Editor’s Note
This article highlights a significant industry report projecting robust growth for the lab-grown diamond market. As consumer preferences and technological advancements evolve, this sector represents a dynamic shift in both luxury and industrial materials. The detailed segmentation underscores the diverse applications driving its expansion.
WILMINGTON, Del., Nov. 25, 2025 /PRNewswire/ — Allied Market Research has published a report titled “Lab Grown Diamond Market By Manufacturing Method (HPHT and CVD), Size (Below 2 Carat, 2-4 Carat, and Above 4 Carat), Nature (Colorless and Colored), and Application (Fashion and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032.”
According to the report, the global lab grown diamond market generated $24.0 billion in 2022 and is anticipated to reach $59.2 billion by 2032, witnessing a compound annual growth rate (CAGR) of 9.6% from 2023 to 2032.
The most widely used technique for producing lab-grown diamonds today is the Chemical Vapor Deposition (CVD) method, developed in the 1980s. Its popularity has surged in recent years due to lower production costs and the reduced space needed for equipment. The High-Pressure High-Temperature (HPHT) method, introduced in the 1950s, continues to be used, though it is gradually being overtaken by CVD. Both technologies offer a far more environmentally friendly alternative to natural diamond mining. Additionally, many manufacturers are adopting renewable energy sources for production, further lowering their carbon footprint. This shift is particularly appealing to environmentally conscious millennials and Generation Z.
| Forecast Period | 2023–2032 |
| Market Size in 2022 | $24.0 billion |
| Market Size in 2032 | $59.2 billion |
| CAGR | 9.6% |
| No. of Pages in Report | 300 |
| Segments Covered | Manufacturing Method, Size, Nature, Application, and Region |
By manufacturing method, the CVD segment held the highest market share in 2022, accounting for more than half of the global lab grown diamond market revenue and is estimated to maintain its leadership status throughout the forecast period.
However, the HPHT segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032. This method creates diamonds that are identical to naturally mined diamonds and are pure carbon diamonds.
By size, the below 2 carats segment held the highest market share in 2022, accounting for more than two-thirds of the global lab grown diamond market revenue and is expected to witness the highest CAGR of 9.9% during the forecast period. Most of the lab grown diamonds available in the market for jewelry production and industrial tools production are below 2 carats. 1 to 2 carat diamonds are highly popular for making engagement and wedding rings and are expected to gain popularity in the future.
By nature, the colorless segment held the highest market share in 2022, accounting for more than two-thirds of the global lab grown diamond market and is estimated to maintain its leadership status throughout the forecast period. Colorless lab grown diamonds are highly popular for making jewelry such as engagement rings and wedding rings. They are also widely used for the production of jewelry pieces such as necklaces, bracelets, nose pins, and pendants. However, the colored segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032.
By application, the fashion segment held the highest market share in 2022, accounting for more than two-thirds of the global lab grown diamond market revenue and is expected to witness the highest CAGR of 10.0% during the forecast period.
North America is projected to maintain its dominance in the market by 2032.