According to a report published by Allied Market Research, the lab grown diamonds market size was valued at $22.3 bn in 2021, and is estimated to reach $55.6 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031.
Use of lab grown diamonds in the creation of jewelry has increased significantly. Many companies are including lab grown diamond jewelry as a cost-effective alternative to naturally mined diamond jewelry. Lab grown diamonds are available in a myriad of shapes and sizes, which provide multiple avenues to use them effectively.
The global lab grown diamonds market is segmented on the basis of manufacturing method, size, nature, application, and region. Based on the manufacturing method, the CVD segment held the major share of the market in 2021. Based on nature, the colorless segment held 71.2% of lab grown diamonds market share in 2021, and based on the size, the below 2-carat segment held the major share of the market in 2021.
Based on application, the fashion segment held the major share of the market in 2021. Lab grown diamonds are heavily used in the fashion industry for the creation of different types of unique jewelry pieces and jewelry sets. Colorless, as well as colored diamonds, are used in jewelry made with silver, gold, platinum, tungsten, and other types of metals.
Based on region, the Asia-Pacific region held the major share of the market in 2021. Asia-Pacific is one of the largest producers of lab grown diamonds in the world. China is the top country in terms of lab grown diamond production and export, while India is set to become a major hub of lab grown diamonds in the world.
The Asia-Pacific market is growing significantly, owing to improvements in living standards and rise in disposable income, thereby leading customers to adopt a lavish lifestyle, which is also driving the lab grown diamonds market growth in the region.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
