Lab Grown (Synthetic) Diamonds Market Segmentation by Product (Rough Polished); by Manufacturing Process {High Pressure High Temperature (HPHT), and Chemical Vapor Deposition (CVD)}; and by Application (Jewelry, Electronics, Optics, Construction, Satellite, Data Storage, Semi-Conductors, and Others)-Global Demand Analysis & Opportunity Outlook 2019-2028

Lab Grown (Synthetic) Diamonds Market Segmentation by Product (Rough Polished); by Manufacturing Process {High Pressure High Temperature (HPHT), and Chemical Vapor Deposition (CVD)}; and by Application (Jewelry, Electronics, Optics, Construction, Satellite, Data Storage, Semi-Conductors, and Others)-Global Demand Analysis & Opportunity Outlook 2019-2028

Global Lab-Grown (Synthetic) Diamonds Market Highlights Over 2019 - 2028

The global lab-grown (synthetic) diamonds market is estimated to garner a revenue of USD 32743.34 Million in the year 2028 by growing at a CAGR of 8.74% over the forecast period, i.e., 2021-2028. Moreover, in the year 2019, the market registered a revenue of USD 19145.33 Million. The growth of the market can be attributed to the growing use of lab diamonds in various end-use industries. Lab-grown diamonds are known to hold significance in many industries owing to their various electrical, chemical, thermal, and optical properties. Moreover, owing to their rigidity, these diamonds are also used across in machineries for several cutting and polishing purposes. Additionally, these diamonds are also used in the electronics industry and are being deployed in high-power switches at power stations. Apart from this, the use of lab-grown diamonds as gemstones and the lower price of these stones as compared to natural diamonds are also anticipated to drive market growth.

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The growth of the market can also be attributed to the fact that lab-grown diamonds can be produced sustainably without hampering the environment. Unlike synthetic diamonds, which require mining, lab-grown diamonds are manufactured inside a controlled environment in a laboratory, and hence the price of these diamonds is also very less. These diamonds also have a lower carbon footprint as compared to naturally mined diamonds. Besides this, the surge in trade in diamonds around the globe is also expected to boost the market growth in the coming years. According to the statistics by the International Trade Center (ITC), the value of imports of diamonds worldwide grew from USD 117264482 Thousand in the year 2015 to USD 130562696 Thousand in the year 2018.

Global Lab-Grown (Synthetic) Diamonds Market Regional Synopsis

Regionally, the global lab-grown (synthetic) diamonds market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific is anticipated to drive the largest market revenue of USD 24603.35 Million by the end of 2028, up from a revenue of USD 14904.64 Million in the year 2019. The growth of the market in the region can primarily be attributed to the growing demand for gemstones and jewelry, especially in India, and to the presence of a strong electronic manufacturing hub in China. Besides this, China was also known to be the leading producer of synthetic industrial diamonds around the globe. According to the statistics by the United States Geological Survey (USGS), the annual production of synthetic industrial diamonds in China in the year 2019 exceeded 14.6 Billion Carats, resulting in the nation being the world’s leading producer. The market in the region is further segmented by country into China, India, Japan, Thailand, Australia, Rest of APAC. Out of these, the market in China is expected to garner the largest revenue of USD 14926.85 Million by the end of 2028, up from a revenue of USD 9132.07 Million in the year 2019.

Growth Drivers and Challenges Impacting the Growth of the Global Lab-Grown (Synthetic) Diamonds Market

Growth Drivers

• Increasing Demand for Lab-Grown Diamonds from End-Use Industries

• Rise in Focus for Environmentally Sustainable Production of Diamonds

Challenges

• Complex Manufacturing Process

Global Lab-Grown (Synthetic) Diamonds Market Segmentation Synopsis

The global lab-grown (synthetic) diamonds market is segmented by product into rough and polished, out of which, the rough segment is anticipated to garner the largest revenue by the end of 2028, while the polished segment is projected to grow with the highest CAGR of 9.43% during the forecast period. By manufacturing process, the market is segmented into high-pressure high temperature (HPHT), and chemical vapor deposition (CVD), out of which, the CVD segment is anticipated to garner the largest revenue by the end of 2028 and also grow with the highest CAGR during the forecast period. The market is also segmented by application into jewelry, electronics, optics, construction, satellite, data storage, semi-conductors, and others. Out of these, the construction segment is projected to display the largest revenue of USD 9756.67 Million by the end of 2028, up from a revenue of USD 6403.25 Million in the year 2019.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global lab grown (synthetic) diamonds market that are included in our report are Element Six UK Ltd. (De Beers Group), Sumitomo Electric Industries, Ltd., Swarovski AG, NEW DIAMOND TECHNOLOGY LLC, Pure Grown Diamonds, Sarine Group of Companies, Applied Diamond Inc., Iljin Diamond Co., Ltd., D.NEA, APPSILON ENTERPRISE, Eco Lab Diamonds, Nova Diamonds Pty Ltd., Parker Diamonds, Rio Tinto, De Beers Group, Charles & Colvard, Ltd., Blue Nile Inc., and others.

Latest Developments in the Global Lab-Grown (Synthetic) Diamonds Market:

• September 10^th, 2020: Charles & Colvard, Ltd., announced that it has partnered with the iconic American department store, Macy’s for the sale of moissanite diamond fine jewelry in its fifty stores in New York city, San Francisco, and Chicago.

• September 21^st, 2021: Element Six UK Ltd., a subsidiary of De Beers Group, announced that it has launched a new grade of diamond, DNV-B14, for application in quantum technologies, such as RF sensors, magnetic field devices, and solid-state gyroscopes among others.

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