According to a new report published by Allied Market Research, titled, “Lab Grown Diamonds Market by Manufacturing Method, Size, Nature, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global lab grown diamonds market size was valued at $19.3 billion in 2020, and is projected reach $49.9 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.

Diamonds are heavily used in the industrial sector and mechanical engineering operations in tools such as saws, drills, polishers, and cutters. Diamond tipped drill bits and diamond coated saw blades makes cutting and drilling operations faster and easier. Different grits of powdered diamonds are also used as industrial abrasives. Lab grown diamonds with added boron have semiconductor like properties that can exceed traditionally used silicone and replace silicone as a major component in electronic operations. Some polished diamonds are used for different optic applications such as particle accelerators, laser systems, and other similar high-powered equipment. Research is being conducted to heck usability of diamonds in the medical field in the form of components in prosthetics and high precision surgical equipment. It is now been used by dermatologists for skin exfoliation in some types of chemotherapy to aid with the absorption of medicines into patient’s body. These industrial applications of lab grown diamonds and further research into the same is expected to the foster lab grown diamonds market growth.

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Techniques for growing diamonds in labs and factories were first invented in the 1950s, in the form of HPHT. It was used for creation of diamonds that were small and mostly useful for industrial applications. CVD technology of creating diamonds was invented in the 1980s, and further innovation in diamond manufacturing technology led to creation of techniques for making diamonds that were bigger and could reach sizes of 10 carats and more. Use of renewable energy in the making of diamonds is increasing and use of laser technology for cutting diamonds is also gaining more traction in the market. Further research and innovations can make lab grown diamonds production easier and more efficient, which is expected to have a very positive impact on the lab grown diamonds market in the upcoming years, increasing the lab grown diamonds market demand.

The lab grown diamonds market was significantly impacted during the initial phase of the pandemic, however, the market has started rebounding toward the end of 2020. Disruption in supply chain across China and later from India negatively impacted the market, as these countries are the top exporters of lab grown diamonds and hold a significant lab grown diamonds market share across the world. Nevertheless, the market is expected to gain high momentum in upcoming years due to emerging lab grown diamonds market trends.

The global lab grown diamonds market is segmented on the basis of manufacturing method, size, nature, application, and region. By manufacturing method, the global market is bifurcated into HPHT and CVD. By size it is segmented into below 2 carat, 2–4 carat, and above 4 carat. By nature, it is bifurcated into colorless and colored. On the basis of application, it is studied across fashion and industrial. The global lab grown diamonds market is also studied across North America, Europe, Asia-Pacific, and LAMEA.

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Key Findings Of The Study

By manufacturing method, the chemical vapor deposition (CVD) segment leads in terms of market share and is projected to grow with the highest CAGR during the forecast period.
Depending on the size, the below 2 carat segment is the most widely used diamond across both industrial and fashion purposes.
By nature, the colorless segment leads in terms of market share, however, the colored segment is expected to gain high popularity during the forecast period.
By application, diamonds find its prominent use in the fashion industry occupying about three-fourths of market share in 2020.
By region, North-America leads, in terms of market share, however, Asia-Pacific is poised to grow with highest CAGR during the forecast period.

Leading Market Players: -

Mittal Diamonds
ABD Diamonds Pvt. Ltd.
Diam Concept
Swarovski AG
Henan Huanghe Whirlwind CO., Ltd.
WD Lab Grown Diamonds
Clean Origin LLC.
Diamond Foundry Inc.
New Diamond Technology LLC
De Beers Group

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Lab-grown diamond sales are surging for several reasons:

Ethical and Environmental Concerns: Consumers are increasingly concerned about the ethical and environmental impact of traditional diamond mining, which often involves human rights abuses and environmental damage. Lab-grown diamonds are seen as a more ethical and sustainable alternative.

Affordability: Lab-grown diamonds are typically 20-40% cheaper than their natural counterparts. This cost savings makes them more accessible to a broader range of consumers, particularly millennials and younger generations who value experiences and ethical choices.

Technological Advancements: Advances in diamond-growing technology have improved the quality and size of lab-grown diamonds. They now come in larger carat sizes and possess the same physical and chemical properties as natural diamonds, making them more appealing to consumers.

Customization: Lab-grown diamonds offer greater customization options. Consumers can choose specific characteristics, such as color and clarity, to match their preferences and budget.

Transparency and Certification: The industry has made efforts to provide clear labeling and certification for lab-grown diamonds, increasing consumer confidence in the product.

Marketing and Education: Increased marketing efforts and educational campaigns have helped raise awareness about lab-grown diamonds, dispelling myths and misconceptions.

Fashion and Trends: Lab-grown diamonds have gained popularity in the fashion industry and among celebrities, further driving their acceptance and desirability.

Supply Chain Security: The COVID-19 pandemic disrupted traditional diamond supply chains, leading to a greater focus on lab-grown diamonds, which have a more controlled and reliable supply chain.

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