The global lab grown diamond market was valued at US$22.45 billion in 2022. The market value is forecasted to grow to US$37.32 billion by 2028.
In a strong validation of the category, the Federal Trade Commission (FTC) in the US expanded its definition of diamonds to include lab-grown in 2018 (previously referred to as synthetic), but still requires a lab-grown designation to be transparent about origin. The global lab grown diamond market is associated with manufacturing and sale of lab grown diamonds (LGD) by entities (organizations, sole traders and partnerships) to fashion, jewelry, and industrial sectors for a variety of end use applications in biotechnology, quantum computing, high-sensitivity sensors, thermal conductors, optical materials, adorned accessories, etc. The global lab grown diamond market volume was at 9.13 million carats in 2022.
The lab grown diamond market has taken off in the past 5-7 years. Factors such as rapid decline in prices, increasing consumer awareness, rising disposable income, increased sense of style and personalised fashion among millennials and gen Z, rising government restrictions on the purchase and sale of conflict diamonds and increasing applications of lab grown diamond in biotechnology, quantum computing, high sensitivity sensors, laser optics, medical equipment, etc. are expected to drive the overall market growth in the forecasted period.
The market is anticipated to grow at a CAGR of approx. 9% during the forecasted period of 2023-2028.
Market Segmentation Analysis:
By Manufacturing Method: The report provides the bifurcation of the market into two segments based on manufacturing method: chemical vapor deposition (CVD) and high pressure high temperature (HPHT). Chemical vapor deposition lab grown diamond market is both the largest and fastest growing segment of global lab grown diamond market owing to low costs associated with CVD production, increasing demand for lab grown diamonds by end user industries, low space consumption of CVD machines and increased ability of CVD techniques to grow diamonds over large areas and on various substrates with fine control over chemical impurities and properties of diamond produced.
By Size: The market on the basis of size has been divided into three segments: below 2 carat, 2-4 carat, and above 4 carat. Below 2 carat lab grown diamond market is both the largest and fastest growing segment of global lab grown diamond market owing to growing popularity of below 2 carat weight diamonds in jewelry market, affordable price range of these diamonds, rising disposable income, rapidly expanding working class population and increased demand for sustainable and eco-friendly alternative to naturally mined diamond.
By Type: The report provides the bifurcation of the market into two segments based on type: polished and rough. Polished lab grown diamond market is both the largest and fastest growing segment of lab grown diamond market owing to growing application of these diamonds in jewelry, electronic & healthcare sector, rapidly expanding fashion industry, increasing technological advancements in diamond cuttings & polishing processes and high end jewelers adopting for cost efficient, better quality and customizable polished lab grown diamonds.
By Nature: On the basis of nature, the global lab grown diamond market can be divided into two segments: colored and colorless. Colored lab grown diamond market is the fastest growing segment of global lab grown diamond market owing to increasing number of companies trading in fancy colored diamonds, rapidly expanding fashion industry, rising popularity of colored diamond jewelry among millennials & gen Z, urbanization, rising demand of extravagant colored lab grown diamonds in haute couture and the prestige, royalty & status associated with owing colored diamonds.
By Application: The report offers the division of the market into two segments based on application: jewelry and industrial. Lab grown diamond jewelry market is both the largest and fastest growing segment of global lab grown diamond market owing to increasing number of jewelry store, rising disposable income, increasing awareness about ongoing fashion trends among millennials & Gen Z, allure of larger diamond within same price range and lab grown diamond manufacturing companies providing known origins of every diamond along with verified records, quality certificates and traceable manufacturing source.
By Region: The report provides insight into the lab grown diamond market based on the regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific lab grown diamond market in the largest & fastest growing region of global lab grown diamond market owing to rapidly growing urban population, large consumer base, increasing manufacturing activities by various end-user industries, rising internet penetration and the presence of numerous reactor plants for synthetic diamond manufacturing. Asia Pacific lab grown diamond market is divided into five regions on the basis of geographical operations, namely, China, Japan, India, South Korea and Rest of Asia Pacific, where China lab grown diamond market held the largest share in Asia Pacific lab grown diamond market owing to rapidly growing middle class, followed by India.
Post time: Apr-12-2023