Lab Grown Diamonds Market Report 2025 (Global Edition)

Global Lab Grown Diamonds Market Report 2024 Market Size Split by Manufacturing Method (HPHT, CVD), by Nature (Colorless, Colored), by Size (2-4 carat, Above 4 carat, Below 2 carat), by Application (F...

Lab Grown Diamonds Market Report Description

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Competitive Landscape of the Lab-Grown Diamonds Market

The global Lab Grown Diamonds market features a competitive landscape. The companies focus on technological advancements, sustainable practices, and marketing strategies to maintain a strong market presence. The industry also sees the emergence of various start-ups and innovative players contributing to the competitive dynamics. As consumer awareness of ethical and sustainable alternatives grows, competition intensifies, with companies striving to position themselves as leaders in the lab-grown diamond market.

Lab-Grown Diamonds Industry News

In January 2021, A contract was struck by SP3 Diamond Technologies and MAPAL for the delivery of diamond coatings. The first coating that SP3 Diamond Technologies successfully supplied to the company was the OptiMill- Composite- Speed- Plus coating.

(Source: https://mapal.com/en-int/a/sp3-diamond-coatings)

Top Companies Market Share in Lab Grown Diamonds Industry: (In no particular order of Rank)

• Diamond Foundry Inc.
• Henan Huanghe Whirlwind CO. Ltd.
• New Diamond Technology LLC
• ABD Diamonds Pvt. Ltd.
• Mittal Diamonds
• Diam Concept
• De Beers Group
• WD Lab Grown Diamonds
• Swarovski AG
• Clean Origin LLC.
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional analysis of the Lab Grown Diamonds Market

Which region will dominate the Lab Grown Diamonds market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The combination of strong consumer awareness, a mature jewelry market, and a growing emphasis on ethical and sustainable practices. Consumers in North America increasingly appreciate lab-grown diamonds for their physical and chemical properties that are identical to mined diamonds, coupled with reduced environmental impact.

Which is Expanding at the Fastest CAGR?

Europe, on the other hand, emerges as the fastest-growing region in the Lab Grown Diamonds market. The European market experiences accelerated growth due to the rising trend of sustainable and ethical consumption, aligning with the region's environmentally conscious consumer base. Increased marketing efforts and stringent regulations emphasizing responsible sourcing further contribute to the surge in demand for lab-grown diamonds.

The current report Scope analyzes Lab Grown Diamonds Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Lab Grown Diamonds Market

According to Cognitive Market Research, the global Lab Grown Diamonds market size was estimated at USD 22514.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 9005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031. North America is witnessing significant growth, driven by the region's increasing preference for sustainable and ethically sourced diamonds. With a strong awareness of environmental impact, consumers in North America are turning to lab-grown diamonds as a responsible alternative to mined diamonds. The dominating segment in the market includes engagement rings, as lab-grown diamonds gain popularity for their ethical and affordable attributes.

In conclusion, the North American Lab Grown Diamonds market reflects a shift in consumer values towards sustainability and ethical sourcing. The dominating segment underscores the rising demand for lab-grown diamonds in the engagement ring market. As the awareness of environmental concerns continues to grow, the market is expected to thrive, presenting opportunities for sustainable and innovative practices in the diamond industry in North America.

• According to Cognitive Market Research, the US had a major share in the lab-grown diamonds market, with a market size of USD 7105.48 million in 2024, projected to grow at a CAGR of 8.6% during the forecast period. In the US, the Lab-Grown Diamonds market is driven by ethical considerations, sustainability concerns, and growing consumer demand for eco-friendly alternatives.
• The Canada Lab Grown Diamonds market had a market share of USD 1080.68 million in 2024 and is projected to grow at a CAGR of 9.6% during the forecast period. In Canada, the Lab Grown Diamonds market is driven by eco-conscious consumer choices, ethical considerations, and a desire for sustainable luxury.
• The Mexico Lab Grown Diamonds market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 819.52 million in 2024.

Europe Lab Grown Diamonds Market

According to Cognitive Market Research, with a market value of USD 22514.2million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 6754.26 million. In Europe, the Lab lab-grown diamonds market is gaining prominence as consumers prioritize ethical and sustainable choices. The dominating segment includes lab-grown diamonds for jewelry, driven by environmental consciousness and the desire for conflict-free gems. The European market reflects a shift towards responsible consumption, impacting the diamond industry. In conclusion, lab-grown diamonds meet the growing demand for sustainable luxury, fostering a more transparent and ethical European diamond market.

• The United KingdomLab Grown Diamonds market had a market share of USD 1134.72 million in 2024 and is projected to grow at a CAGR of 9.9% during the forecast period. In the UK, the Lab Grown Diamonds market is driven by ethical and sustainable practices, growing consumer awareness, and environmental consciousness.
• The French Grown Diamonds market is projected to grow at a CAGR of 8.3% during the forecast period, with a market size of USD 621.39 million in 2024.
• According to Cognitive Market Research, the Germany Lab Grown Diamonds market size was valued at USD 1337.34 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. In Germany, the Lab-Grown Diamonds market is driven by sustainability awareness, ethical sourcing, and the desire for eco-friendly luxury alternatives. 
• The ItalyLab Grown Diamonds market is projected to grow at a CAGR of 8.5% during the forecast period, with a market size of USD 580.87 million in 2024.
• The Russian Lab Grown Diamonds market is projected to grow at a CAGR of 8.1% during the forecast period, with a market size of USD 1046.91 million in 2024.
• The SpainLab Grown Diamonds market is projected to grow at a CAGR of 8.2% during the forecast period, with a market size of USD 553.85 million in 2024.
• The LuxembourgLab Grown Diamonds market is projected to grow at a CAGR of 9.2% during the forecast period, with a market size of USD 209.38 million in 2024.
• The PortugalLab Grown Diamonds market is projected to grow at a CAGR of 8.9% during the forecast period, with a market size of USD 141.84 million in 2024.
• The GreeceLab Grown Diamonds market is projected to grow at a CAGR of 81.05% during the forecast period, with a market size of USD 9.4 million in 2024.
• The Rest of Europe's grown Diamonds market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 1046.91 million in 2024.

Asia Pacific Lab Grown Diamonds Market

According to Cognitive Market Research, the global Lab Grown Diamonds market size was estimated at USD 22514.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 5178.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031. In Asia Pacific, the Lab-Grown Diamonds market is witnessing significant growth driven by increasing consumer awareness of sustainability and ethical concerns. The dominating segment includes jewelry and industrial applications, with a rising preference for lab-grown diamonds due to their eco-friendly and conflict-free attributes. The region's thriving jewelry industry and a shift towards responsible consumption contribute to the market's expansion. In conclusion, Asia Pacific's Lab-Grown Diamonds market reflects a growing emphasis on ethical and sustainable practices, influencing consumer choices favoring lab-grown diamonds in the jewelry and industrial sectors.

• According to Cognitive Market Research, the China Lab Grown Diamonds market size was valued at USD 2330.22 million in 2024 and is projected to grow at a CAGR of 12.1% during the forecast period. In China, the Lab Grown Diamonds market is driven by increasing environmental awareness, technological advancements, and ethical considerations in diamond consumption.

• The JapanLab Grown Diamonds market is projected to grow at a CAGR of 11.1% during the forecast period, with a market size of USD 714.60 million in 2024.
• The Indian Lab Grown Diamonds market had a market share of USD 621.39 million in 2024 and is projected to grow at a CAGR of 14.4% during the forecast period. 
• In India, the Lab Grown Diamonds market is driven by sustainability, ethical sourcing, and increasing demand for eco-friendly and conflict-free gems.
• The South Korean Lab Grown Diamonds market is projected to grow at a CAGR of 11.7% during the forecast period, with a market size of USD 517.83 million in 2024.
• The Australian-grown diamonds market is projected to grow at a CAGR of 12.3% during the forecast period, with a market size of USD 269.27 million in 2024.
• The South East AsiaLab Grown Diamonds market is projected to grow at a CAGR of 13.6% during the forecast period, with a market size of USD 357.30 million in 2024.
• The Rest of the Asia PacificLab Grown Diamonds market is projected to grow at a CAGR of 12.4% during the forecast period, with a market size of USD 367.66 million in 2024.

South America Lab Grown Diamonds Market

According to Cognitive Market Research, the global Lab Grown Diamonds market size was estimated at USD 22514.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 1125.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031. In Latin America, the Lab Grown Diamonds market is witnessing growth driven by environmental consciousness and ethical considerations. The dominating segment includes consumer preferences for sustainable and conflict-free diamonds. Lab-grown diamonds, cultivated using advanced technological processes, are gaining traction as a responsible alternative. The region's embrace of eco-friendly practices contributes to the market's expansion. In conclusion, the Latin American Lab Grown Diamonds market reflects a shift towards ethical consumer choices, with the dominating segment emphasizing sustainability, offering prospects for continued growth in the region.

• According to Cognitive Market Research, the Brazil Lab Grown Diamonds market size was valued at USD 481.80 million in 2024 and is projected to grow at a CAGR of 10.6% during the forecast period. 
• In Brazil, the Lab Grown Diamonds market is driven by eco-conscious consumer preferences, sustainable practices, and a desire for ethical sourcing.
• The Argentina-grown diamonds market had a market share of USD 189.12 million in 2024 and is projected to grow at a CAGR of 10.9% during the forecast period. In Argentina, the Lab-Grown Diamonds market is driven by environmental consciousness, ethical considerations, and the growing demand for sustainable luxury.
• The ColombiaLab Grown Diamonds market is projected to grow at a CAGR of 9.8% during the forecast period, with a market size of USD 100.19 million in 2024.
• The PeruLab Grown Diamonds market is projected to grow at a CAGR of 10.2% during the forecast period, with a market size of USD 92.31 million in 2024.
• The ChileLab Grown Diamonds market is projected to grow at a CAGR of 10.3% during the forecast period, with a market size of USD 81.05 million in 2024.
• The Rest of the Latin America-grown diamonds market is projected to grow at a CAGR of 9.1% during the forecast period, with a market size of USD 181.24 million in 2024.

Middle East and Africa Lab Grown Diamonds Market

According to Cognitive Market Research, the global Lab Grown Diamonds market size was estimated at USD 22514.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 450.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.3% from 2024 to 2031. In the Middle East and Africa (MEA), the Lab Grown Diamonds market is growing due to increased environmental consciousness and ethical considerations. Lab-grown diamonds serve as sustainable alternatives. The dominating segment in MEA includes applications in jewelry and industrial uses. As MEA consumers increasingly value responsible and conflict-free diamonds, lab-grown diamonds gain prominence. In conclusion, the MEA Lab Grown Diamonds market reflects a shift towards sustainable practices, with jewelry and industrial sectors embracing synthetic diamonds for their ethical and ecological benefits, shaping the region's contribution to the global lab-grown diamond industry.

• According to Cognitive Market Research, the GCC Countries Lab Grown Diamonds market size was valued at USD 192.72 million in 2024 and is projected to grow at a CAGR of 11.1% during the forecast period. In GCC countries, the Lab Grown Diamonds market is driven by sustainability trends, ethical considerations, and a preference for eco-friendly luxury.
• The EgyptLab Grown Diamonds market is projected to grow at a CAGR of 10.6% during the forecast period, with a market size of USD 47.28 million in 2024.
• The South AfricaLab Grown Diamonds market is projected to grow at a CAGR of 11.3% during the forecast period, with a market size of USD 71.14 million in 2024.
• Sustainability awareness, ethical considerations, and an increasing demand for eco-friendly alternatives drive South Africa's Lab Grown Diamonds market.
• The TurkeyLab Grown Diamonds market is projected to grow at a CAGR of 9.8% during the forecast period, with a market size of USD 38.72 million in 2024.

Lab Grown Diamonds Market Analysis

Lab Grown Diamonds Market Manufacturing Method Segment Analysis

HPHT diamonds are created by mimicking the high-pressure and high-temperature conditions present in the Earth's mantle, where natural diamonds form. This process involves subjecting a diamond seed to extreme pressure and temperature, allowing carbon atoms to crystallize and form a diamond. HPHT lab-grown diamonds are known for their exceptional hardness and are often used in industrial applications, including cutting tools and abrasives.

On the other hand, CVD diamonds are produced through a chemical vapor deposition process. In this method, a carbon-rich gas is ionized, and carbon atoms are deposited layer by layer on a substrate, forming a diamond. CVD diamonds are prized for purity and are commonly used in gemstone jewelry.

• HPHT
• CVD

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Lab Grown Diamonds Industry. Request a Free Sample PDF!

Lab Grown Diamonds Market Nature Segment Analysis

Colorless Lab Grown Diamonds, often sought for their classic and timeless appeal, cater to traditional preferences resembling natural diamonds. These diamonds are typically used in various jewelry applications, including engagement rings and classic diamond accessories. The Colorless segment holds a significant market share, driven by the demand for diamond alternatives that closely mimic natural diamonds' visual and chemical properties.

In contrast, the Colored Lab Grown Diamonds segment encompasses various hues, offering a spectrum of colors such as pink, yellow, blue, and green. Colored lab-grown diamonds appeal to consumers seeking unique and customized jewelry pieces. This segment is gaining popularity for its eco-friendly and sustainable attributes while providing various colors to meet diverse aesthetic preferences.

• Colorless
• Colored

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Lab Grown Diamonds Size Segment Analysis

The 2-4 carat segment caters to consumers looking for mid-sized lab-grown diamonds, balancing carat weight and affordability. This segment is popular for engagement rings and other jewelry, offering a sweet spot for those seeking a significant diamond without the higher price associated with larger stones.

Conversely, the Above 4-carat segment targets consumers desiring larger, more extravagant lab-grown diamonds. These diamonds are often chosen for high-end jewelry and special occasions, where a larger carat size is a key consideration.

• 2-4 carat
• Above 4 carat
• Below 2 carat

Lab Grown Diamonds Application Segment Analysis

In the Fashion segment, lab-grown diamonds are gaining popularity as ethical and sustainable alternatives to mined diamonds. They cater to the growing consumer demand for environmentally conscious and socially responsible jewelry. Lab-grown diamonds in the fashion industry are utilized in various jewelry pieces, including engagement rings, earrings, and necklaces. Their appeal lies in their ethical sourcing, competitive pricing, and identical physical and chemical properties to natural diamonds.

In the Industrial segment, lab-grown diamonds find applications in various industries, including technology, electronics, and manufacturing. These diamonds are valued for their hardness, thermal conductivity, and optical properties, making them ideal for cutting, grinding, and drilling tools. Their utilization in industrial processes offers advantages in terms of efficiency and sustainability, with reduced environmental impact compared to traditional diamond mining.

• Fashion
• Industrial

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

LinkedIn

Profile

• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
• Proficient in secondary research and familiar with all paid research databases
• Proficient in primary research and handling client queries through mails and calls
• Expertise in statistical techniques used in data forecasting, possess strong grip on all aspects of market engineering & data analysis
• Expertise in checking feasibility of projects based on Request for Proposal (RFPs) of clients
• Acquainted with entire process of report writing- Title Analysis, TOC Building, Search Engine Optimization, TOC Freezing, Writing Reports, Market Engineering, Scheduling Primaries, Directory of Key Industry Participants (DKIP), Drafting “Press Articles/Summary/Report Description/Analyst Briefing” used for making marketing collaterals 
• Gained team-work skills in coordinating with the sales teams for business development and meeting needs of a variety of clients hand-in-hand with promoting sales.

Author's Conclusion