Editor’s Note
This analysis highlights the robust growth trajectory of the global lab-grown diamonds market, projected to nearly triple in value by 2032. The data underscores a significant shift in consumer preferences and industry dynamics.
The global Lab-Grown Diamonds 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 (2025-2032).
Lab-grown diamonds are artificially manufactured or synthetic diamonds produced using either the Chemical Vapor Deposition (CVD) or High Pressure High Temperature (HPHT) manufacturing processes, allowing for controlled quality. Unlike natural diamonds, which take years to form, these products are created in laboratories within months with high quality. Lab-grown diamonds are increasingly used for various applications, including jewelry, research, cutting tools, and machine components, significantly boosting global sales. Furthermore, they are more cost-effective compared to natural diamonds as they do not require mining, and their greater availability further accelerates their adoption worldwide.
The COVID-19 crisis negatively impacted the industry’s expansion. The novel pandemic led to the temporary closure of laboratories and manufacturing facilities, resulting in a decline in synthetic diamond production. Additionally, in 2020 particularly, numerous individuals faced financial difficulties due to work-related disruptions and business closures. This factor caused a decline in demand for non-essential products, including artificial diamonds.
Market Size and Forecast:
Market Size 2024: USD 25.89 Billion
Market Size 2025: USD 29.46 Billion
Forecasted Market Size 2032: USD 74.46 Billion
CAGR: 14.11% from 2025–2032
Market Share:
The Asia-Pacific region dominated the lab-grown diamonds market with a share of 33.17% in 2023, driven by high production in India and China, government R&D support, and strong demand for affordable jewelry.
By method, HPHT led the market in 2023 as it is capable of producing high-purity, high-quality diamonds resembling natural diamonds.
The up to 2-carat segment holds the largest size share and is preferred for its affordability and use in everyday jewelry.
By nature, colorless diamonds dominate due to their superior quality and broader industrial use, while the fashion segment is the fastest-growing due to rising demand for designer jewelry.
India: Government-supported research and development, a booming jewelry market, and the expansion of lab-grown brands like Ayaani are driving growth.
United States: High disposable income and growing demand for ethical diamonds are boosting adoption in both fashion and industry.
China: A key hub for manufacturing and exporting multi-carat and shaped lab-grown diamonds.
France and Germany: Sustainability-conscious consumers are favoring eco-friendly, lab-grown alternatives.
