Consumer Goods

Synthetic Diamond Market is Expected to Reach USD 28.66 Billion by 2031

Apr 2024

Consumer Goods

As per the report published by 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, growing at a CAGR of 5.01% from 2024 to 2031.

As awareness of synthetic diamonds grows, there is a rising acceptance among consumers, especially the younger demographic that values sustainability and ethical concerns. This growing inclination is leading to a surge in demand for synthetic diamonds within the jewelry sector. As the younger generation becomes more mindful of the environmental and social implications of their purchases, they actively seek alternatives to conventional diamonds. Synthetic diamonds, produced using sophisticated technology, present a sustainable and ethically viable option that upholds standards of beauty or quality without compromise. This change in consumer preferences is prompting jewelry stores to diversify their product ranges and meet the escalating desire for synthetic diamonds, thus contributing significantly to a more sustainable and socially responsible future for the industry.

Additionally, manufacturers are offering more customization options for synthetic diamonds, allowing consumers to select specific characteristics such as size, color, and clarity. This trend caters to consumers seeking unique and personalized jewelry pieces. For instance, a consumer looking for an engagement ring may choose to customize a synthetic diamond by selecting a larger size, a specific shade of pink color, and high clarity to create a truly one-of-a-kind piece that reflects their personal style. This customization trend allows individuals to have more control over the design and aesthetics of their jewelry, making it a highly desirable option in the market.

Key Insights

  • By type, the polished segment registered a significant revenue share of 60.32% in 2023
  • By technique, the high-pressure or high-temperature segment registered a significant revenue share of 61.25% in 2023 
  • By nature, the colored segment is anticipated to grow at a CAGR of 5.19% over the forecast period
  • In terms of region, Asia Pacific held the largest market share of 35.65% in 2023

De Beers Group Ignite Creates Cutting-Edge Device to Verify the Smallest Diamond Sizes

November 2022: De Beers Group Ignite (‘Ignite’) introduced a cutting-edge diamond verification tool. This innovative instrument, included in the AMS collection, aims to revolutionize the verification process for small-sized diamonds, measuring from 0.001 carat to 0.0033 carat (Ø0.6 to Ø1.0mm). Automating the process and rapidly verifying up to 3,600 diamonds per hour within this size range, will significantly improve screening efficiency when dealing with a large volume of diamonds.

Technological Advancements  in Synthetic Diamonds to Fuel Synthetic Diamond Market Growth

Advances in synthesis techniques, such as Chemical Vapor Deposition (CVD) and High-Pressure High-Temperature (HPHT) methods, have significantly improved the efficiency, scalability, and quality of synthetic diamond production. These advancements have lowered manufacturing costs, increased production capacities, and expanded the range of applications for synthetic diamonds. Additionally, the increased efficiency in production has made synthetic diamonds more accessible and affordable, allowing for greater innovation and development in these fields. With their superior hardness and thermal conductivity, synthetic diamonds have become a favored choice for high-performance applications in cases where traditional diamonds may not be as readily available or cost-effective. For instance, in the aerospace industry, the advancements have allowed for the production of stronger and lighter synthetic diamond coatings for aircraft engines, enhancing fuel efficiency and reducing maintenance costs.

Customized Offerings in Synthetic Diamond to Support Synthetic Diamond Market Development

Offering customization and personalization options presents a major growth opportunity within the synthetic diamond market. Manufacturers can leverage advanced synthesis techniques to produce synthetic diamonds with specific characteristics tailored to individual customer preferences, such as size, shape, color, and clarity. Customized synthetic diamond jewelry can cater to niche markets and command premium prices. By allowing customers to participate in the design process, manufacturers can create unique pieces that truly reflect the individual's personality and style. This level of customization not only enhances the overall customer experience but also creates a sense of exclusivity and luxury.

Asia Pacific Is Expected to Dominate the Market with a CAGR of 3.60% Over Forecast Period 2024 to 2031

Based on region, the global synthetic diamond market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Asia Pacific dominated the market in 2023, accounting for a revenue of USD 6.95 billion.  

This dominance can be attributed to the significant growth of the jewelry industry in countries such as China and India, where synthetic diamonds are increasingly being used as a more affordable and environmentally friendly alternative to natural diamonds. Additionally, the rising disposable income and changing consumer preferences toward lab-grown diamonds have fueled the demand in the region. With ongoing technological advancements and increasing awareness of the benefits of synthetic diamonds, Asia Pacific is expected to continue to maintain its leading position in the global synthetic diamond industry.

Companies Focusing On Product Launches and Collaborations to Fulfill Consumer Demands

The global synthetic diamond market is fragmented with key players such as De Beers Group (Lightbox Jewelry), Bhanderi Lab Grown Diamonds, ABD Diamonds, MiaDonna & Co., CVD Diamond Inc., Labrilliante, Lab Grown Solitaire Diamond, Craft Lab Grown Diamonds, Grown Diamond Corporation, and Finegrowndiamonds.com. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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