Editor’s Note
The market for CVD lab-grown diamonds is expanding rapidly, driven by strong consumer demand for sustainable alternatives and increasing retailer investment. This article examines the sector’s projected growth, from USD 14.14 billion in 2024 to an estimated USD 28.15 billion by 2034.
The global market size for CVD lab-grown diamonds was USD 14.14 billion in 2024 and is projected to reach USD 15.22 billion in 2025, further rising to USD 28.15 billion by 2034, with a compound annual growth rate (CAGR) of 7.07% during the period 2025–2034. As over 62% of global consumers prefer sustainable alternatives and around 54% of retailers are investing in lab-grown collections, the market is steadily growing in both the jewelry and industrial sectors.
The US market for CVD lab-grown diamonds is experiencing robust growth, with nearly 65% of millennials preferring eco-friendly diamonds, while 48% of jewelry stores carry lab-grown collections. Approximately 35% of industrial demand in the US comes from the electronics and aerospace industries, demonstrating how sustainability and technology are jointly driving adoption in this region.
Market Size: The global market stood at USD 14.14 billion (2024), USD 15.22 billion (2025), projected USD 28.15 billion (2034) with a growth rate of 7.07%.
Growth Drivers: 65% of buyers prefer eco-friendly diamonds, 52% of brands have launched sustainable product lines, 40% are adopted by industry, and 33% are expanding retail globally.
Trends: 70% of millennials opt for lab-grown products, 58% for retail inventory collections, 42% for electronics, and 25% for thermal management applications.
Key Players: IIa Technologies, Brilliant Earth, Ada Diamonds, New Diamond Technology, WD Lab Grown Diamonds, and more.
Regional Insights: Asia-Pacific 38%, North America 32%, Europe 20%, Middle East & Africa 10%, representing a global market share of 100%.
Challenges: 55% of buyers still prefer natural stones, 48% of manufacturers struggle with energy costs, 35% face scalability issues, and 27% have quality consistency problems.
Industry Impact: 62% jewelry demand comes from lab-grown, 42% industrial applications, 33% retail expansion, 28% B2B demand, reshaping global supply chains.
Recent Developments: 22% production increase, 30% energy savings, 18% e-commerce growth, 25% higher thermal conductivity, 20% new product launches.
The CVD lab-grown diamond market is evolving rapidly, merging sustainability and technology. With 62% consumer acceptance, 40% industrial applications, and growing luxury sector adoption, the market reflects a sustained shift in global diamond sourcing and usage.
The CVD lab-grown diamond market is enjoying steady acceptance in jewelry and industrial segments due to sustainability and affordability. Nearly 70% of consumers aged 25–40 prefer lab-grown diamonds for their eco-friendly production, while 58% cite ethical sourcing as a key factor. Industrial applications are also rising: almost 42% of lab-grown diamonds are used in electronics, optics, and cutting tools. The jewelry segment continues to dominate, accounting for over 62% of total demand, followed by industrial applications. Regionally, the Asia-Pacific holds about 38% share, North America 32%, Europe 20%, and the Middle East & Africa about 10%, indicating strong global penetration.
DRIVERS
Rising Demand for Sustainable Diamonds
Around 65% of young buyers prefer eco-friendly diamonds, while 52% of luxury brands have introduced lab-grown alternatives. The adoption rate of sustainable diamond products is increasing by over 40% annually, providing momentum for the CVD lab-grown diamond market’s expansion.
OPPORTUNITY
Growth in Industrial Applications
CVD lab-grown diamonds are gaining prominence in electronics, with nearly 47% of demand coming from semiconductors and thermal applications. Optical devices account for about 18%, while precision cutting and drilling tools make up 25%. This creates broad cross-industry growth opportunities.
RESTRAINTS
Despite growing acceptance, about 55% of luxury jewelry buyers still prefer natural diamonds for emotional and traditional reasons. Retailers report that 30% of consumers perceive natural stones as more prestigious, which slows the pace of the CVD lab-grown diamond market’s expansion.
CHALLENGE
Nearly 48% of manufacturers face challenges from high energy consumption during the CVD process, while 35% highlight equipment maintenance costs. Scalability remains a challenge, as only 28% of small-scale producers can maintain consistent quality, hindering broader market rollout.
