New Delhi, April 18, 2023 (GLOBE NEWSWIRE) -- Global lab grown diamond market is expected to achieve the market size of US$ 52.5 billion by 2031 from US$ 20.9 billion in 2022 by at a CAGR of 10.78% over the forecast period.
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Astute Analytica has observed a growing demand for lab grown diamond, primarily driven by younger consumers who prioritize sustainability and ethical sourcing. The firm predicts that the lab-grown diamond market will expand at a compound annual growth rate (CAGR) of 10.78% in the coming years.
One of the key factors contributing to the popularity of lab grown diamond market is their lower price compared to natural diamonds. These diamonds can be up to 40% less expensive, making them an attractive option for price-conscious consumers. Additionally, technological advancements have streamlined and made the production of lab-grown diamonds more cost-effective, resulting in an increased supply. Some producers have implemented differentiated pricing strategies based on attributes such as size, color, and clarity, enabling them to target specific market segments and achieve higher profit margins.
Currently, lab-grown diamonds represent about 5% of the total diamond market, but Astute Analytica expects this share to grow in the near future. This growth can be attributed to the rising concern among consumers about the ethical and environmental impact of diamond mining. As a result, lab-grown diamonds are often promoted as a more sustainable and ethical alternative to natural diamonds.
The surge in lab grown diamond market has the potential to disrupt the natural diamond industry and capture a larger market share, particularly in the lower-end segment. These diamonds are no longer solely used as substitutes for industrial applications or small accent stones; they are increasingly being incorporated into diamond jewelry. Astute Analytica has noted that several leading jewelry brands have introduced lab-grown diamond collections to meet the growing demand.
In response to the expanding lab-grown diamond market, many prominent brands and retailers are considering entering this space. Some have chosen to launch their own lab-grown diamond collections, while others are partnering with existing producers or distributors. This trend indicates a shifting landscape in the diamond industry, driven by consumer preferences and the rise of sustainable, lab-grown alternatives.
CVD Method Shines Bright in Lab Grown Diamond Market to Generate Over $11.94 Billion in Revenue in 2022 and Projected to Expand at CAGR of 11.29%
Chemical vapor deposition (CVD) has indeed emerged as the largest and fastest-growing method of producing lab-grown diamonds, as it offers several advantages over other techniques, such as high control over diamond quality, ability to grow larger diamonds, and low manufacturing costs. The revenue generated by lab-grown diamonds produced using CVD in 2022, which was over $11.94 billion, is a clear indication of the growing demand for these diamonds in various industries, including jewelry, electronics, and healthcare.
Furthermore, the projected Compound Annual Growth Rate (CAGR) of 11.29% for the CVD method is a positive sign for lab-grown diamond manufacturers, as it implies sustained growth and increasing market demand. This growth of the lab grown diamond market is expected to be fueled by several factors, including increasing consumer awareness and acceptance of lab-grown diamonds, technological advancements in CVD manufacturing, and the growing availability of affordable lab-grown diamonds.
While the CVD method has its advantages, it also has some limitations that may hinder its growth potential. For instance, the high capital investment required to set up CVD manufacturing facilities and the complex and time-consuming process of diamond growth can be a significant barrier for small-scale diamond manufacturers. Additionally, as the technology improves, it is possible that CVD-produced diamonds may become commoditized, leading to downward pressure on prices.
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Lab Grown Diamond Market Set to Sparkle in Fashion Industry: Projected to Attract Over $27.31 Billion in Revenue
The lab-grown diamond market is rapidly expanding, with increasing demand from various industries, including fashion. According to recent market research, the fashion industry is expected to contribute over $27.31 billion to the lab-grown diamond market in the coming years, reflecting a significant shift towards sustainable and ethical practices in the fashion industry.
The fashion industry has traditionally relied on mined diamonds to create high-end jewelry, but with growing concerns over the environmental and social impact of diamond mining, lab-grown diamonds have emerged as a more sustainable and ethical alternative. Lab-grown diamonds offer several advantages, including lower carbon footprint, ethical sourcing, and cost-effectiveness, making them an attractive option for fashion brands in the global lab grown diamond market that are looking to meet the growing demand for sustainable and ethical products.
The projected contribution of over $27.31 billion from the fashion industry is a reflection of the significant market opportunity that lab-grown diamonds present for fashion brands. With the global trend towards sustainability and ethical consumption, fashion brands that adopt lab-grown diamonds can differentiate themselves from their competitors and appeal to a growing consumer base that values sustainability and ethical practices.
Shifting Tides: Exploring the Rise of Lab Grown Diamond Market in the Asia Pacific Region
The Asia Pacific region, while being a significant market for diamonds in general, has presented some unique challenges for lab-grown diamonds. A key obstacle to growth has been the lack of awareness and understanding among consumers. In many countries within the region, lab-grown diamonds remain relatively unknown, with natural diamonds being perceived as more valuable and desirable.
Nevertheless, there are indications that this perception is beginning to shift. With younger consumers becoming increasingly environmentally and socially conscious, there is a rising interest in sustainable and ethical products, including lab-grown diamonds. This trend is particularly pronounced in China, where millennial and Gen Z consumers in the regional lab grown diamond market are propelling demand for lab-grown diamonds as an alternative to natural ones.
Another factor contributing to the expansion of the lab-grown diamond market in the Asia Pacific region is the growing availability and affordability of these diamonds. Advancements in production technology and the achievement of economies of scale have significantly reduced the cost of lab-grown diamonds, making them more accessible to a broader range of consumers.
Regulatory and supply chain factors also have the potential to influence the growth of the lab-grown diamond market in the Asia Pacific region. For instance, some countries have been slow to adopt regulations regarding the labeling and certification of lab-grown diamonds. This can create confusion for consumers and hinder the ability of lab-grown diamond companies to compete with their natural diamond counterparts.
Despite these challenges, there are reasons to be optimistic about the continued growth of the lab grown diamond market in the Asia Pacific region. As consumer awareness of the environmental and ethical advantages of lab-grown diamonds increases and as improvements in technology and supply chain infrastructure continue, demand for these products in the region is expected to rise.
Some of the Top Market Players Are:
- ABD Diamonds
- Applied Diamond Inc.
- Clean Origin.
- De Beers Group
- Diam Concept
- Diamond Foundry Inc
- Henan Huanghe Whirlwind Co., Ltd.
- Mittal Diamonds
- New Diamond Technology LLC
- Sandvik Ab
- Swarovski Ag
- Tomei Diamond Co. Ltd.
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