Editor’s Note
This article highlights the rapid expansion of the lab-grown diamond market, projected to nearly triple in value by 2032. With Asia-Pacific currently leading in market share, the data underscores a significant shift in the global jewelry and industrial sectors driven by synthetic alternatives.
The global lab-grown diamond market size was valued at USD 25.89 billion in 2024. The market is projected to grow from USD 29.46 billion in 2025 to USD 74.46 billion by 2032, exhibiting a CAGR of 14.11% during the forecast period.
Asia-Pacific dominated the lab-grown diamond market with a market share of 33.17% in 2023.
Lab-grown diamonds are artificial or man-made diamonds developed using Chemical Vapor Deposition (CVD) or High-Pressure High-Temperature (HPHT) manufacturing processes, which can be controlled to ensure quality. The product is manufactured in a laboratory within months with superior quality, unlike natural diamonds which require many years to form. Lab-grown diamonds are increasingly used for various applications, including jewelry, research, cutting tools, and machine components, which significantly triggers their global sales. Furthermore, they are more cost-effective than natural diamonds, as they do not require mining, and their greater availability further accelerates their adoption across countries.
The COVID-19 crisis had a negative impact on the sector’s expansion. The new pandemic led to the temporary closure of laboratories and manufacturing plants, resulting in a decline in lab-grown diamond production. Additionally, many people faced financial difficulties due to work disruptions and business closures, particularly in 2020. This factor caused a drop in demand for non-essential products, including artificial diamonds.
Market Size and Forecast:
Market Size in 2024: USD 25.89 Billion
Market Size in 2025: USD 29.46 Billion
Projected Market Size for 2032: USD 74.46 Billion
CAGR: 14.11% from 2025 to 2032
Market Share:
Asia-Pacific dominated the lab-grown diamond market with a share of 33.17% in 2023, driven by high manufacturing in India and China, government support for R&D, and strong demand for affordable jewelry.
By method, HPHT dominated the market in 2023 due to its ability to produce high-clarity, high-quality diamonds resembling natural diamonds.
The segment up to 2 carats holds the largest size share, favored for its affordable price and use in everyday-wear jewelry.
Colorless diamonds dominate by nature due to their superior quality and wider industrial use, while the fashion segment is experiencing the fastest growth due to increasing demand for designer jewelry.
Country Highlights:
India: Government-supported R&D, a booming jewelry market, and the expansion of synthetic brands like Ayaani are driving growth.
United States: High disposable income and growing demand for ethical diamonds are fueling adoption in both fashion and industry.
China: A major hub for the manufacturing and export of multi-carat and shaped synthetic diamonds.
France and Germany: Sustainability-conscious consumers prefer eco-friendly lab-grown alternatives.
