering the same visual allure and longevity. For instance, Diamondrensu, an India-based firm that's proficient in creating and selling diamond-centric products, reported in February 2024 that the total global investments in diamonds escalated to $18,000,000 in 2023, showcasing a substantial hike from $15,200,000 in the previous year, 2022. Consequently, the escalating demand for diamond jewelry is bolstering the expansion of the synthetic diamond market.
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What Long-Term Trends Will Define the Future of the Synthetic Diamond Market?
The primary trend gaining traction in the synthetic diamond market is technological innovation. Many leading businesses are adopting emerging technologies to maintain their market position. For example, Trent Limited, a retail company based in India, launched a lab-grown diamond brand, Pome, in October 2024. These lab-produced diamonds, created within a controlled lab setting, are chemically the same as natural diamonds but are more ethical and sustainable. The pricing of Pome's products is competitive, broadening its reach compared to the traditional mined diamonds. Each piece exhibits high craftsmanship, ensuring superior quality and visual attractiveness.
What Are the Main Segments in the Synthetic Diamond Market?
The synthetic diamond market covered in this report is segmented -
1) By Type: Polished, Rough
2) By Manufacturing Process: High Pressure, High Temperature, Chemical Vapor Deposition
3) By Application: High-End Electronics, Laser And X Ray, Surgical Machinery, Quantum Computing, Other Applications
Subsegments:
1) By Polished: Gem-Quality Diamonds, Industrial-Grade Diamonds
2) By Rough: Synthetic Gem-Quality Rough, Industrial Rough Diamonds
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Which Top Companies are Driving Growth in the Synthetic Diamond Market?
Major companies operating in the synthetic diamond market include Sumitomo Electric Industries Ltd., Sandvik Group, De Beers plc Lightbox, Forever Company, Pandora A/S, Swarovski AG, Blue Nile Inc., Henan Huanghe Whirlwind Co Ltd., HeNan LiLiang Diamond Co Ltd., Iljin Diamond Co Ltd., Diamond Foundry, Element Six UK Ltd., Zhengzhou Sino-Crystal Diamond Co Ltd., Clean Origin, WD Lab Grown Diamonds, Applied Diamond Inc., Industrial Abrasives Ltd., Soham Industrial Diamonds, Adamas One Corp, Gemesis Inc., Scio Diamond Technology Corporation, ALTR Created Diamonds, Eco Diamond, Heyaru Engineering Pvt Ltd., Eco Star Lab Grown Diamond, New Diamond Technology, Zhongnan Diamond Co Ltd., Pure Grown Diamonds, Apollo Diamond Inc., TAIRUS CREATED GEMS Co, LTD., James Allen, Queensmith, Ada Diamonds Inc., Chatham Inc.
Which Regions Will Dominate the Synthetic Diamond Market Through 2029?
Asia-Pacific was the largest region in the synthetic diamond market share in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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