CHICAGO, UNITED STATES, July 5, 2023/EINPresswire.com/ -- Global 𝐥𝐚𝐛-𝐠𝐫𝐨𝐰𝐧 𝐝𝐢𝐚𝐦𝐨𝐧𝐝 𝐦𝐚𝐫𝐤𝐞𝐭 revenue was 𝐔𝐒$ 𝟐𝟎.𝟗 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐 and is projected to reach 𝐔𝐒$ 𝟓𝟐.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, registering a compound annual growth rate (𝐂𝐀𝐆𝐑) 𝐨𝐟 𝟏𝟎.𝟕𝟖% during the forecast period from 2023 to 2031.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/lab-grown-diamond-market

Due to the growing consumer demand for environmentally friendly and morally upstanding goods, the lab-grown diamonds market has enormous potential. Lab-grown diamonds may become more accessible and affordable as technology improves and production prices fall, further boosting the market's expansion. Additionally, there are prospects for market growth due to the adaptability of lab-grown diamonds in several sectors, including electronics and healthcare.

Since lab-grown diamonds are less expensive than real diamonds, they are becoming increasingly popular. These diamonds can be up to 40% less expensive, which makes them a desirable choice for buyers concerned about costs. When comparing diamonds of the same size and grade that are mined, lab-created diamonds often cost 30% to 40% less. For instance, a 1-carat natural diamond with SI 1 clarity may cost US$ 6,100, whereas a lab-grown equivalent would cost roughly US$ 2,300.

Jewelry buyers are becoming more interested in lab-grown diamonds and gemstones, a trend that is being supported by relatively high mined diamond prices, increased supply, and a rising need for glimmering statement pieces. In the lab-grown jewelry market, both wedding and fine jewelry businesses record growth in recent years. According to DTC jewelry firm Ring Concierge, sales of lab-grown engagement rings increased 3.3 times from one year earlier in 2022. The company experienced more than 2.5 times growth in the US$ 10,000 to US$ 15,000 initial price point range from 2020 to 2022.

Due to some recent developments, including rising consumer awareness, growing sustainability concerns, improvements in lab grown diamond production processes, etc., the market is likely to expand quickly throughout the expected period. In the lab-grown diamonds market, artificial intelligence is linked to advanced analytics, pricing, grading, and sorting technologies that make the real-time pricing process easier and more efficient. One of the new technologies and breakthroughs that has led to the manufacture of larger and higher-quality diamonds is the fusion of plasma-enhanced chemical vapor deposition (CVD) and high-pressure high-temperature (HPHT) techniques.

𝐂𝐕𝐃 𝐌𝐞𝐭𝐡𝐨𝐝 𝐂𝐚𝐩𝐭𝐮𝐫𝐞𝐝 𝐎𝐯𝐞𝐫 $𝟏𝟏.𝟗𝟒 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐢𝐧 𝟐𝟎𝟐𝟐

Chemical vapor deposition (CVD), which has several benefits over other procedures, has in reality become the most popular and rapidly expanding way of making lab-grown diamonds. These advantages include high control over the diamond quality, the potential to create larger diamonds and cheap manufacturing costs. In 2022, the CVD method captured US$ 11.94 billion in revenue is a glaring example of the rising demand for these diamonds across a range of markets, including jewelry, technology, and healthcare.

𝐅𝐚𝐬𝐡𝐢𝐨𝐧 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐢𝐬 𝐀𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐋𝐚𝐛 𝐆𝐫𝐨𝐰𝐧 𝐃𝐢𝐚𝐦𝐨𝐧𝐝𝐬

The demand for lab-grown diamonds is rising across several industries, including fashion. The fashion industry is anticipated to contribute more than US$ 27.31 billion in the revenue share of the lab-grown diamonds market, demonstrating a substantial move towards ethical and sustainable practices in the fashion business.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/lab-grown-diamond-market

The estimated contribution from the fashion sector of almost $27.31 billion illustrates the huge market opportunity that lab-grown diamonds offer for fashion firms. Fashion brands that use lab-grown diamonds can set themselves apart from their rivals and appeal to a rising consumer base that values sustainability and ethical practices in light of the worldwide trend towards sustainability and ethical consumerism.

𝐓𝐡𝐞 𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐠𝐢𝐨𝐧 𝐇𝐨𝐥𝐝𝐬 𝐄𝐧𝐨𝐫𝐦𝐨𝐮𝐬 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Asia Pacific region is expected to generate the highest CAGR during the forecast period. There is a growing interest in ethical and ecological items, such as lab-grown diamonds, as younger consumers become more socially and environmentally aware in the region. This trend is especially prominent in China, where millennial and Gen Z customers are driving demand for lab-grown diamonds as an alternative to natural ones in the country's regional lab-grown diamond market.

China is a global leader in the growth of the lab-grown diamond market, steadily enhancing the sector's supply chain. Over 4 million carats of synthetic diamonds were created in the nation in 2021, making up over half of global production. About half of the world's lab-grown diamonds are made in China. The strength of China's industrial diamond and other super-hard material industries is directly related to the market's rapid growth.

India has the potential to emerge as a significant global hub for lab-grown diamond production and processing. The country is contributing significantly technologically to lab-grown diamonds. The Gem & Jewellery Export Promotion Council's most recent market update states that between April 2021 and January 2022, polished lab-grown diamond exports from India reached a total of roughly $1.05 billion.

The lab-grown diamonds market is developing in the Asia Pacific region due in part to the gems' increasing accessibility and cost. Lab-grown diamonds are now much more affordable for a wider range of consumers thanks to improvements in production technology and the realization of economies of scale.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

Due to the presence of multiple worldwide, regional, and local vendors, the market for lab-grown diamonds has experienced some degree of fragmentation. Increased market competition has made it easier for lab-grown diamond firms to innovate, concentrate on improving the company's production capacity, and form strategic alliances, mergers, acquisitions, and collaboration in order to extend their customer base and capture a greater market share. The prominent players in the market 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
• Other Prominent Players

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐥𝐚𝐛 𝐠𝐫𝐨𝐰𝐧 𝐝𝐢𝐚𝐦𝐨𝐧𝐝 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐞𝐭𝐡𝐨𝐝, 𝐒𝐢𝐳𝐞, 𝐍𝐚𝐭𝐮𝐫𝐞, 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧.

𝐁𝐲 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐞𝐭𝐡𝐨𝐝
• HPHT
• CVD
𝐁𝐲 𝐒𝐢𝐳𝐞
• < 0.10 Carats
• 0.25 – 2.5 Carats
• > 5 – 10 Carats
𝐁𝐲 𝐍𝐚𝐭𝐮𝐫𝐞
• Colorless
• Colored
𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
• Fashion
• Industrial
𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧
• North America
o The U.S.
o Canada
o Mexico
• Europe
• Western Europe
 The UK
 Germany
 France
 Italy
 Spain
• Rest of Western Europe
Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
South America
• Argentina
• Brazil
• Rest of South America

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/lab-grown-diamond-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
+1 888-429-6757
email us here
Visit us on social media:
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.