Lab Grown Diamonds Market: By Nature, Manufacturing Method, Size, Type, Application and Distribution Channel

The Global Lab Grown Diamonds Market size was valued at USD 23.6 Billion in 2022 and is expected to grow at a CAGR of 9.4 percent from 2023 to 2029 to reach USD 44.26 Billion.
Lab Grown Diamonds Market Overview
Lab Grown Diamonds are also known as synthetic diamonds or man-made diamonds, which are created in the lab using technology that replicates the growing process of natural diamonds. They are chemically and structurally identical to naturally occurring diamonds. They cost about 40 percent less than natural diamonds. These diamonds now make up around 10 percent of the diamond market. Over the past decade, the market has grown rapidly due to technological developments and the increasing number of new entrants. Further, the Lab Grown Diamonds industry report includes a detailed analysis of market size, market share, market dynamics, regional insights, market segments and key players, which makes it a guide for investors.To know about the Research Methodology :- Request Free Sample Report
Lab Grown Diamonds Market Dynamics
The raw materials required for producing lab grown diamonds are nearly infinite. The lab grown diamonds are increasingly becoming the go-to consumer choice with their increasing popularity. These are attributed to the benefits associated with lab grown diamonds such as their incredible sparkle and they are easily certified as conflict-free. They are also environmentally friendly. All these factors are expected to drive the Lab Grown Diamonds Market growth during the forecast period. Those Customers largely prefer lab grown diamonds who are looking for mining-free alternatives or a larger stone within their budget because of their lower price point compared to naturally mined options. These diamonds are gaining an increase in the share of the global diamond market each year with the increasing volume of lab grown diamonds. When compared to natural diamonds, there is more uncertainty on future pricing since lab diamonds are a more recent introduction.

As per the research, the share of lab grown diamonds sales has increased immensely. The share of loose lab grown diamonds was doubled from an average in 2020 to 2022 by value while it tripled from January 2020 to February 2023. The loose lab-grown diamond unit sales tripled in 2022 from 2020. In 2029, the market volume is expected to account for about 19.2 million carats.
In the past few years, the Lab Grown Diamonds Market has grown immensely and has gained attention as an alternative to natural diamonds. However, there are some factors that are expected to restrain the market growth in the future. The lab grown diamonds are still new to the market and some consumers have limited awareness about them. This poses a need for education and awareness campaigns to inform consumers about the benefits of lab grown diamonds compared to natural diamonds. These diamonds face competition from other alternative gemstones and jewelry materials. As the number of new entrants increase and production technology improves, the price of lab grown diamonds needs to be competitive. Maintaining quality standards and controlling costs is one of the major challenges for market growth due to the increasing demand for the lab grown diamonds, which requires scaling up production capacity.
Technological Advancements, collaborations and partnerships in the Lab Grown Diamonds industry are creating opportunities for the market growth are in the future. To improve efficiency, increase production capacity and reduce costs there are various advancements going on in the manufacturing technologies and processes for the lab grown diamonds. As the technology is evolving, the large and high quality diamonds are expected to become easy to produce. The collaboration between the manufacturers and jewelry retailers are providing opportunities to reach new customers. The partnerships taking place with influencers, fashion designers and celebrities is helping to promote lab grown diamonds.
Lab Grown Diamonds Market Regional Insights
The Lab Grown Diamonds Market in North America is expected to grow at a high rate during the forecast period. This is attributed to the high research and development activities, technological developments on a large scale and the presence of key players in the region. The US Lab Grown Diamonds Market dominated the regional market in 2022. About half of the global consumer demand for diamonds is from the US, which was more than 50 percent in 2022. This includes the major share of lab grown diamonds too.

The Asia Pacific Lab Grown Diamonds Market is expected to grow at a high CAGR during the forecast period. In India, Finance Minister Nirmala Sitharaman mainly focused on lab grown diamonds as it is because the country is a top player in the global diamond market. The custom duty on the seeds used in the manufacturing of these diamonds has been reduced in the country. She provided a grant to IITs to facilitate the growth of lab grown diamonds in India. The country already produces around 3 million lab grown diamonds per year, accounting for 15 percent of the global production. These government initiatives in India are expected to contribute largely to regional market growth. China is the other big producer, with a huge lab grown diamonds market share.
Lab Grown Diamonds Market Segment Analysis
Based on Manufacturing Method: The market is divided into High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD). During the forecast period, the Chemical Vapor Deposition (CVD) segment is expected to grow at a high CAGR. It is a new method for manufacturing the lab grown diamonds, which helps to produce high-quality diamonds with very few impurities. This manufacturing method allows for more control over growth process. These factors are expected to increase a demand for CVD methods.

Based on Size: The Lab Grown Diamonds Market is divided into 2-4 carat, Below 2 carat and Above 4 carat. The Below 2 carat segment held the largest share of the global market. This is attributed to the high demand of lab grown diamonds due to their affordability compared to larger diamonds. The small-sized diamonds are offenly used for making jewelry such as pendants, earrings and rings. The 2-4 carat and above 4 carat segment is also expected to grow during the forecast period due to the increasing popularity of large sized lab grown diamonds. The popularity of these diamonds is increasing majorly because of technological advancements and reduction in production costs.

Based on Application: The market is divided into Fashion and industrial. The Fashion segment held the largest Lab Grown Diamonds Market share in 2022 and is expected to grow at a high CAGR during the forecast period. Currently around 9 percent of the specialty diamond jewelry market is represented by man-made diamonds, which has grown majorly from 2020. Some of the major jewelry retailers are driving the effort to take lab grown diamonds mainstream. For example - Pandora, the world’s largest jewelry company is expected to stop using mined diamonds and swap to lab created diamonds in its jewelry as part of an effort to sell sustainable jewelry. The industrial segment is also expected to grow at a high CAGR during the forecast period due to the growing industries especially in developing countries. The lab grown industrial diamonds are used for industrial purposes such as for their abrasive properties.
Competitive Landscape
As per the research, the market is highly competitive. The industry includes huge number of market players involved in continuous research and development. The report includes a detailed analysis of key Lab Grown Diamonds competitors, including company overview, their revenue, market potential, investment in research and development, global presence, product launch and application dominance. SWOT analysis was employed to provide the strengths and weaknesses of the key Lab Grown Diamonds manufacturers in the industry. The report also includes information on mergers, acquisitions and joint ventures in the market.

The New Diamond Technology company explores innovative approaches and technologies to improve the quality of lab grown diamond production. It majorly focuses on partnerships with innovative companies and international research institutes to create mutually beneficial collaboration with the aim to contribute to the whole diamond market. Recently, the WD Lab Grown Diamonds in the world to be the third-party sustainability certified and to achieve 100 percent climate neutrality named Australia-based JC Jewels Pty Ltd, their authorized distribution partner in Australia and New Zealand.
Lab Grown Diamonds Market Scope: Inquire before buying



Lab Grown Diamonds Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 23.6 Bn.


Forecast Period 2023 to 2029 CAGR:
9.4%
Market Size in 2029:
US $ 44.26 Bn.


 Segments Covered:
by Nature
Colorless
Colored


by Manufacturing Method
High Pressure High Temperature (HPHT)
Chemical Vapor Deposition (CVD)


by Size
2-4 carat
Below 2 carat
Above 4 carat


by Type
Polished
Rough


by Application
Fashion
Industrial


by Distribution Channel
Online
Offline



Lab Grown Diamonds Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Lab Grown Diamonds Key Players
1. Swarovski
2. Clean Origin
3. Vibranium Lab
4. Diamond Foundry
5. 12FIFTEE
6. RITANI
7. CVD Diamond Inc
8. LUSIX
9. Craft Lab Grown Diamonds
10. De Beers Group
11. New Diamond Technology
12. Henan Huanghe Whirlwind CO., Ltd.
13. Mittal Diamonds
14. ABD Diamonds Pvt. Ltd
15. WD Lab Grown Diamonds
16. Diam Concept
17. HEYARU Group
18. Eco Lab Diamonds
19. Panora
20. Kimaï
21. VRAI
22. Queensmith
23. Brilliant Earth
24. RITANI
25. James Allen
26. Blue Nile
27. Mia Donna
28. Ada Diamonds
Frequently Asked Questions
1] What is the expected CAGR of the Global Lab Grown Diamonds Market during the forecast period?
Ans. During the forecast period, the Global market is expected to grow at a CAGR of 9.4 percent.

2] What was the Lab Grown Diamonds Market size in 2022?
Ans. USD 23.6 Bn was the market size in 2022.

3] What is the expected Lab Grown Diamonds Market size by 2029?
Ans. USD 44.26 Bn is the expected market size by 2029.

4] What are the major Lab Grown Diamonds Market segments?
Ans. The market is divided by Nature, Manufacturing Method, Size, Type, Application and Distribution Channel.

5] Which region’s Lab Grown Diamonds Market share is expected to increase at a high rate during the forecast period?
Ans. The market share in Asia Pacific is expected to increase at a high rate during the forecast period.

6] Which country is the largest producer of Lab Grown Diamonds?
Ans. China is the largest producer of lab grown diamonds.