Lab Grown Diamond Market Key Catalysts and Growth Forecast to 2032
The global lab grown diamond market was valued at USD 22.79 billion in 2023 and is anticipated to grow from USD 25.89 billion in 2024 to USD 74.45 billion by 2032, exhibiting a CAGR of 14.11% during the forecast period of 2024-2032.
Manufactured using CVD (Chemical Vapor Deposition) or HPHT (High-Pressure High-Temperature) methods, lab grown diamonds offer controlled quality and can be created within a few months, unlike natural diamonds that take millions of years to form. The manufacturing process is energy-efficient, requiring limited electricity, often derived from renewable sources, and avoids the use of harmful chemicals. These factors make lab grown diamonds highly appealing to environmentally conscious consumers, driving demand for the product.
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Key Players Mentioned in the Report
Mini Diamonds (India)
WD Lab Grown Diamonds (U.S.)
De Beers Group (U.K.)
Solitario (India)
Adamas One Corp (U.S.)
Diamond Foundry Inc. (U.S.)
Element Six UK Ltd (U.K.)
Henan Huanghe Whirlwind Co., Ltd (China)
Diam Concept (France)
ABD Diamonds (India)
Market Segmentation
HPHT Segment Leads the Market
The market is segmented by manufacturing method into CVD and HPHT, with the HPHT segment dominating the lab grown diamond market share in 2023. The HPHT method is preferred due to its ability to produce superior diamonds with enhanced clarity and color, resembling natural diamonds closely.
Up to 2 Carat Segment Holds the Largest Share
Based on size, the market is divided into:
Up to 2 Carats
2 to 4 Carats
Above 4 Carats
The up to 2 carats segment led the market in 2023, driven by its affordability and popularity for wedding and engagement rings. These diamonds are favored for their daily wearability and manageable size.
Colorless Diamonds Dominate the Market
On the basis of nature, the market is categorized into:
Colorless
Colored
Colorless lab grown diamonds held the leading position in 2023, valued for their high quality and versatility. Their extensive use across industries further drives segment growth.
Industrial Segment Remains Dominant
By application, the market is bifurcated into:
Industrial
Fashion
The industrial segment dominated the market in 2023 due to the broad use of lab grown diamonds in sectors such as electronics, semiconductors, and research. Their superior hardness and suitability for tools and machinery further fuel demand.
Regional Insights
Asia Pacific Leads the Market
Asia Pacific emerged as the dominant region in 2023, owing to extensive manufacturing of high-quality lab grown diamonds in China and India. This robust production capability solidifies the region’s leadership in the global market.
North America Secures Second Position
North America captured the second largest market share, supported by rising disposable incomes and investment interests in the U.S. and Canada. The growth of the automotive and electronics sectors further contributes to regional demand.
Market Drivers and Restraints
Drivers
The affordability of lab grown diamond jewelry makes it an attractive alternative to natural diamonds, especially for middle-income consumers. A wide variety of options, including earrings, necklaces, and rings, cater to diverse preferences. Efforts by key players such as Limelight Diamonds and Syndiora to expand their product range, alongside celebrity endorsements, are driving market growth.
Restraints
The availability of natural diamonds and other gemstones, such as emeralds and sapphires, poses a challenge to lab grown diamond sales. These alternatives are often preferred for their superior aesthetic appeal and durability.
Competitive Landscape
Key players in the lab grown diamond market are focusing on offering a variety of shapes, colors, and carat sizes to cater to diverse consumer preferences. Strategies include brand collaborations, business expansion, and consumer education on the benefits of lab grown diamonds.
Recent Developments
- April 2024: Solitario, an India-based company, inaugurated its 15th store in Chennai at Phoenix Marketcity, spanning 600 sq. ft.
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