Editor’s Note
This report highlights the accelerating shift in the diamond industry, with the synthetic diamond market projected for steady growth. Its expansion is fueled not just by capturing market share from natural diamonds, but also by filling demand in segments traditional mining cannot address.
Synthetic Diamond Market Size
The global synthetic diamond market size was estimated at USD 25.9 billion in 2024 and is projected to grow at a CAGR of 5.1% from 2025 to 2034. The growing popularity of lab-grown diamonds is accelerating. This growth is not only captured from natural diamond sales but also from the voids that natural diamonds leave behind.
One of the largest applications of natural diamonds lies in jewelry. However, unlike their natural counterparts, synthetic diamonds have other applications that include electronics. The electronics sector is one of the most promising sectors that can utilize lab-grown diamonds due to their unique properties, making them ideal for next-generation electronic semiconductors.
Key Takeaway
Market Size & Growth
Base Year: 2024
Market Size in 2024: USD 25.9 Billion
Forecast Period 2025 – 2034 CAGR: 5.1%
Market Size in 2034: USD 43.6 Billion
Key Market Trends
Growth Drivers:
• Growing demand in the semiconductor industry
• Increasing adoption in advanced technologies
• Superior thermal and electrical properties
• Development of the electronics industry
• Cost competitiveness compared to natural diamonds
• Increased R&D investments
• Sustainability and ethical sourcing
• Growing use in industrial applications
Pitfalls & Challenges:
• High initial production costs
• Technical limitations in mass adoption
• Competition from substitute materials
From 2021 to 2032, the diamond industry was valued at USD 94.3 billion in 2021, with an estimated USD 139.9 billion in 2032. The semiconductor industry is a promising sector. As of 2022, the semiconductor industry value was USD 573.4 billion, with a projected value of USD 1.3 trillion in 2029. This growth is accompanied by an impressive CAGR of 12.2%. Lab-grown diamonds present some very significant advantages over older silicon semiconductors.
