Lab-Grown Diamonds gain traction for sustainability and cost

The Global Diamonds Market, valued at USD 105 billion, is witnessing significant growth driven by increased consumer demand for luxury goods, particularly in emerging markets.

This upsurge is largely driven by a growing preference for diamond jewellery, often associated with significant life events such as engagements and weddings. Another pivotal trend is the surge in popularity of lab-grown diamonds, which offer a sustainable and cost-effective alternative to natural stones.

Dominant players in the market include India, Belgium, and the United States, benefitting from established trading hubs and processing facilities. India is renowned for its cutting and polishing expertise, Belgium stands as a critical trading center, and the U.S. leads in consumer spending power, significantly shaping global market trends.

The market comprises natural and lab-grown) diamonds. Traditional natural diamonds, valued for their rarity, coexist with the rapidly growing synthetic segment, gaining traction among environmentally conscious and budget-minded consumers. The acceptance of lab-grown diamonds is evolving consumer preferences by leveraging technological advancements and strategic marketing.