The global market for lab-grown diamonds can reach $44.5 billion by 2032, growing by almost $17 billion over seven years from the current $27.7 billion, according to the forecast by Coherent Market Insights (CMI), a global market intelligence and consulting organization based in India.
The forecast assumes a compound annual growth rate of 7%, which is due to the expansion of industrial use of lab-grown diamonds (LGD) and growing consumer demand for such stones in the fashion and luxury goods sectors.
According to the study, polished synthetic diamonds will continue to dominate sales, occupying 65% of the market share in 2025. The significant growth will come from industrial applications including cutting, drilling, grinding and polishing, mainly in the automotive, aerospace, electronics and mining industries.
Synthetic diamonds are gaining popularity as a preferred alternative to natural stones due to their consistent quality, availability and reduced environmental impact. In the hard metal processing industry, cutting tools made of polycrystalline diamonds (PCD) are rapidly being adopted. In oil exploration and mining, synthetic diamonds are replacing natural stones in drilling equipment due to their resistance to extreme conditions.
Up to 40% of global demand will come from North America, which is currently the market leader, already this year. However, over the next seven years, this share is expected to shift to the Asia-Pacific region, which is already showing high growth rates due to rapid industrialization and rising disposable incomes in emerging economies. According to CMI, the future trajectory of synthetic diamonds will be driven by two sectors: the luxury jewelry market, where LGDs are already gaining widespread consumer acceptance, and the industrial segment, where superabrasives are increasingly being used. Together, these factors are driving robust long-term growth for the synthetic diamond market.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
