Lab-grown Diamonds Market Size is valued at USD 29.7 Bn in 2024 and is predicted to reach USD 82.2 Bn by the year 2034 at an 10.8% CAGR during the forecast period for 2025-2034.
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.
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.
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.
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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 29.7 Bn |
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Revenue Forecast In 2034 |
USD 82.2 Bn |
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Growth Rate CAGR |
CAGR of 10.8% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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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. |
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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. |
Lab-grown Diamonds Market- By Manufacturing Method
Lab-grown Diamonds Market- By Size
Lab-grown Diamonds Market- By Nature
Lab-grown Diamonds Market- By Application
Lab-grown Diamonds Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
