Kings Research today announced the release of its latest market intelligence study, “Global Synthetic Diamond Market: Size, Share, Trends & Forecast 2024–2031”. The report provides an in-depth analysis of market size, growth drivers, technological trends, regional outlook, and competitive dynamics.
According to Kings Research, the global synthetic diamond market was valued at USD 19.50 billion in 2023 and is projected to reach USD 28.66 billion by 2031, expanding at a CAGR of 5.01% during the forecast period. Market growth is being driven by technological advancements, rising consumer awareness, and increasing demand for sustainable and ethically sourced diamonds across jewelry and industrial applications.
Synthetic diamonds, also known as lab-grown or cultured diamonds, are produced in controlled laboratory environments using advanced techniques such as chemical vapor deposition (CVD) and high-pressure high-temperature (HPHT) methods. These diamonds have identical chemical composition, crystal structure, and physical properties as natural diamonds but are manufactured faster and more cost-effectively.
Kings Research identifies the following drivers for the synthetic diamond market
- Growing Adoption in Jewelry: Enhanced quality and affordability of lab-grown diamonds attract consumers seeking sustainable alternatives to natural diamonds.
- Industrial Applications: Synthetic diamonds are widely used in electronics, automotive, and aerospace industries for cutting, polishing, and high-performance tools. For instance, China’s electronics sector and India’s automotive manufacturing significantly contribute to regional demand.
- Technological Advancements: Innovations in CVD and HPHT methods improve efficiency, reduce production costs, and expand adoption in industrial applications.
B2B leaders in jewelry, electronics, automotive, and aerospace sectors can benefit from synthetic diamonds through
- Sustainability and Ethics: Eco-friendly alternative to mined diamonds with lower environmental impact.
- Cost-Effectiveness: High-quality diamonds at a fraction of the cost of natural diamonds.
- Industrial Efficiency: Enhanced durability and precision in cutting, polishing, and manufacturing processes.
Regional Outlook
- Asia-Pacific: Held 35.64% market share in 2023 (USD 6.95 billion), driven by electronics, automotive, and aerospace industries, strong manufacturing capabilities, and technological adoption.
- North America: Projected to grow at a CAGR of 6.40% due to advanced semiconductor manufacturing, increasing demand for high-performance electronics, and technological innovations in diamond production.
- Europe and Other Regions: Growth supported by jewelry demand, industrial adoption, and increasing awareness of sustainable alternatives.
Competitive Landscape
The global synthetic diamond market is fragmented, with companies focusing on product innovation, partnerships, mergers and acquisitions, and joint ventures to expand their market presence. Key players include MiaDonna & Co., Labrilliante, Lab Grown Solitaire Diamond, Craft Lab Grown Diamonds, and Grown Diamond Corporation.
The full Kings Research report provides detailed segmentation by product type, application, industrial and jewelry usage, and region, along with competitive benchmarking and industry forecasts. To request a sample report or access the complete study, visit https://www.kingsresearch.com/synthetic-diamond-market-535.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, enabling organizations to navigate emerging markets, assess opportunities, and make informed strategic decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible sources and industry publications. Key references include the Gemological Institute of America (www.gia.edu), International Organization for Standardization (www.iso.org), the World Diamond Council (www.worlddiamondcouncil.org), among others.