Market Size of Lab Cultured Diamonds

Introduction:

One of the most valuable stones that is adored and valued by people all around the world is the diamond. They are utilised for industrial as well as jewellery uses. Yet, mining for diamonds is not only costly but also bad for the environment. As a result, the concept of lab-grown or cultured diamonds has been more well-known recently. Lab-grown diamonds are artificially produced in a controlled setting that closely resembles the circumstances needed for diamond formation in nature. We shall talk about the magnitude of the diamond market for lab-grown stones in this article.

Market Overview:

Although the industry for lab-grown diamonds is still young, it is expanding quickly. The global lab-grown diamond market, according to a report by ResearchAndMarkets.com, was estimated to be worth $16.2 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 18.5% from 2020 to 2027. Transparency Market Research predicted that the market for lab-grown diamonds would reach $28.8 billion in value by 2026, expanding at a CAGR of 7.4% from 2019 to 2026.

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Factors Driving the Growth of the Lab-Grown Diamond Market:

1. Ethical concerns: As mentioned earlier, diamond mining is expensive and harmful to the environment. Moreover, the process of mining diamonds often involves exploitation of workers and human rights violations. Thus, people are becoming more conscious of the ethics behind diamond mining and are opting for lab-grown diamonds.

2. Cost-effectiveness: Diamonds created in laboratories are often less expensive than those created naturally. This is so that it is more affordable to produce diamonds in a lab than to mine them from the soil. Also, buyers can purchase lab-grown diamonds at lower prices than real diamonds because they are frequently sold at lower margins.

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3. Increasing demand for diamonds: Demand for diamonds is rising everywhere, but it is particularly high in developing nations like China and India. Rising disposable money and shifting cultural perceptions of jewellery are to blame for this. Because there is a greater demand than supply for diamonds, natural diamond prices are increasing. A substitute that can satisfy the rising demand for diamonds is provided by lab-grown diamonds.

4. Advancements in technology: Because to technological developments, the method of creating diamonds in a lab has become more effective and affordable. Because of this, lab-grown diamonds may now be created in greater quantity and with superior quality.

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Market Segmentation:

Market segmentation: The kind, application, and geographic regions can be used to divide the market for lab-grown diamonds.

1. The market can be divided into polished and unpolished diamonds based on type. Rough diamonds are employed in industrial applications, while polished diamonds are used in jewellery.

2. The market can be divided into jewellery, industrial, and other categories based on application. The majority of the market share for lab-grown diamonds is accounted for by the jewellery industry.

3. The market may be divided into North America, Europe, Asia-Pacific, and the Rest of the World based on region. Due to the significant demand for lab-grown diamonds in nations like China and India, the Asia-Pacific region is anticipated to be the market with the biggest volume.

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Competitive landscape:

Competitive environment: There are several firms working in the highly fragmented lab-grown diamond market. The following are some of the major market participants:

1. De Beers Group: One of the biggest names in the diamond business, De Beers Group has just forayed into the market for lab-grown diamonds. In 2018, the business introduced the Lightbox brand of lab-grown diamonds.

2. ALTR Created Diamonds: ALTR Created Diamonds is a top manufacturer of lab-grown diamonds and provides a vast selection of diamonds in different sizes, colours, and shapes.

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