Editor’s Note
This article cites data from Fortune Business Insights and the Gems & Jewelry Trade Association of China to highlight the rapid expansion of the global lab-grown diamond market, with a particular focus on China’s significant role in this growth.
The lab-grown diamond industry has gained significant attention recently, with the global market projected to grow from $25.89 billion in 2024 to $74.45 billion by 2032, according to Fortune Business Insights.
China is contributing to this growth, with its lab-grown diamond sector showing strong momentum. The country’s rough diamond imports and exports totaled $122.96 million in 2024, up 82.11 percent year on year, according to the Gems & Jewelry Trade Association of China. The imports and exports of finished lab-grown diamonds reached $194.6 million the same year, a 78.09 percent year-on-year increase.
Lab-grown diamonds are produced using two main methods: high-pressure and high-temperature processes that mimic natural conditions, or microwave plasma-assisted chemical vapor deposition, said Li Jianhua, chief technology officer of the diamond division at Henan Huanghe Whirlwind Co., Ltd.
Shifting consumer attitudes and product advantages have driven significant market expansion for lab-grown diamonds in recent years, said Liu Xiaolei, sales manager of the diamond division at Henan Huanghe Whirlwind Co., Ltd.
Lab-grown diamonds have become popular among young consumers on Chinese online platforms, including Xiaohongshu, Weibo and WeChat. Some Taobao specialty stores report sales exceeding 1 million yuan (about $140,500), while Weibo’s lab-grown diamond hashtag has generated nearly 19.57 million views and 42,000 discussions.
Despite these promising trends, the lab-grown diamond industry faces challenges. Liu Yongqi, president of the lab-grown diamond branch of the Gems & Jewelry Trade Association of China, pointed out that despite the sector’s steady growth, uneven industrial chain development and insufficient market awareness and penetration continue to pose challenges.
According to the 2024 report on the development of China’s jewelry industry, the country produced approximately 22 million carats of lab-grown diamonds in 2024, a 144.44 percent year-on-year increase, accounting for 63 percent of global output.
Li called for stronger collaboration between upstream and downstream companies, improved resource integration and upgraded cutting and polishing technologies to expand sales and create an efficient industrial chain.
In addition, policy support, brand building, and global outreach are also critical for the high-quality growth of China’s lab-grown diamond sector.
Currently, the Zhengzhou Airport Economy Zone is pressing ahead with the construction of the Zhengzhou lab-grown diamond international trading center. Leveraging its hub advantages, the center aims to streamline import-export customs processing and build a distribution platform serving both domestic and international markets.
