Lab-grown diamond sales volume to exceed that of natural diamonds in future – analyst

Although lab-grown diamonds only represent a mid-single-digit percentage of the global diamond jewellery market at the moment, they will in the future exceed natural diamond sales in volume terms, according to a market analyst.
“I think we will get to the point where man-made diamond sales will exceed natural diamond sales in volume at some point in the future,” independent diamond market analyst Paul Zimnisky told Rough&Polished in an exclusive interview that will be published soon.
“But I think by the time we get to that point prices will be even lower and the chasm in consumer perception between natural and man-made diamonds will be much greater.”
He said diamond simulants, for example, CZ-cubic zirconia, white sapphire, moissanite, YAG -Yttrium aluminum garnet, had exceeded natural diamond sales by volume for years and the natural diamond industry is still an $80 billion industry that is still growing. 
“So, it’s not necessarily a zero-sum game,” said Zimnisky. 
He said consumers that are currently buying synthetic diamonds are doing so primarily because of the much lower price point.
“Being able to buy a diamond for 75% less than a traditional natural diamond is novel,” said Zimnisky.
The U.S. was the first consumer market targeted with man-made diamonds as it is the largest diamond jewellery market in the world at almost 50%. 
However, more lab-grown diamonds are being marketed all over the world.  

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished