New York, United States , Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Global CVD Lab-grown Diamonds Market Size is expected to reach USD 23.4 Billion by 2032, at a CAGR of 7.1% during the forecast period 2022 to 2032.
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Diamonds that are created in a laboratory as opposed to being mined from the earth are known as CVD lab-grown diamonds. They are also known as cultivated diamonds or synthetic diamonds. Regarding their chemistry, crystal structure, and appearance, these diamonds are exact replicas of genuine diamonds. Modern technical processes that mimic the conditions under which diamonds naturally originate are used to create them. The physical and chemical traits known as the 4Cs—carat weight, color, clarity, and cut—distinguish genuine diamonds from lab-grown ones. On the other hand, because of their controlled development environment, lab-grown diamonds may have fewer flaws and impurities, making them more aesthetically beautiful. There is a chance that lab-grown diamonds are obtained in a way that is more ethical and environmentally friendly than traditional mining. They don't involve the social and environmental issues, such worker exploitation and environmental destruction, that diamond mining is typically associated with.
COVID 19 Impact
Global supply chains were severely affected by the epidemic, which had an effect on a variety of industries, including the diamond business. This disturbance may cause a delay in the production, shipping, and distribution of CVD lab-grown diamonds. Lockdowns, erratic economic conditions, and shifting priorities all had an effect on consumer purchasing behavior during the outbreak. The emphasis on sustainability and ethical choices may have given lab-grown diamonds a boost because they are commonly perceived as the more responsible choice, even though demand for luxury commodities like diamonds may have decreased. Because more people were online during the pandemic, there would have been more exposure to information on lab-grown diamonds. Businesses in the lab-grown diamond sector would have had to alter how they ran in order to safeguard employees and follow health standards, just like many other industries. The performance of the entire sector and the effectiveness of output may have been impacted by these changes.
Consumer awareness of the ethical and environmental effects of conventional diamond mining was developing. Consumers who were concerned about the environment and sought a more ethical and sustainable alternative led to the demand for lab-grown diamonds. When quality is the same, natural diamonds are frequently more expensive than lab-grown diamonds. This pricing advantage attracted consumers on a restricted budget who desired a diamond-like appearance without paying the premium associated with mined diamonds. The advancements in CVD technology and diamond growth techniques have enhanced the quality and size of lab-grown diamonds. As a result, these diamonds became more sought-after for a variety of uses, such as jewelry and industry. As more consumers became aware of lab-grown diamonds, these gems became increasingly popular.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global CVD Lab-grown Diamonds Market Size, Share, and COVID-19 Impact by Type (Colour, Colourless), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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Colourless segment is dominating the market with the largest market share over the forecast period
On the basis of type, the global CVD Lab Grown Diamonds Market is segmented into Colored and Colorless. Among these, colourless segment is dominating the market with the largest market share over the forecast period. Due to significant developments in CVD technology, producers could now produce high-quality, colorless lab-grown diamonds that closely resembled natural diamonds in terms of look and purity. The traditional center stone for engagement rings and other fine jewelry has been a colorless diamond. People shopping for high-quality diamonds for special occasions started to lean toward the colorless category as consumer awareness about lab-grown diamonds increased. In terms of quality, cut, and size, diamonds created in a lab may be created to a customer's exact specifications. This adaptability drew customers seeking unusual and personalized solutions for colorless diamonds. The jewelry industry is gradually accepting lab-grown diamonds, and well-known jewelry companies are including colorless lab-grown diamonds into their product lines.
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North America is dominating the market with the largest market share over the forecast period
Among all other regions, North America is dominating the market with the largest market share over the forecast period. North America, and more specifically the United States, has been a significant market for lab-grown diamonds. Awareness of lab-grown diamonds has developed as a result of marketing campaigns, educational initiatives, and media interest. The ethical and ecological characteristics of lab-grown diamonds appealed to many purchasers in North America who were becoming more concerned about the social and environmental effects of diamonds that were mined. Due to North America's robust e-commerce environment, online markets have helped make lab-grown diamonds, particularly CVD diamonds, more accessible to a larger range of consumers. As consumer preferences changed, more and more individuals began to value the characteristics and beauty of lab-grown diamonds while becoming more price-conscious.
Asia Pacific is witnessing the fastest market growth over the forecast period. The awareness of lab-grown diamonds, particularly CVD lab-grown diamonds, was growing in the Asia-Pacific region. Consumers were beginning to favor lab-grown diamonds as an alternative to mined diamonds. The economic and cultural characteristics of many nations in the Asia Pacific area have an impact on the diamond industry. For instance, in countries with developing middle classes and growing populations, lab-grown diamonds were drawing interest as more affordable alternatives. Shifting consumer preferences, particularly among younger generations, were having an impact on the demand for lab-grown diamonds. Customization, ethical sourcing, and sustainability were all becoming more significant to local consumers. Strong e-commerce traditions in the Asia Pacific area have made lab-grown diamonds more easily accessible and available on online marketplaces.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global CVD Lab-grown Diamonds Market include De Beers (UK), Goldiam (India), Adamas One Corp (US), Sumitomo Electric Industries Ltd., Bhanderi Lab-grown Diamonds LLP (India), Hebei Plasma Diamond Technology Co., Ltd. (China), SP3 Diamond Technologies, Delaware Diamond Knives, and Other Key Venders.
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Recent Market Developments
In January 2022, SP3 Diamond Technologies and MAPAL signed a contract to supply diamond coatings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global CVD Lab-grown Diamonds Market based on the below-mentioned segments:
CVD Lab-grown Diamonds Market, Type Analysis
- Coloured
- Colourless
CVD Lab-grown Diamonds Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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