Editor’s Note
This article explores the growing preference for lab-grown diamonds among Millennials and Gen Z, highlighting their appeal as a cost-effective and ethical alternative to mined stones. As this trend reshapes consumer habits, it reflects a broader shift towards value-driven and sustainable luxury.
A trend is quietly changing among the MZ generation (Millennials and Gen Z) who value cost-effectiveness and individuality: ‘Lab-Grown Diamonds (LGDs)’. They are gaining popularity as a ‘smart choice’ that satisfies both the desire for luxury and the pursuit of value.
Lab-grown diamonds are synthetic diamonds produced in laboratories using methods such as Chemical Vapor Deposition (CVD) or High Pressure High Temperature (HPHT).
Lab-grown diamonds possess the same physical, chemical, and optical properties as natural diamonds. The only difference is their origin. In terms of price, they are 30-70% cheaper than natural diamonds.
This combination of affordable price and identical quality is a perfect fit for the consumption tendencies of the MZ generation. On social media, posts praising lab-grown diamonds are frequently seen.
A consumer who purchased a 3-carat lab-grown diamond ring for 38 million won (approximately 573 million KRW) from China said, “When I compare it to a natural diamond ring of similar size costing over 400 million won, the price difference is clear.”
Another consumer, who bought a 2-carat ring for 11 million won, expressed satisfaction, saying, “It’s a great choice for those who want a diamond-like gemstone without the burden.”
As lab-grown diamonds become a new option for engagement rings, their market share is expected to grow significantly.
According to the World Diamond Council (WDC), lab-grown diamonds accounted for about 12% of the global diamond market by volume in 2024. The market size for lab-grown diamonds is expected to grow by about 15% annually.
A survey of 1,000 U.S. consumers found that 45% would consider buying a lab-grown diamond for an engagement ring.
According to market research firm Imarc Group, the global lab-grown diamond market size, which was $22.79 billion in 2023, is expected to grow at a CAGR of 14% and reach $74.4 billion by 2032.
Major luxury brands are also paying attention. For example, LVMH’s watch and jewelry division is reportedly conducting in-depth research on the lab-grown diamond market.
Korean diamond company KDT launched its own lab-grown diamond brand ‘ALOD’ in 2023. Sales of ALOD products in the first quarter exceeded 93% of the company’s initial target.
