Editor’s Note
The global market for lab-grown diamonds is on a remarkable growth trajectory, projected to nearly triple in value by 2032. This forecast underscores a significant and accelerating shift in consumer preferences and industry dynamics.
The global laboratory-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 in 2032, exhibiting a compound annual growth rate (CAGR) of 14.11% during the forecast period.
Asia Pacific dominated the laboratory-grown diamond market with a market share of 33.17% in 2023.
Laboratory-grown diamonds are artificial or synthetic diamonds developed through Chemical Vapor Deposition (CVD) or High Pressure High Temperature (HPHT) manufacturing processes, which can be controlled to ensure quality. The product is produced with excellent quality in laboratories within a few months, unlike natural diamonds, which require many years to form. Laboratory-grown diamonds are increasingly used for various applications, including jewelry, research, cutting tools, and machinery components, significantly boosting their sales globally. Furthermore, they are more cost-effective compared to natural diamonds, as they do not require mining, and their greater availability further accelerates their adoption across all countries.
The COVID-19 crisis negatively influenced the industry’s expansion. The new pandemic led to the temporary closure of laboratories and manufacturing plants, reducing the production of synthetic diamonds. Additionally, numerous people faced financial difficulties due to job disruptions and business closures, especially in 2020. This factor reduced the 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% between 2025 and 2032
Market Share:
Asia Pacific dominated the laboratory-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 led the market in 2023 due to its ability to produce high-clarity, high-quality diamonds that resemble natural ones.
The segment of up to 2 carats holds the largest share by size, favored for its affordability and use in everyday jewelry.
Colorless diamonds dominate by nature due to their superior quality and broader industrial use, while the fashion segment is growing more rapidly due to increasing demand for designer jewelry.
India: Government-backed research and development, a flourishing jewelry market, and the expansion of laboratory-grown brands like Ayaani drive growth.
United States: High disposable income and growing demand for ethical diamonds drive both fashion and industrial adoption.
China: A major hub for the manufacturing and export of multi-carat and multi-shape laboratory-grown diamonds.
France and Germany: Sustainability-conscious consumers prefer eco-friendly laboratory-grown alternatives.
