Global Lab Grown Diamond Jewelry Market Overview
Lab Grown Diamond Jewelry Market Size was estimated at 26.74 (USD Billion) in 2022. The Lab Grown Diamond Jewelry Market is expected to grow from 28.41(USD Billion) in 2023 to 49.01 (USD Billion) by 2032. The Lab Grown Diamond Jewelry Market CAGR (growth rate) is expected to be around 6.24% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Lab Grown Diamond Jewelry Market Trends Highlighted
Lab grown diamonds market growth and opportunities expansion is due to increasing changing consumers’ preference towards ethical luxury demand.
The Lab Gown Diamond Jewelry Market is expected to attract a sizable investment owing to the growing demand for Eco-friendly and Socially Responsible options for mined diamonds. With warming becoming a major concern for most people, the client will search for jewelry that is in line with such prevailing factors. Lab-created diamonds are a convenient solution as they cost less than real stones and share all their chemical, optical, and hardness properties without the extra cost or moral guilt of mining diamonds.
The rising engagement of women in the process of purchasing lab diamond rings provides favorable conditions for the development of the market. Their beautiful cut and reasonable price appeal to young couples who want to be responsible and save money. Moreover, new innovative brands of jewelry Grown include lab diamond designs in their trendsetting jewelry, opening fresh windows of opportunities.
Recent developments, such as the growing custom-made diamond jewelry using lab diamonds, are gaining momentum in the market. Such an approach helps to achieve more holistic satisfaction and positive awareness about the product. Furthermore, the increasing number of online jewelry portals is providing a wide variety of lab grown diamond jewelry, thereby increasing the market coverage.
Lab Grown Diamond Jewelry Market Drivers
Rising Demand for Sustainable and Ethical Jewelry
Consumers are becoming increasingly aware of the environmental and ethical concerns associated with traditional diamond mining. Lab-grown diamonds offer a sustainable and ethical alternative, as they are created in controlled laboratory environments without the need for mining. This growing demand for sustainable and ethical jewelry is expected to drive the growth of the lab-grown diamond jewelry market in the coming years. Lab-grown diamonds have several advantages over natural diamonds.
They are chemically and physically identical to natural diamonds, but they are typically more affordable and conflict-free. This makes them an attractive option for consumers who are looking for a beautiful and ethical alternative to natural diamonds. The rising demand for sustainable and ethical jewelry is being driven by a number of factors, including increased awareness of the environmental impact of diamond mining. Consumers are becoming more aware of the environmental damage caused by diamond mining, including deforestation, water pollution, and air pollution.
Growing demand for conflict-free diamonds Consumers are also becoming more concerned about the issue of conflict diamonds, which are diamonds that are mined in war zones and used to finance armed conflict. Increased availability of lab-grown diamonds Lab-grown diamonds are becoming more widely available, which is making them more affordable and accessible to consumers.
Technological Advancements in Lab-Grown Diamond Production
The lab-grown diamond jewelry market is also being driven by technological advancements in lab-grown diamond production. These advancements have made it possible to produce lab-grown diamonds that are larger, more affordable, and of higher quality than ever before. This has led to a wider range of lab-grown diamond jewelry options for consumers to choose from. Some of the key technological advancements in lab-grown diamond production include the chemical vapor deposition (CVD) method. This method involves depositing a thin layer of carbon atoms onto a substrate, which gradually grows into a diamond crystal.
High-pressure, high-temperature (HPHT) method This method involves subjecting a small diamond seed to high pressure and temperature, which causes the seed to grow into a larger diamond crystal. Vapor phase epitaxy (VPE) method This method involves depositing a thin layer of diamond atoms onto a substrate, which gradually grows into a diamond crystal. These technological advancements are expected to continue to drive the growth of the lab-grown diamond jewelry market in the coming years.
Increasing Popularity of Lab-Grown Diamond Jewelry Among Millennials and Gen Z
Millennials and Gen Z are among the largest and loudest generations in the world. They are also among the most likely to purchase lab-grown diamond jewelry. There are several reasons why these generations are more likely to purchase such jewelry items than the older generations of jewelry consumers Increased awareness of the environmental and ethical concerns that surround traditional diamond mining. Millennials and Gen Z are likely to be more aware of the environmental concerns surrounding traditional diamond mining.
They are also likely to be more concerned about their purchasing impact on the natural environment and society. Growing demand for sustainable and ethical products. Millennials and Gen Z are more likely to be inclined to purchase sustainable and ethical products. They are also more likely to be willing to pay a premium for products that are manufactured in a sustainable and ethical way. Increased availability of lab-grown diamond jewelry.
A growing number of jewelry manufacturers offer lab-grown diamonds, with some of them advertising their wares as environment- and society-friendly. It makes such items more affordable to millennials and Gen Z.
Lab Grown Diamond Jewelry Market Segment Insights
Lab Grown Diamond Jewelry Market Metal Insights
The Lab Grown Diamond Jewelry Market has been partitioned by metal into gold, silver, platinum, and other metals. The gold segment is expected to be the largest segment in 2023 and is anticipated to grow at a CAGR of 6.5% from 2024 to 2032. The growth is because of the increasing demand for gold jewelry, as well as the rising disposable income of consumers. In addition, the silver segment is projected to be the second-largest segment in 2023, and it is expected to grow at a CAGR of 6.2% from 2024 to 2032. The reason behind this growth is because of the increasing demand for silver jewelry, as well as the rising price of gold.
Furthermore, the platinum segment is anticipated to be the third-largest segment in 2023, and it is projected to grow at a CAGR of 5.8% from 2024 to 2032. The reason for this growth is because of the increasing demand for platinum jewelry, as well as the rising price of gold. The other metals segment is expected to be the smallest segment in 2023, and it is expected to grow at a CAGR of 5.5% from 2023 to 2032. The reason for this growth is the increase in demand for other metals jewelry, such as tungsten and titanium. A number of factors are driving the growth of the Lab Grown Diamond Jewelry Market, including the increasing demand for lab-grown diamonds, the rising disposable income of consumers, and the increasing demand for sustainable jewelry.
Lab-grown diamonds are becoming increasingly popular because they are cheaper and more environmentally friendly than mined diamonds. In addition, consumers are becoming more aware of the ethical issues with diamond mining and are increasingly selecting to buy lab-grown diamonds instead. The growth in consumers’ disposable income is also driving the market growth because consumers have the financial means to buy more expensive jewelry. The increased demand for sustainable jewelry is also driving market growth because consumers are increasingly looking for jewelry made from recycled or sustainable materials.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Lab Grown Diamond Jewelry Market Jewelry Type Insights
The Jewelry Type segment of the Lab Grown Diamond Jewelry Market is expected to witness strong growth in the coming years. This is attributed to an increasing number of consumers opting for sustainable and ethically made jewelry. Rings are anticipated to occupy a considerable market share. Wedding and engagement rings are symbols of love and commitment, and their demand is constant. In addition to this, rings also serve as a great gift for various other occasions of life. Necklaces and earrings are likely to witness significant growth. They can add elegance or casualness to any outfit and, thereby, have become a part of daily wear for many women.
Bracelets and others, such as brooches, pendants, are expected to contribute to the growth of the Lab Grown Diamond Jewelry Market. Lab Grown Diamond Jewelry caters to various types of customers and preferences. As a number of people are becoming increasingly aware of the environmental issues caused by traditional diamond mining, the Lab Grown Diamond Jewelry Market is expected to expand.
Lab Grown Diamond Jewelry Market Diamond Cut Insights
The Lab Grown Diamond Jewelry Market is segmented by Diamond Cut into Round, Princess, Cushion, Emerald, and Other Cuts. The Round cut is the most popular diamond cut, accounting for over 70% of the market in 2023. This cut is known for its brilliance and fire, and it is often used in engagement rings and other fine jewelry. The Princess cut is the second most popular diamond cut, and it is known for its square or rectangular shape. This cut is often used in earrings and pendants. The Cushion cut is a square or rectangular cut with rounded corners, and it is known for its antique or vintage look.
This cut is often used in engagement rings and other statement pieces. The Emerald cut is a rectangular cut with step facets, and it is known for its clarity and elegance. This cut is often used in earrings and pendants. Other Cuts include Asscher, Radiant, Oval, and Pear cuts, which account for a smaller share of the market. The Lab Grown Diamond Jewelry Market is expected to grow significantly in the coming years, driven by increasing demand for sustainable and ethical jewelry options.
Lab Grown Diamond Jewelry Market Carat Weight Insights
The carat weight segment plays a crucial role in shaping the Lab Grown Diamond Jewelry Market revenue. In 2023, the 'Less than 0.5 Carat' segment held a significant market share due to its affordability and versatility. However, the '0.5 to 1 Carat' segment is projected to witness substantial growth in the coming years, driven by increasing demand for larger and more brilliant stones. The '1 to 2 Carats' segment caters to consumers seeking a balance between size and value, while the '2 Carats and Above' segment represents the luxury end of the market, targeting high-end consumers and investors.
Overall, the Lab Grown Diamond Jewelry Market segmentation by carat weight provides valuable insights into consumer preferences, market trends, and growth opportunities for industry participants.
Lab Grown Diamond Jewelry Market Regional Insights
The regional segmentation of the Lab Grown Diamond Jewelry Market market showcases distinct market dynamics and growth patterns across various regions. North America has emerged as a prominent market, driven by a growing consumer base and a strong presence of established jewelry retailers. In 2023, the region accounted for the largest market share of 38.4%. Europe follows closely, with a market share of 27.2% in the same year, supported by a sophisticated consumer base and a rich tradition of jewelry craftsmanship. The Asia-Pacific (APAC) region is projected to witness significant growth over the forecast period, owing to rising disposable incomes, increasing urbanization, and a growing middle class.
APAC is expected to account for a market share of 24.8% by 2024. South America and the Middle East and Africa (MEA) regions are anticipated to contribute to the overall market growth, albeit at a slower pace compared to the other regions.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Lab Grown Diamond Jewelry Market Key Players And Competitive Insights
The Lab Grown Diamond Jewelry Market is characterized by major players who are increasingly concentrating on expanding their product portfolio and geographical presence to capture a larger share of the growing market. Leading companies in this industry are present and focusing on attempting to attract an increasing number of consumers by continuously innovating their designs and styles of lab-grown diamond jewelry. The Lab Grown Diamond Jewelry Market’s leading players are also aggressively promoting their brands, with high levels of investment in their marketing and promotional strategies to increase awareness among consumers and brand loyalty. Furthermore, the Lab Grown Diamond Jewelry Market is currently witnessing, and expected to witness, increasing merger and acquisition and partnership and collaboration activities. Finally, Lab Grown Diamond Jewelry Market players are also focusing on sustainable practices and ethical sourcing to meet the growing consumer demand to adopt such measures.
One of the most prominent competitors in the Lab Grown Diamond Jewelry Market is the De Beers Group. The De Beers Group diamond jewelry brand, Lightbox, is the leading industry player and is known for providing an extensive range of affordable pieces for consumers in the lab-grown diamond jewelry market. The Lightbox brand is a well-known player in the United States market and is currently making efforts to expand to other markets. The brand has targeted consumers interested in following a responsible consumption path, highlighted via its advertisements and promotions focusing on the ethical and sustainable benefits of choosing lab-grown diamonds. The affordability offered by the brand is also a key factor in propagating the use of these diamonds. Thus, the De Beers Group, through its Lightbox brand, is a significant player in the Lab Grown Diamond Jewelry Market.
Pandora, a Danish company, is another major player in the Lab Grown Diamond Jewelry Market. The company introduces lab-grown pieces under the name of Pandora Brilliance. There are an increasing number of consumers preferring the Pandora brand, as it is a highly popular brand selling all kinds of jewelry products; the lab-grown pieces are also targeting this growing market through mass customization, and it is particularly popular among consumers looking for affordable options._rec.
Key Companies in the Lab Grown Diamond Jewelry Market Include
Lab Grown Diamond Jewelry Market Industry Developments
The lab-grown diamond jewelry market has witnessed significant growth in recent years, driven by rising consumer demand for sustainable and ethical alternatives to mined diamonds. In 2023, the market was valued at approximately $28.41 billion and is projected to reach $49.01 billion by 2032, exhibiting a CAGR of 6.24%. This growth is attributed to increasing awareness about the environmental impact of diamond mining, coupled with technological advancements that have reduced the production costs of lab-grown diamonds. Notable industry developments include the launch of new product lines by major jewelry retailers, strategic partnerships between diamond producers and jewelry designers, and investments in research and development to enhance the quality and affordability of lab-grown diamonds. The market is expected to continue expanding in the coming years, driven by rising consumer acceptance, growing adoption in various jewelry applications, and ongoing advancements in lab-grown diamond technology.
Lab Grown Diamond Jewelry Market Segmentation Insights
Lab Grown Diamond Jewelry Market Metal Outlook
Gold
Silver
Platinum
Other Metals
Lab Grown Diamond Jewelry Market Jewelry Type Outlook
Rings
Necklaces
Earrings
Bracelets
Others
Lab Grown Diamond Jewelry Market Diamond Cut Outlook
Round
Princess
Cushion
Emerald
Other Cuts
Lab Grown Diamond Jewelry Market Carat Weight Outlook
Less than 0.5 Carat
0.5 to 1 Carat
1 to 2 Carats
2 Carats and Above
Lab Grown Diamond Jewelry Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
26.74(USD Billion) |
| Market Size 2023 |
28.41(USD Billion) |
| Market Size 2032 |
49.01(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.24% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
HB Antwerp, Dalumi, CVD Diamonds, Inc., De Beers Group, Aether Diamonds, IIa Technologies, Lusix BVBA, Diamond Foundry, Pure Grown Diamonds, Rosy Blue, Brilliant Carbon, Lightbox Jewelry, Scio Diamond Technology Corporation, Chatham Created Gems Diamonds |
| Segments Covered |
Metal, Jewelry Type, Diamond Cut, Carat Weight, Regional |
| Key Market Opportunities |
Sustainable and ethical sourcing Growing consumer preference for lab grown diamonds Technological advancements in diamond creation Expanding ecommerce platforms Growing demand from emerging markets |
| Key Market Dynamics |
Increasing consumer awareness Technological advancements Growing demand for sustainable jewelry Rising popularity of online jewelry retailers Favorable government initiatives |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Lab Grown Diamond Jewelry Market was valued at USD 28.41 Billion in 2023 and is expected to reach USD 49.01 Billion by 2032, exhibiting a CAGR of 6.24% during the forecast period (2024 - 2032).
North America is expected to dominate the Lab Grown Diamond Jewelry Market throughout the forecast period. The region's dominance can be attributed to the growing awareness about the benefits of lab-grown diamonds, increasing disposable income, and the presence of key players in the region.
Lab Grown Diamond Jewelry finds applications in various segments, including engagement rings, wedding bands, earrings, necklaces, and bracelets. Among these, engagement rings and wedding bands are the most popular applications, accounting for a significant share of the market.
Key players operating in the Lab Grown Diamond Jewelry Market include Brilliant Earth, Chatham Created Gems Diamonds, De Beers Group, Diamond Foundry, Inc., Gemological Institute of America (GIA), IIa Technologies, Inc., Lusix Labs, Inc., Swarovski AG, and WD Lab Grown Diamonds.
The growing demand for sustainable and ethical jewelry, technological advancements, and the increasing popularity of online jewelry sales are some of the key trends influencing the growth of the Lab Grown Diamond Jewelry Market.
The Lab Grown Diamond Jewelry Market is expected to exhibit a CAGR of 6.24% during the forecast period (2024 - 2032).
The Lab Grown Diamond Jewelry Market faces challenges such as the high cost of production, competition from natural diamonds, and the lack of awareness about lab-grown diamonds.
The growing demand for sustainable and ethical jewelry, the increasing popularity of online jewelry sales, and the expansion into new markets present opportunities for growth in the Lab Grown Diamond Jewelry Market.
The key factors driving the growth of the Lab Grown Diamond Jewelry Market include the growing demand for sustainable and ethical jewelry, technological advancements, and the increasing popularity of online jewelry sales.
The COVID-19 pandemic had a negative impact on the Lab Grown Diamond Jewelry Market in the short term due to disruptions in supply chains and a decline in consumer spending. However, the market is expected to recover and continue its growth trajectory in the long term.
