Lab-grown Diamonds Market Size is predicted to raise at a 10.3% CAGR during the forecast period for 2024-2031.
The market growth is predominantly driven by key factors like surge in adoption of lab-grown diamonds within the jewelry sector and the escalating demand for ethical and sustainable alternatives. The integration of lab-grown diamonds into jewelry has catalyzed innovation in product design and customization. Their inherent flexibility in size, shape, and color empowers jewelry designers to craft unique pieces that cater to diverse consumer preferences. This customization capability not only enhances the allure of lab-grown diamonds but also fuels market expansion.
Furthermore, the growing recognition of the environmental repercussions associated with traditional diamond mining, coupled with the rising preference for loose lab-grown diamonds, is anticipated to bolster market growth. Loose lab-grown diamonds offer heightened supply chain efficiency compared to mined diamonds. Their capacity for mass production and consistent quality minimizes supply chain uncertainties typically associated with natural diamond mining. This reliability in supply prompts jewelry retailers and manufacturers to embrace loose lab-grown diamonds to meet consumer demands, thereby further propelling market expansion.
Competitive Landscape
Some of the Major Key Players in the Lab-grown Diamonds Market are:
- Abd Diamonds Pvt. Ltd
- Clean Origin LLC.,De
- Beers Group
- Diam Concept
- Diamond Foundry Inc
- Henan Huanghe Whirlwind CO., Ltd.
- Mittal Diamonds
- New Diamond Technology LLC
- Swarovski AG
- WD Lab-grown Diamonds
Market Segmentation:
The lab-grown diamonds market is segmented by manufacturing method, size, nature, and application. Based on the manufacturing method, the lab-grown diamonds market is segmented as HPHT and CVD. By size, the market is segmented into below 2 Carat, 2-4 Carat, and above 4 Carat. By Nature, the market is segmented as Colorless and Colored. By Application, the market is segmented as Fashion and Industrial.
Based on Nature, The Colorless Segment is Accounted as a Major Contributor in the Lab-grown Diamonds Market.
The colorless segment is projected to dominate the market throughout the forecast period due to its unparalleled value and quality within the diamond industry. Colorless diamonds are highly prized for their rarity and exceptional characteristics. The stringent color grading criteria established by reputable institutions such as the Gemological Institute of America (GIA) further accentuate the desirability of these diamonds. Diamonds rated D to F on the GIA color scale are classified as colorless and command the highest value in the market. The rarity of colorless diamonds contributes significantly to their allure. These diamonds possess a pure and crystal-clear appearance, devoid of any noticeable hues, which enhances their brilliance and sparkle. As a result, they are considered the epitome of elegance and sophistication in jewelry design.
Below 2 Carats Segment Witnessed Growth at a Rapid Rate
The segment encompassing lab-grown diamonds under 2 carats is expected to assert dominance within the market. This trend can be attributed to several factors. Firstly, financial constraints often sway consumer decisions towards smaller diamonds, which offer a pocket-friendly alternative while maintaining quality standards. Additionally, individual preferences for intricate and delicate jewelry designs further bolster this trend, as smaller diamond sizes complement such tastes. The versatility and subtle allure of smaller diamonds further contribute to their appeal, making them suitable for everyday wear, formal events, and gift-giving occasions alike. Consequently, the sub-2-carat segment effectively caters to a diverse array of consumer needs and desires, rendering it the most coveted category within the realm of lab-grown diamonds.
In the Region, The North American Lab-Grown Diamonds Market Holds a Significant Revenue Share.
The North American lab-grown diamonds market is expected to register the highest market share demand for lab-grown diamonds is expected to rise correspondingly. This shift in consumer preferences underscores a broader societal movement towards sustainability and responsible consumption. Consequently, the Asia Pacific market presents significant growth opportunities for manufacturers and retailers of lab-grown diamonds as they cater to the evolving preferences of ethically and environmentally conscious consumers. In addition, Asia Pacific is projected to grow at a rapid rate in the global lab-grown diamonds market. Asia Pacific is poised to experience substantial growth in the lab-grown diamonds market during the forecast period. This surge can be attributed to a notable shift in consumer preferences towards lab-grown diamonds over mined diamonds within the region. The discernible trend reflects increasing customer awareness regarding ethical sourcing practices and environmental concerns associated with traditional diamond mining operations.
Recent Developments:
- In June 2022, De Beers Group, operating through its subsidiary, Element Six, initiated a collaboration with Thorlabs, a firm specializing in the design and production of photonics equipment. Through this alliance, De Beers Group will offer a range of CVD products, featuring optical diamond-enabled solutions.
- In June 2021, WD Lab-grown Diamonds unveiled Latitude, a fresh brand aimed at expanding its product range. Latitude specializes in the sale of traceable Lab-grown diamonds.
Lab-grown Diamonds Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 10.3% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Manufacturing Method, By Size, By Nature, By Application and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
ABD Diamonds Pvt. Ltd., Clean Origin LLC., De Beers Group, Diam Concept, Diamond Foundry Inc., Henan Huanghe Whirlwind CO., Ltd., Mittal Diamonds, New Diamond Technology LLC, Swarovski AG, and WD Lab-grown Diamonds. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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