Lab Grown Diamonds Market Forecast to Reach ~$36 Billion by 2028 - Analysis by Type, Nature, Manufacturing Process, Application and Region

Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Lab Grown Diamonds Global Market Report 2024" report has been added to's offering.

The global lab grown diamonds market has grown rapidly in recent years. It will grow from $23.3 billion in 2023 to $25.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed in the historic period can be attributed to factors such as the rise in demand for jewelry, the adoption of a lavish lifestyle, increased demand for diamonds, particularly those produced through chemical vapor deposition (CVD) methods, and a higher level of disposable income among consumers. These factors collectively contributed to the expansion of the lab-grown diamonds market during that period.

The lab grown diamonds market is expected to see strong growth in the next few years. It will grow to $35.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to the increasing use of laser technology, a rise in the adoption of fashion and jewelry, growing consumer acceptance of lab-grown diamonds, the demand for synthetic stones as an ethical and sustainable alternative, and overall economic growth. Major trends expected in the forecast period include advanced developments in lab-grown diamond technology, ongoing product innovation, the utilization of chemical vapor deposition (CVD) and laser technologies, and an increase in collaborations within the industry.

The anticipated rise in demand for diamonds is set to propel the lab-grown diamond market in the coming years. According to Alrosa, a Russia-based diamond mining company, in January 2021, sales of raw and polished diamonds generated a total of $4.16 billion. Rough diamond sales accounted for $3.97 billion, while polished diamond sales contributed $192 million. This surge in demand for diamonds is a key factor driving the growth of the lab-grown diamond market.

Major players in the lab-grown diamond market are actively focused on developing innovative products, particularly colored lab-grown diamonds, to enhance their market position. For example, in August 2023, Cullen Jewellery, an Australian-based company specializing in fine jewelry, introduced its inaugural collection of colored lab-grown diamonds, 'Love in Colour.' This collection features pink, yellow, and blue shades, complementing the brand's existing inventory of colored moissanite gemstones that have earned the Radiant Beauty certification, symbolizing excellence.

In January 2021, WD Labs, a US-based producer of laboratory-grown diamonds, acquired J2 Materials for an undisclosed amount. This acquisition allows WD Labs to expand its capabilities in growing high-quality diamonds and producing high-performance diamond substrates for various applications, including optics for advanced synchrotron sources, quantum computer logic, and semiconductors. Simultaneously, it strengthens WD Labs' intellectual property portfolio. J2 Materials LLC, the acquired company, is a US-based manufacturer of chemical vapor deposition (CVD) diamonds in laboratories, catering to the semiconductor and jewelry sectors. This strategic acquisition reinforces WD Labs' position in the lab-grown diamond market and its commitment to advancing diamond-related technologies.

Asia-Pacific was the largest region in the lab grown diamonds market in 2023. The regions covered in the lab grown diamonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lab grown diamonds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Report Scope

Markets Covered:
1) By Type: Polished; Rough
2) By Nature: Colorless; Colored
3) By Manufacturing Process: High Pressure High Temperature (HPHT); Chemical Vapor Deposition (CVD)
4) By Application: Construction and Mining; Jewelry; Healthcare; Electronics; Others Applications

Key Companies Mentioned: De Beers Group; Swarovski AG; Henan Huanghe Whirlwind Co. Ltd.; Diamond Foundry Inc.; Chatham Created Gems

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Key Attributes

Report AttributeDetails
No. of Pages175
Forecast Period2024 - 2028
Estimated Market Value (USD) in 2024$25.68 Billion
Forecasted Market Value (USD) by 2028$35.97 Billion
Compound Annual Growth Rate8.8%
Regions CoveredGlobal

A selection of companies mentioned in this report includes, but is not limited to:

  • De Beers Group
  • Swarovski AG
  • Henan Huanghe Whirlwind Co. Ltd.
  • Diamond Foundry Inc.
  • Chatham Created Gems
  • New Diamond Technology (NDT)
  • MiaDonna
  • IIa Technologies
  • Washington Diamonds Corporation
  • Clean Origin LLC.
  • WD Labs
  • Apollo Diamond Inc.
  • Ada Diamonds
  • ABD Diamonds Pvt. Ltd.
  • ALTR Created Diamonds
  • Scio Diamond Technology Corporation
  • Diam Concept
  • Applied Diamond Inc.
  • Mittal Diamonds
  • Pure Grown Diamonds
  • Renaissance Diamonds
  • M7D Corporation
  • Taidiam Technology
  • BDI - Brevard Diamonds Inc.
  • AOTC Group
  • Fenix Diamonds
  • Tolkowsky Diamonds
  • EcoStar Diamond
  • Tairus Created Diamonds

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Global Lab Grown Diamonds Market

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