The global lab-grown diamonds market will grow at a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2021-2030.

Lab-grown diamonds and natural diamonds have similar appearances, but the process of manufacturing is entirely different. Lab-grown diamonds are manufactured in labs and factories through a diamond seed with the technique of high pressure and high temperature (HPHT). Just like natural diamonds, lab-grown diamonds are also made up of pure carbon. In terms of quality, lab-grown diamonds possess better quality as they are manufactured under a controlled environment and constant surveillance.

Lab-grown diamonds are widely used in the fashion and jewelry sector. Moreover, their growing applications in the industrial sector are expected to boost the growth of the overall market. The customizable properties of lab-grown diamonds make their adoption convenient for consumers. Apart from that, these diamonds are highly cost-effective, sustainable, and environmentally friendly, which adds another reason for their rapid adoption among consumers.

The advanced applications of Lab-grown diamonds in optics, lasers, and electronics make them highly beneficial for industrial use. Moreover, researchers are continuously trying to discover more about the benefits of these diamonds. Lab-grown diamonds are traditionally used for drilling, cutting, and mining processes.

COVID-19 Impact Analysis

The onset of COVID-19 halted the overall industrial activities. Just like other markets, the lab-grown diamonds industry also witnessed a negative impact. The COVID-19 epidemic hampered the entire supply chain. Most of the raw material is exported from countries like China and India. Both the countries witnessed a sudden surge of the COVID-19 cases, which halted the overall import and export procedures.

However, online channels developed a new scope in the industry. The global market observed a surge in demand as the brick-and-mortar shops were all shut down.

The sale of lab-grown diamonds is forecast to grow at the same pace after the pandemic. Moreover, the COVID-19 spread has enhanced the need to look over environment-friendly alternatives. Thus, these factors can fuel the growth of the global lab-grown diamonds market after the pandemic.

Regional Analysis

The global lab-grown diamond market is expected to receive a maximum contribution from North America during the forecast period. The region is witnessing high adoption of advanced technology, which would boost the demand for lab-grown diamonds. Apart from that, the presence of leading players in this region would propel the market to generate higher revenue shares.

Moreover, the APAC region will hold a significant share in the growth of the global lab-grown diamonds market, owing to the presence of prominent players in countries like China and India.

Segmentation of the Global Lab-grown Diamonds market

By Manufacturing Method

HPHT
CVD
By Size

Below 2 Carat
2-4 Carat
Above 4 Carat
By Nature

Colorless
Colored
By Application

Fashion
Industrial
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Key Players

ABD Diamonds (India)
Clean Origin (United States)
De Beers Group (United Kingdom)
Diam Concept (Europe)
Diamond Foundry Inc.(North America)
Henan Huanghe Whirlwind Co.Ltd (China)
New Diamond Technology LLC (Europe)
Swarovski AG (Europe)
Applied Diamond Inc.(United States)
D.NEA Diamonds (Canada)
Zhengzhou Sino-Crystal Diamond Co. (China)
Sahajanand Laser Technology Limited (India)
Zhongnan Diamond Co. Ltd (China)
Sumitomo Electric Industries Ltd.(Japan)
WD Lab Grown Diamonds (United States)
Other prominent players
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