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Lab Grown Diamonds Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033
Lab Grown Diamonds Market Demand
According to The Business Research Company's, The lab grown diamonds market size has grown rapidly in recent years. It will grow from $23.3 billion in 2023 to $25.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to rise in demand for jewellery, adoption of lavish lifestyle, demand for cvd methods, demand for diamonds, disposable income.
The lab grown diamonds market size is expected to see strong growth in the next few years. It will grow to $35.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing laser technology, increase in adoption of fashion and jewelry, rising consumer adoption, demand for synthetic stones, economic growth. Major trends in the forecast period include advanced developments, product innovation, cvd technology, laser technology, increase in collabrations.
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Market Drivers and Trends:
A rise in demand for diamonds is expected to propel the lab-grown diamond market going forward. Diamonds are precious gemstones with carbon atoms arranged in a crystal lattice structure. Lab-grown diamonds offer several practical uses and advantages across various industries, such as jewelry manufacturing, electronics, and healthcare. For instance, in January 2021, according to Alrosa, a Russia-based diamond mining company, sales of raw and polished diamonds brought in a total of $4,169 million; rough diamond sales brought in $3,977 million; and polished diamond sales brought in $192 million. Therefore, the demand for diamonds is driving the lab-grown diamond market.
Major companies operating in the lab-grown diamonds market are focused on developing innovative products, such as colored lab-grown diamonds, to strengthen their position in the market. Colored lab-grown diamonds are created through artificial processes in a laboratory setting and possess various colors due to certain trace elements, radiation, or other treatments during their formation. For instance, in August 2023, Cullen Jewellery, an Australian-based company specializing in fine jewelry, introduced its first-ever colored lab-grown diamonds collection, 'Love in Colour,' featuring pink, yellow, and blue shades. The latest collection beautifully enhances the brand's current inventory of colored moissanite gemstones that have earned the Radiant Beauty certification, a symbol of excellence.
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Major Key Players of the Market:
Major companies operating in the lab grown diamonds market report are De Beers Group, Swarovski AG, Henan Huanghe Whirlwind Co. Ltd., Diamond Foundry Inc., Chatham Created Gems, New Diamond Technology (NDT), MiaDonna, IIa Technologies, Washington Diamonds Corporation, Clean Origin LLC., WD Labs, Apollo Diamond Inc., Ada Diamonds, ABD Diamonds Pvt. Ltd., ALTR Created Diamonds, Scio Diamond Technology Corporation, Diam Concept, Applied Diamond Inc., Mittal Diamonds, Pure Grown Diamonds, Renaissance Diamonds, M7D Corporation, Taidiam Technology, BDI - Brevard Diamonds Inc., AOTC Group, Fenix Diamonds, Tolkowsky Diamonds, EcoStar Diamond, Tairus Created Diamonds
Lab Grown Diamonds Market 2024 Key Insights:
• The lab grown diamonds market is expected to grow to $35.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Diamond Sales Surge Propels Growth In The Lab-Grown Diamonds Market
• Lab-Grown Diamond Companies Introduce Colored Collections To Elevate Market Presence
• Asia-Pacific was the largest region in the lab grown diamonds market in 2023
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