According to research reports the global lab-grown diamonds (LGD) market size was valued at $22.2 bn in 2021, and is projected to reach $55.5 bn by 2031, registering a CAGR of 9.8% from 2022 to 2031.
Diamonds are heavily used in the industrial sector and mechanical engineering operations in tools such as saws, drills, polishers, and cutters.
Lab-grown diamonds with added boron have semiconductor-like properties that can exceed traditionally used silicone and replace silicone as a major component in electronics.
Research is being conducted to check the usability of diamonds in the medical field in the form of components in prosthetics and high-precision surgical equipment.
Techniques for growing diamonds in labs and factories were first invented in the 1950s, in the form of HPHT. CVD technology of creating diamonds was invented in the 1980s, and further innovation in diamond manufacturing technology led to the creation of techniques for making diamonds that were bigger and could reach sizes of 10 carats and more.
Due to Covid, disruption in the supply chain across China and later from India negatively impacted the market, as these countries are the top exporters of lab-grown diamonds across the world. Nevertheless, the market is expected to gain high momentum in the upcoming years.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
