Global lab-grown diamond market is set to reach $74.45 billion by 2032

The global lab-grown diamond market size was valued at USD 22.79 billion in 2023. The market is projected to grow from USD 25.89 billion in 2024 to USD 74.45 billion by 2032, exhibiting a CAGR of 14.11% during the forecast period of 2024-2032.

Lab-grown diamonds are man-made using chemical vapor deposition (CVD) or high-pressure high-temperature (HPHT) processes, allowing for precise quality control. Unlike natural diamonds, which take years to form, these are produced in laboratories within a few months. These products are eco-friendly, as they avoid the environmental damage caused by mining, including deforestation, air pollution, and land erosion. Their production also generates minimal waste, making them a preferred choice for eco-conscious consumers.

The COVID-19 pandemic halted product production due to the temporary closure of labs and manufacturing facilities. Financial strains from job losses and business shutdowns in 2020 also led to a drop in demand for non-essential items such as lab-grown diamonds.