The global lab grown diamond market size was valued at USD 22.79 billion in 2023. The market is projected to grow from USD 25.89 billion in 2024 to USD 74.45 billion by 2032, exhibiting a CAGR of 14.11% during the forecast period of 2024-2032.
Manufactured through CVD or HPHT methods, lab grown diamonds offer controlled quality and are created in just a few months, contrasting with the long formation time of natural diamonds. The manufacturing of such products consumes limited electricity, which can come from renewable resources, and involves no harmful chemicals. This energy-efficient process appeals to environmentally aware buyers, boosting product demand.
Get A Free Sample Research Report PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/lab-grown-diamond-market-110569
List of Key Players Mentioned in the Report:
Segmentation:
HPHT Segment Dominated owing to Preferred HPHT Method
As per manufacturing method, the market is divided into CVD and HPHT. In 2023, the HPHT segment held the key lab grown diamond market share. HPHT is favored for producing superior diamonds due to its similarity to natural diamond creation, resulting in enhanced clarity and color compared to CVD.
Up to 2 Carat Segment Dominates due to their Affordability
As per size, the market is fragmented into up up to 2 carat, between 2 & 4 carat, and above 4 carat. The up to 2 carats segment dominates the market due to their affordability and popularity in wedding and engagement rings, which are favored for their daily wearability and manageable size.