Editor’s Note
This analysis highlights the rapid expansion of the lab-grown diamond market, projected to grow at nearly 12% annually. The shift is driven by consumer demand for ethical, environmentally friendly, and cost-effective alternatives to mined stones, signaling a significant transformation in the jewelry industry.
The Global Lab-Grown Diamonds Market was valued at USD 27.24 billion in 2024 and is expected to grow at a CAGR of around 11.77% during the forecast period (2025-2033F), driven by growing ethical and environmental concerns, cost competitiveness, and changing consumer preferences.
Lab-grown diamonds are being rapidly sold in the global market as more people appreciate their sustainability, ethical sourcing, and affordability. It’s essential to note that these lab-grown diamonds are not only similar but also chemically and physically identical to natural diamonds. They are manufactured through an advanced technology process that mimics the natural environment’s diamond formation process. This innovation has been driven by the growing awareness of the environmental and ethical reasons behind the style of mining of diamonds; reasons that lead to the ecological destruction and human rights violations that are witnessed with this kind of diamond mining. The increased customer demand for ethical and eco-friendly products, combined with the development of innovative technology for producing diamonds through synthetic procedures, has significantly contributed to the growing demand for lab-grown diamonds. Besides meeting the needs of the jewelry market, these diamonds have also been utilized in industrial processes, where they are highly sought after due to their properties, such as hardness, among others. The consumer shift toward sustainability, combined with the ongoing decline in production costs, is gaining momentum, stimulating the market expansion of lab-grown diamonds. As industries seek to minimize their environmental impact and pursue ethical rectitude, they are becoming eager adopters.
The report segments the market with emphasis on:
- Manufacturing Method: CVD and HPHT
- Size: Up to 2 Carat, Between 2 and 4 Carat, and Above 4 Carat
- Nature: Colorless and Colored
- Application: Industrial and Fashion
- Geography: Global
