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Lab Grown Diamonds Market

Lab Grown Diamonds Market

Lab Grown Diamonds Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Jun - 2024



Report Code:


Segments Covered
  • By Manufacturing Method By Manufacturing Method CVD, HPHT
  • By Nature By Nature Colorless, Colored
  • By Size By Size Below 2 Carat, 2-4 Carat, Above 4 Carat
  • By Application By Application Fashion, Industrial
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 27.2 Billion
Revenue 2032Revenue 2032: USD 59.5 Billion
Revenue CAGRRevenue CAGR (2024 - 2032): 9.1%
Fastest Growing Region Fastest Growing Region (2024 - 2032) North America
Largest Region Largest Region (2023): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Lab Grown Diamonds Market Share

The global Lab Grown Diamonds Market is valued at USD 27.2 Billion in 2023 and is projected to reach a value of USD 59.5 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 9.1% between 2024 and 2032.

Key Highlights of Lab Grown Diamonds Market

  • Aisa Pacific led the Lab Grown Diamonds market in 2023, with 43.5% of the total market share
  • North America is projected to remain the fastest-growing region throughout the forecast period
  • In 2023, the CVD segment dominated the market, with a market share of around 52.5%
  • The Colorless segment took the lead in the market, contributing 55.4% of revenue share in 2023
  • The Below 2 Carat segment dominated the market, with a market share of around 45.1% in 2023
  • Based on Application, the Fashion segment significantly contributed to the market’s expansion, constituting over 61.5% of the overall revenue share in 2023

Lab Grown Diamonds Market Size, 2023 To 2032 (USD Billion)

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Lab Grown Diamonds Market: Regional Overview

  • In 2023, Asia Pacific Lab Grown Diamonds market held a significant dominance with 43.5% of the total revenue.
  • India, poised to become a global powerhouse for Lab Grown Diamonds, is witnessing a surge in demand driven by the Asia Pacific region's escalating disposable income and elevated living standards. When it comes to producing and exporting these valuable gemstones, China remains a prominent force in the market.
  • The epitome of excellence and luxury, Bhanderi Lab Grown Diamonds is a leader in innovation & sustainability in the diamond industry. They have redefined traditional perceptions as pioneers in the manufacture of Lab Grown Diamonds, by making gems that are transparent and caratless compared to their naturally derived counterparts. They create beauty, set new standards for luxury and sustainability, positioning themselves as a beacon of the future's promise.

India Lab Grown Diamonds Market Overview

  • The Government of India, in the Union Budget 2023-24, has identified Lab Grown Diamonds (LGDs) as a key growth sector, indicating significant support and investment in this industry.
  • India, holding a remarkable 25% market share in LGD production, stands as the largest contributor to the global LGD market. The country witnessed a 5% year-on-year growth in LGD volume from April to July 2023, reinforcing its dominant position.
  • In 2023, exports of polished Lab Grown Diamonds surged by over 50% in volume, reaching 6.45 million carats, showcasing a robust demand for Indian LGDs globally, despite a slight drop in value terms.
  • The import scenario reflects the growing demand for lab grown diamond rough, with a notable 31% increase in volume terms in 2023. However, there was a corresponding decline in value, indicating potential shifts in the market dynamics & pricing strategies.
  • ABD Diamonds, established in 2017, has emerged as a premier lab grown diamond manufacturer in India, offering a diverse range of diamonds to a global clientele. Meanwhile, Surat, a significant hub in India's gems and jewellery exports, faces challenges in its lab grown diamond sector due to oversupply and recent price cuts by industry giants like De Beers, potentially impacting the local economy and employment.

China Lab Grown Diamonds Market Overview

  • Over 50 Chinese lab grown diamond companies are actively participating in a prominent North American jewelry show in Las Vegas, USA. In order to demonstrate its dominance and ambition in the laboratory diamond industry, this concerted effort by China shows that it intends to reinforce its position on world markets, especially North America.
  • Increasing consumer awareness of sustainability and ethical considerations is driving a surge in demand for Lab Grown Diamonds. Traditional diamond producers must adapt to this trend, given the growing consumer preference for Lab Grown Diamonds due to their eco friendly and socially responsible characteristics. Huanghe Whirlwind's experience and expertise in the manufacture of Lab Grown Diamonds, which meet evolving global consumer needs, is a testament to China's knowledge and innovation as regards its production of different sizes and colors of diamond.

Lab Grown Diamonds Market: Manufacturing Method Overview

  • The CVD segment dominated the Global Lab Grown Diamonds market in 2023, with 52.5% of revenue share.
  • CVD diamonds represent a pioneering development in the diamond industry. Utilizing a process known as chemical vapor deposition (CVD), this Lab Grown Diamonds are created within vacuum chambers. Through the decomposition of a hydrocarbon gas mixture, carbon atoms are deposited onto seed crystals, resulting in chemically, physically, and optically identical diamonds to their mined counterparts.
  • The CVD segment in the global lab grown diamond market is witnessing significant dominance fueled by increasing consumer demand. This trend is driven by growing ethical & environmental concerns, as CVD diamonds are cultivated in controlled environments, mitigating the ethical challenges associated with traditional diamond mining while offering a sustainable and transparent alternative.
  • CVD diamonds boast exceptional clarity and colorlessness due to their growth in a contaminant-free environment. With homogenous molecular structures, they exhibit remarkable strength and durability, often surpassing mined diamonds by up to four times. Such qualities make them highly suitable for everyday jewelry, ensuring resistance against scratches and damages.
  • CVD diamonds offer a compelling value proposition compared to their mined counterparts. The streamlined production process results in cost-effective pricing, with CVD diamonds being 40-60% more economical. They retain their value, authenticity and genuineness in spite of the lower price because they require skilled craftsmanship for growing, cutting, grading and polishing. With this affordability, CVD diamonds are a compelling alternative to the global diamond market.

Key Trends

  1. The use of Chemical Vapor Deposition (CVD) and High Pressure High Temperature (HPHT) methods has significantly improved the quality and scalability of Lab Grown Diamonds. For e.g., companies like Element Six, a subsidiary of De Beers, have developed advanced CVD techniques that produce high-quality synthetic diamonds for both industrial and gem-grade applications.
  2. Many consumers are opting for Lab Grown Diamonds due to their lower environmental impact and ethical production methods compared to mined diamonds. Diamond Foundry, for e.g., emphasizes its carbon-neutral production process, appealing to eco-conscious consumers who are concerned about the environmental footprint of their purchases.
  3. As consumer awareness and acceptance increase, major retailers are expanding their offerings of Lab Grown Diamonds. For instance, Signet Jewelers, the world’s largest retailer of diamond jewelry, has introduced a range of lab grown diamond collections under its brands like Zales and Kay Jewelers, indicating strong market demand.
  4. Lab Grown Diamonds are typically priced 30-40% lower than their natural counterparts, making them an attractive option for budget conscious consumers. Brilliant Earth, a well-known jewelry retailer, offers competitively priced lab grown diamond engagement rings, appealing to a broader market segment without compromising on quality.
  5. The flexibility in the production of Lab Grown Diamonds allows for greater innovation in jewelry design and customization. Companies like Vrai, which is backed by Leonardo DiCaprio, provide customers with the ability to create bespoke jewelry pieces, leveraging the precision and versatility of Lab Grown Diamonds to meet specific design preferences.
  6. Beyond the jewelry market, Lab Grown Diamonds are increasingly used in industrial applications such as electronics, cutting tools, and thermal conductors. Element Six has been pioneering the use of synthetic diamonds in high-performance industrial applications, showcasing the broad potential of Lab Grown Diamonds beyond traditional markets.

Lab Grown Diamonds Market – Indian Government Initiatives

  • Industry Expansion and Employment Generation: The Indian government, recognizing the immense potential of the Lab Grown Diamonds sector, has implemented strategic measures to foster its growth. With current production standing at three million diamonds annually, comprising 15% of global output, India aims to further bolster this industry, potentially employing up to one million workers and achieving annual revenue of US$5.1 billion. In order to facilitate this growth, the government abolished a 5% tax on imported diamond seeds and pledged financial support for domestic diamond seed production.
  • Research & Development Initiatives: In a significant move to advance technological capabilities and innovation in Lab Grown Diamonds, the Commerce Ministry approved the establishment of the India Centre for Lab Grown Diamonds (InCent-LGD) at IIT Madras. With an estimated investment of Rs 243 crore over five years, this initiative aims to enhance research and development in the sector. This follows the Finance Minister's announcement in the Union Budget, where incentives were promised for lab grown diamond production, including research grants to IITs and reductions in import duties on raw materials.
  • Export Promotion and Market Accessibility: The Indian government's initiatives extend beyond domestic growth, focusing on export promotion and market accessibility. Measures such as permitting 100% FDI and reducing customs duty on lab grown diamond seeds to zero make India an attractive destination for lab grown diamond jewelry companies. Furthermore, efforts to enhance product differentiation and consumer identification through clear customs codes for silver and platinum-studded lab grown jewelry contribute to market transparency and consumer confidence.

Premium Insights

In response to the myriad challenges faced by the traditional diamond industry, Lab Grown Diamonds have emerged as a promising alternative. Factors such as soaring gold prices, increased sanctions on Russian diamond imports by the U.S., and the burgeoning Chinese market have positioned Lab Grown Diamonds as a formidable contender in the global market. Lab Grown Diamonds have witnessed a significant surge in popularity in recent years, with acceptance from jewelers skyrocketing from 30% in 2020 to a remarkable 77% in 2022. This increasing acceptance bodes well for the market's future, indicating a rising demand from consumers. Additionally, the anticipated tightening of sanctions against Russian diamonds by the U.S., closing loopholes in trade practices, further emphasizes the potential for Lab Grown Diamonds to capture a larger share of the market.

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Market Dynamics

  • Diamond Foundry achieved a monumental milestone in technology with the creation of the world's first diamond wafer. This groundbreaking development allows the direct connection of diamonds to integrated circuit wafers, achieving unparalleled thermal conductivity and electrical resistance. This scientific achievement represents decades of research and development and paves the way for the next generation of technological innovations, with applications ranging from megatech industries to energy electronics.
  • Swarovski has reached a significant milestone in sustainability by producing Lab Grown Diamonds made with 100% renewable energy. Their Galaxy and Eternity collections are committed to reducing their environmental impact through the use of renewable energy in all diamond production processes, including cultivation, cutting or jewelry making. Moreover, these collections are made up of 100% recycled gold which further reduces CO2 emissions and promotes the reutilization of precious resources.
  • Diamond Foundry's expansion into Europe includes the construction of a second foundry in Trujillo, Spain, supported by an $850 million investment from the EU and the Spanish government. This facility, scheduled to commence production in 2025, will ramp up to produce 10 million carats of single-crystal diamond chips. This project illustrates Diamond Foundry's commitment to sustainable production and the advancement of chip technology, all powered entirely by solar energy.
  • Swarovski's expansion of its lab grown diamond offerings to Australia and New Zealand signifies a strategic move to broaden its audience and bring its renowned craftsmanship and glamour to new markets. In partnership with the International Gemological Institute (IGI), Swarovski ensures the certification of Lab Grown Diamonds within its Galaxy collection, emphasizing quality and adherence to industry standards.
  • Swarovski's commitment to quality assurance is demonstrated by its collaboration with the International Gemological Institute. Lab Grown Diamonds within the Galaxy collection undergo precision cutting, polishing, and grading based on the four C's of diamonds (clarity, color, cut, and carat weight), ensuring exceptional quality and authenticity backed by industry-leading certification.

Competitive Landscape

  • Continuous development, driven by innovations, strategic acquisitions and collaborative efforts with a view to achieving market dominance and fostering sustainable energy solutions is characteristic of the lab grown diamond market.
  • In November 2023, with the launch of WD Advanced Materials, LLC, a significant milestone has been achieved that will mark an entirely new era for diamond innovation. WDAM, formed in partnership with Tree Line Capital Partners, LLC, will focus on the use of technical diamond applications using its established production facilities and expertise to develop disruptive innovations for emerging science and industrial markets.
  • In addition, WD Lab Grown Diamonds is continuing to reinforce its position in the diamond market by means of Strategic Cooperation. WD's licensing program for CVD Lab Grown Diamonds has been expanded by the recently concluded patent sublicense agreement with Ethereal Green Diamonds LLP and its affiliate, The Diamond Library, which will allow EGDL to be licensed in key markets around the world.

Recent Market Developments

De Beers Group's LGD Brand Adjusts Pricing for Lab Grown Diamonds

  • In May 2024, De Beers Group's LGD brand has adjusted its pricing to align with the overall decline in prices within the LGD jewellery sector, setting new starting prices at $500 per carat. Lightbox Jewelry, the wholly-owned lab grown diamond jewellery brand of De Beers Group, recently announced a permanent reduction in prices, lowering them from the previous rate of $800 per carat to as low as $500 per carat for its Standard range of Lab Grown Diamonds. This decision to reduce prices comes after months of testing lower price points and conducting extensive research within the lab grown diamond jewellery sector. The brand will now offer three distinct price tiers, with IJ colour stones priced at $500 per carat, GH colour stones at $600 per carat, and the highest quality DEF colour stones at $900 per carat, previously priced at $1,500 per carat. All stones come with a guaranteed minimum 'very good' cut and VS clarity, while DEF stones will feature an 'excellent' cut.

De Beers Group Ignite Introduces AMS Micro Diamond Verification Tool

  • In February 2024, De Beers Group Ignite has introduced its groundbreaking diamond verification tool, AMS Micro, heralded as one of the pioneering devices designed to swiftly and automatically screen large quantities of the tiniest melee diamonds. This innovative instrument represents a significant advancement in the field, offering rapid and autonomous screening capabilities. The inaugural AMS Micro unit is slated for delivery to KGK Suisse, a prominent diamond manufacturer and De Beers Group Sightholder based in Switzerland, by the end of February.

The global Lab Grown Diamonds market can be categorized as Manufacturing Method, Nature, Size, Application, and Region.

Parameter Details
Segments Covered

By Manufacturing Method

  • CVD
  • HPHT

By Nature

  • Colorless
  • Colored

By Size

  • Below 2 Carat
  • 2-4 Carat
  • Above 4 Carat

By Application

  • Fashion
  • Industrial

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Diamond Foundry
  • De Beers Group
  • Diam Concept
  • Swarovski AG
  • ABD Diamonds Pvt. Ltd.
  • Henan Huanghe Whirlwind CO. Ltd.
  • Mital Mfg Co.
  • Bhanderi Lab Grown Diamonds
  • WD Advanced Materials
  • New Diamond Technology LLC
  • Clean Origin
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Frequently Asked Question
  • The global Lab Grown Diamonds valued at USD 27.2 Billion in 2023 and is expected to reach USD 59.5 Billion in 2032 growing at a CAGR of 9.1%.

  • The prominent players in the market are Diamond Foundry, De Beers Group, Diam Concept, Swarovski AG, ABD Diamonds Pvt. Ltd., Henan Huanghe Whirlwind CO. Ltd., Mital Mfg Co., Bhanderi Lab Grown Diamonds, WD Advanced Materials, New Diamond Technology LLC, Clean Origin.

  • The market is project to grow at a CAGR of 9.1% between 2024 and 2032.

  • The driving factors of the Lab Grown Diamonds include

  • Asia Pacific was the leading regional segment of the Lab Grown Diamonds in 2023.