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2021
Lab Grown Diamonds Market

Lab Grown Diamonds Market

by Manufacturing Method, (HPHT and CVD), Size (Below 2 Carat, 2-4 Carat, and Above 4 Carat), Nature (Colorless and Colored) and Application (Fashion and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A13694
Pages: 290
Sep 2021 | 8198 Views
Author(s) : Himanshu Vig , Roshan Deshmukh
Tables: 148
Charts: 51
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COVID-19

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The global lab grown diamonds market size was valued at $19.3 billion in 2020, and is projected reach $49.9 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030. The CVD segment led in terms of lab grown diamonds market share in 2020 and is expected to retain its dominance throughout the forecast period.

Lab grown diamonds are made in laboratories and factories. These diamonds are identical to natural diamonds in their composition and appearance. Lab grown diamonds are manufactured using techniques such as HPHT, which stands for high pressure and high temperature and CVD, which stands for chemical vapor deposition. Diamonds made in labs are generally of better quality than natural diamonds as they are made in controlled environments with constant monitoring and quality control. Increase in adoption of lab grown diamonds in the fashion and jewelry sector, along with increasing application of these diamonds in the industrial sector have spurred the demand for lab grown diamonds across myriad of industry verticals. Theselab grown diamonds can also be customized and personalized as per requirement, which further adds advantages apart from them being highly economical, sustainable, and environment friendly.

Lab Grown Diamonds Market

Lab grown diamonds are very highly used in a myriad of applications. Some of these applications have existed for a long time, however, some applications are newer as research has led to discoveries about newer properties of diamonds that can be applied to a wide variety of newer applications. The most traditional use of diamonds in the industrial sector is for cutting, drilling and mining. As these field of usage are defined and limited in application, there is next to no growth in these fields. As the quality of diamonds doesn’t matter for these applications, HPHT diamonds are used. Newer applications of diamonds, in optics, lasers, and electronics to name a few are slowly emerging, leading to more growth potential for lab grown diamonds. The use of synthetic diamonds in jewelry making is increasing, with more focus being given to fashion jewelry.

Segment review

The global lab grown diamonds market is segmented on the basis of manufacturing method, size, nature, application, and region. By manufacturing method, the global market is bifurcated into HPHT and CVD. By size it is segmented into below 2 carat, 2–4 carat, and above 4 carat. By nature, it is bifurcated into colorless and colored. On the basis of application, it is studied across fashion and industrial. The global lab grown diamonds market is also studied across North America, Europe, Asia-Pacific, and LAMEA.

Lab Grown Diamonds Market
By Manufacturing Method

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CVD segment would exhibit the highest CAGR of 10.1% during 2021-2030.

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According to the method of manufacturing, HPHT was the first method used for creation of lab grown diamonds, while CVD is a relatively new technique. Low costs associated with CVD production of diamonds and low space consumption of the CVD machines has led to a greater adoption of the CVD manufacturing technique for lab grown diamond.

Lab Grown Diamonds Market
By Size

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Below 2 Carat segment would exhibit the highest CAGR of 9.9% during 2021-2030.

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Depending on size of the diamonds, diamonds below 2 carats are the most commonly used form of lab grown diamonds as they are the most affordable for jewelry and the most commonly used size of diamonds industrial uses.

Lab Grown Diamonds Market
By Nature

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Colored segment would exhibit the highest CAGR of 10.2% during 2021-2030.

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Depending on the nature of the diamonds, colorless diamonds are completely transparent and shiny diamonds that are used for jewelry and the rough diamonds are used for industrial purposes. Colored diamonds are slowly emerging as a new option for fashionable diamonds jewelry.

Lab Grown Diamonds Market
By Application

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Fashion segment would exhibit the highest CAGR of 9.6% during 2021-2030.

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According to the application, most of the bigger and better quality lab grown diamonds are used for the manufacturing of different types of jewelry pieces. Diamonds for industrial use are more in volume but the total coast associated with industrial use diamonds is very less compared to fashion diamonds.

Lab Grown Diamonds Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region would exhibit the highest CAGR of 10.6% during 2021-2030.

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The report focuses on the lab grown diamonds market growth prospects, restraints, and opportunities of the global lab grown diamonds market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the lab grown diamonds market.

Some of the major players profiled for in the lab grown diamonds market analysis include ABD Diamonds, Clean Origin, De Beers Group, Diam Concept, Diamond Foundry Inc., Henan Huanghe Whirlwind Co., Ltd, Mittal Diamonds, New Diamond Technology LLC, Swarovski AG, and WD Lab Grown Diamonds. Other prominent players analyzed in the report are Applied Diamond Inc., D.NEA Diamonds, Zhengzhou Sino-Crystal Diamond Co., Sahajanand Laser Technology Limited (SLTL Group), Finegrowndiamonds, Zhongnan Diamond Co. Ltd, and Sumitomo Electric Industries Ltd.

Covid-19 Impact Analysis

  • Lab grown diamonds industry was negatively impacted by the pandemic owing to disruption in supply chains and exports form countries like China and India
  • Online channels have witnessed surge in demand owing to closure of brick and mortar shops.
  • Sale of lab grown diamonds is predicted to increase post pandemic as more importance is being given to sustainability and environment friendliness.
  • More focus is given on the sustainable production of lab grown diamonds.

Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging lab grown diamonds market trends and opportunities.
  • The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing lab grown diamonds market opportunities in the market.
  • The lab grown diamonds market forecast is offered along with information related to key drivers, restraints, and opportunities.
  • The market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
  • The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.

Lab grown diamonds Market Segments

By Manufacturing Method

  • HPHT
  • CVD

By Size

  • Below 2 Carat
  • 2-4 Carat
  • Above 4 Carat

By Nature

  • Colorless
  • Colored

By Application

  • Fashion
  • Industrial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Argentina
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Rest of LAMEA
 

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Last few years have seen a tremendous increase in sales and adoption of lab grown diamonds. Increase in disposable incomes and improving standards of living of consumers in developing countries along with increase in adoption of luxury goods in developed countries propel its adoption, especially in the diamond jewelry. The use of different shapes, sizes, and colors of lab grown diamonds in jewelry with unique designs has augmented sales of lab grown diamonds.

The most commonly used method for making lab grown diamonds is the chemical vapor disposition method, also known as the CVD method, which was invented in the 1980s. This method has become increasingly popular due to the lower costs of production and reduction in space required to house such machines. High-pressure high temperature or HPHT method, which was invented in the 1950s is still used for production of lab grown diamonds, however, is now being slowly overtaken by chemical vapor deposition (CVD). These methods of diamond production are much more environmentally friendly compared to mining of natural diamonds. In addition, companies are using renewable sources of energy for diamond manufacturing further resulting in decreased carbon footprint. This transformation is expected to resonate with environment conscious millennials and generation Z.

Novel innovations and increase in expenditure on research and development across industries have resulted in high demand for industrial diamonds. Optics, electronics, radiation, thermal, and quantum, are some of the applications which are now witnessing high demand for industrial diamonds, with rapidly transforming industries and high expenditure on research and developments will result in increased demand for diamonds and lab grown diamonds will play and impactful role for fulfilling increased demand in a more sustainable, economic, and environmental friendly way.     

 

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FREQUENTLY ASKED QUESTIONS?

A. A. The lab grown diamonds market is expected to reach $49.9 billion by 2030.

A. A. The lab grown diamonds market is poised to grow with a CAGR of 9.4% from 2021 to 2030.

A. A. Kindly raise an inquiry through the chat box and our business executive will get in touch with you with the details on the purchase options.

A. A. Some of the major players operating in the lab grown diamonds market are ABD Diamonds, Clean Origin, De Beers Group, Diam Concept, Diamond Foundry Inc., Henan Huanghe Whirlwind Co., Ltd, Mittal Diamonds, and New Diamond Technology LLC.

A. A. The lab grown diamonds market is segmented on the basis of type of manufacturing method, size, nature, application, and region.

A. A. 2020 is the base year calculated in the lab grown diamonds market report.

A. A. Trends like increased demand for synthetic diamonds in fashion industry owing to cost effective pricing will positively shape the market in the future.

A. A. North America holds the maximum market share of the lab grown diamonds market

A. A. Reduced environment footprints, low cost, and increasing demand in semiconductor industry are the top impacting factor for the lab grown diamonds market.

A. A. The covid -19 pandemic have negatively impacted the market owing to disruption in supply chains.

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