Allied Market Research:  LGD Market to reach more than $59.2 billion globally, by 2032 at 9.6% CAGR

Allied Market Research published a report, titled, “Lab Grown Diamond Market By Manufacturing Method (HPHT and CVD), Size (Below 2 Carat, 2-4 Carat, and Above 4 Carat), Nature (Colorless and Colored), and Application (Fashion and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032.”. According to the report, the global lab grown diamond market generated $24.0 billion in 2022 and is anticipated to generate $59.2 billion by 2032, witnessing a CAGR of 9.6% from 2023 to 2032.

The most widely used technique for producing lab-grown diamonds today is the Chemical Vapor Deposition (CVD) method, developed in the 1980s. Its popularity has surged in recent years due to lower production costs and the reduced space needed for equipment. The High-Pressure High-Temperature (HPHT) method, introduced in the 1950s, continues to be used, though it is gradually being overtaken by CVD. Both technologies offer a far more environmentally friendly alternative to natural diamond mining. Additionally, many manufacturers are adopting renewable energy sources for production, further lowering their carbon footprint. This shift is particularly appealing to environmentally conscious millennials and Generation Z.

By manufacturing method, the CVD segment held the highest market share in 2022, accounting for more than half of the global lab grown diamond market revenue and is estimated to maintain its leadership status throughout the forecast period. The diamonds made using these techniques are the purest form of diamonds, which is very rare for naturally mined diamonds. This helps to differentiate between natural and CVD. However, the HPHT segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032. This creates diamonds that are identical to naturally mined diamonds and are pure carbon diamonds.

By size, the below 2 carats segment held the highest market share in 2022, accounting for more than two-thirds of the global lab grown diamond market revenue and is expected to witness the highest CAGR of 9.9% during the forecast period. Most of the lab grown diamonds that are available in the market for jewelry production and industrial tools production are below 2 carats. 1 to 2 carat diamonds are highly popular for making engagement and wedding rings and are expected to gain popularity in the future.

By nature, the colorless segment held the highest market share in 2022, accounting for more than two-thirds of the global lab grown diamond market and is estimated to maintain its leadership status throughout the forecast period. Colorless lab grown diamonds are highly popular for making jewelry such as engagement rings and wedding rings. They are also widely used for the production of jewelry pieces such as necklaces, bracelets, nose pins, and pendants. However, the colored segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032. These diamonds are becoming increasingly popular due to their use in the creation of fashion jewelry pieces and the novelty associated with a diamond that is colored, which propels the market growth.

By application, the fashion segment held the highest market share in 2022, accounting for more than two-thirds of the global lab grown diamond market revenue and is expected to witness the highest CAGR of 10.0% during the forecast period. Collaborations between jewelry and lab grown diamond companies are leading to the creation of exclusive pieces of jewelry and accessories that are endorsed in fashion events, which leads to rise in the purchase of such fashion items, which boosts the sales of lab grown diamonds in the fashion industry.

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the lab grown diamond market revenue. Despite companies in the U.S. making lab grown diamonds, millions of carats of lab grown diamonds are imported in the U.S. every year. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.6% from 2023 to 2032. Asia-Pacific is one of the largest producers of lab grown diamonds around the globe. China is the top country in terms of lab grown diamond production and export, while India is set to become a major hub of lab grown diamonds across the globe.

The report provides a detailed analysis of these key players in the global lab grown diamond market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Leading Market Players: –

WD Lab Grown Diamonds

Mittal Diamonds

ABD Diamonds

De Beers Group

Diam Concept

Diamond Foundry Inc.

Henan Huanghe Whirlwind Co., Ltd

New Diamond Technology LLC

Element Six UK Ltd

Bhanderi Prime Lab Grown CVD Diamonds.