DUBLIN--(BUSINESS WIRE )--The "Global Lab Grown Diamond Market: Analysis By Manufacturing Method, By Size, By Type, By Nature, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global lab grown diamond market was valued at US$22.45 billion in 2022. The market value is forecasted to grow to US$37.32 billion by 2028.

In a strong validation of the category, the Federal Trade Commission (FTC) in the US expanded its definition of diamonds to include lab-grown in 2018 (previously referred to as synthetic), but still requires a lab-grown designation to be transparent about origin. The global lab grown diamond market is associated with manufacturing and sale of lab grown diamonds (LGD) by entities (organizations, sole traders and partnerships) to fashion, jewelry, and industrial sectors for a variety of end use applications in biotechnology, quantum computing, high-sensitivity sensors, thermal conductors, optical materials, adorned accessories, etc. The global lab grown diamond market volume was at 9.13 million carats in 2022.

The lab grown diamond market has taken off in the past 5-7 years. Factors such as rapid decline in prices, increasing consumer awareness, rising disposable income, increased sense of style and personalised fashion among millennials and gen Z, rising government restrictions on the purchase and sale of conflict diamonds and increasing applications of lab grown diamond in biotechnology, quantum computing, high sensitivity sensors, laser optics, medical equipment, etc. are expected to drive the overall market growth in the forecasted period.

The market is anticipated to grow at a CAGR of approx. 9% during the forecasted period of 2023-2028.

The global lab grown diamond market has been growing over the past few years, due to factors such as rapid urbanization, fall in prices of lab grown diamonds, increasing demand from end user industries, fast growing jewelry industry, rising demand for lab grown diamonds among millennials, etc. Positively expanding end user industries, increasing number of manufacturing activities & rapidly developing emerging economies are positively contributing towards increased demand for lab grown diamonds used for cutting, grinding, shaping, polishing, drilling and hard coatings for industrial equipment such as wire-drawing dies, quarrying saws, grinding wheels, machine tools, and mining drills etc. across a wide range of end user industries like construction, semiconductors, electronics, mining, oil and gas, precision machining, etc.

So, increasing demand from various end user industries will continue to boost the growth of global lab grown diamond market.

However, the market growth would be negatively impacted by various challenges such as complexities in manufacturing process, increased competition from naturally mined diamonds, etc. There is an increased preference for naturally mined diamonds as these diamonds are seen to be unique, rare, special and one of a kind, in comparison to lab grown diamonds that are produced in bulk and have no uniqueness or supply constraints attached to them.

Also, since there is no rarity attached to them, the value of lab grown diamonds will continue to depreciate in forecasted years, negatively impacting the resale value of these diamonds and making it more costly to upgrade them in the future, impeding the growth of lab grown diamonds in the upcoming years.

The market is projected to grow at a fast pace during the forecasted period, due to various latest trends such as increasing consumer awareness, rising sustainability concerns, advancements in lab grown diamond production technologies, etc. Artificial intelligence in lab grown diamond market is associated with providing advanced analytics, pricing, grading, and sorting technologies to simplify & streamline the real-time pricing process by analyzing market data, pricing trends, and other factors needed to provide a more accurate & updated diamond pricing estimates, making the process more efficient, convenient and effective for traders, sellers and buyers.

Lab grown diamond market has been moderately fragmented due to the presence of numerous international, regional and local vendors. In order to expand their consumer base & gain larger market share, lab-grown diamond companies have been facilitated by increased market competition to innovate, focus on improvement in company's production capacity, and establish strategic partnerships, mergers, acquisition & collaboration. The key players of the market are:

Looking around the world, more and more diamond manufacturers and diamond brands have begun to invest in the technology development, commercial production, market cultivation and marketing activities of lab-grown diamonds to tap the vast market. In 2017, Swarovski officially launched its lab-grown diamond brand Diama in North America. And, in 2021, Pandora announced that it would abandon natural diamonds and use lab-grown diamonds to produce its new brand, Pandora Brilliance.

6.1.1 Fall in Prices of Lab Grown Diamonds

6.1.2 Increasing Demand From End User Industries

6.1.5 Rising demand of Lab Grown diamonds among Millennials

6.2.2 Increased Competition From Naturally Mined Diamonds

6.3.2 Integration of Artificial Intelligence (AI)

6.3.4 Advancements in Lab Grown Diamond Production Technologies

For more information about this report visit https://www.researchandmarkets.com/r/l7ml3a

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900