Research Reports


Home » Reports » Lab Grown Synthetic Diamonds Market Global Demand Growth Analysis Opportunity Outlook 2023
Market Research Report

Lab Grown (Synthetic) Diamonds Market : Global Demand, Growth Analysis & Opportunity Outlook 2023

Published On : December, 2018 REP-ID-230 Category: Miscellaneous

Global Lab Grown Diamonds Market Overview

Lab grown diamonds market is one of the growing markets across the globe. These diamonds are called as synthetic, culture or cultivated diamonds. Lab grown diamonds are manufactured in laboratories using various technological processes. Synthetic diamonds can be designed and modified according to the requirements or users. Manufacturing of lab grown diamonds is associated with low cost cultivation techniques as compared to cost of natural diamonds. Absence of mining and fewer complexities related to manufacturing of synthetic diamonds makes it cost effective for the various end-use industries.

Market size and forecast

The market of lab grown diamonds was valued at USD 16.2 Billion in 2015. Moreover, by the end of 2023, the global market of lab grown diamonds is expected to garner USD 27.6 Billion by registering a CAGR of 7.4% during the forecast period i.e. 2016-2023. Adoption of synthetic diamonds in various industries on account of their properties and rising acceptance of lab grown diamonds among the population in developing nations are the major market driven factors for the growth of lab grown diamonds.

Asia-Pacific region has appeared as the largest market for lab grown diamonds on the back of rapid urbanization which gives rise to rapid expansion of construction and mining industries. Further, these industries are adopting cost-effective and advanced products for various applications which are fulfilled by the lab grown diamonds. Moreover, the market of Asia-Pacific region accounted the largest revenue share of 51.2% in 2015 and it is expected to maintain its dominance over the forecast period i.e. 2016-2023 on account of rising demand in end-use industries.

Likewise, Middle-East and Africa is expected to be the fastest growing market in near future on the back of rapid growth in infrastructural facilities and rising demand of lab grown diamonds for construction activities. However, Europe region is expected to showcase a sluggish growth during the forecast period due to market saturation in various end-use industries. Lab grown diamonds possess characteristics of natural diamonds which are making useful in various industries such as construction and mining, jewelry, etc. These diamonds have wide applications in industries such as grinding, milling, drilling, cutting and polishing, etc.

                           Lab Grown Diamonds Market Demand & Growth

Moreover, rapid pace urbanization across the globe and increasing number of jewelry industries are shifting towards the cost effective and high quality products such as lab grown diamonds for various applications. Although, lab grown diamonds helps various end-user industry to increase profit in near future on account of rising popularity and wide scale applications of synthetics diamonds in end-use industries. It also benefits the consumers in terms of design according to the requirements at low cost.  However, slow adoption of lab grown diamonds and negative impact on economy in many nations are the major challenges for the market of lab grown diamonds.

Market Segmentation

Research report categorizes the lab grown diamonds market into the following segments:

By Product

  • Bort
  • Dust
  • Grit
  • Powder
  • Stone

By Manufacturing Process

  • High Pressure High Temperature (HPHT)
  • Chemical Vapor Deposition (CVD)

By Diamond Type

  • Rough
  • Polished

By End-user

  • Construction and Mining
  • Jewelry
  • Healthcare
  • Electronics
  • Others

By Region

Global Lab Grown Diamonds Market is further classified on the basis of region as follows:

  • North America (United States /U.S. & Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
  • Middle East and North Africa (MENA)
  • Rest of World

Growth Drivers and challenges

Rapid development of electronics industry across the globe is assisting as a major opportunity for the synthetic diamond market. Lab grown diamond grows importance in various industries on account of various excellent properties such as electrical chemical, thermal and optical. Moreover, the physical property of rigidity in lab grown diamonds establishes the significance in various cutting and manufacturing industries.

Additionally, rising popularity of lab grown diamonds, large scale availability, introduction of colored synthetic diamonds which can be used as gems in jewelry industry and similar appearance of lab grown diamonds as natural diamonds are some of the major growth drivers for the industry of lab grown diamonds. Furthermore, the market is majorly driven on the back of emerging coal and mining industry and growing demand of synthetic diamonds in various end-use industries. Cost-effectiveness of lab grown diamonds and rising environmental concerns related to mining along with strict regulations to extract natural diamond gives rise to the manufacturing of synthetic diamonds.

Conversely, key restraints for lab grown diamonds market are presence of complexity in manufacturing process and cynicism about the quality among the end-use industries and users. The factor slow adoption of lab grown diamonds and lack of awareness in various end-use industries are hindering the growth of lab grown diamonds across the globe.

Key Players

The key manufacturers of lab grown diamonds across the globe as follows:

  • Applied Diamond Inc.
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Tomei Diamond Co. Ltd.
  • Element Six
  • Scio Diamond Technology Corporation
  • Washington Diamonds Corporation
  • Sandvik AB

Things to know




    Direct access to analyst to help you understand the market in a better way to handle your critical question


    Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved


    Get 10% free customization


    Great focus on accuracy and quality of the research

Connect With Us

Call us

(U.S.) - +1 646 586 9123
(Canada) - +1 437 889 3230
(U.K.) - +44 203 608 5919
(India) - + 91 120 660 5495


Delivery Center

Ansal Corporate Park, Plot no 7A/1,
Tower A1,
Sector 142 Noida., 201301 India

US Office

77 Water Street 8th Floor,
New York, New York, 10005
Phone : +1 646 586 9123

Canada (Toronto)

Phone : +1 437 889 3230

UK Office (London)

Phone : +44 203 608 5919

Subscribe To Our Newsletters

Copyright © 2018 Research Nester. All rights reserved