Synthetic Diamond Market

Synthetic Diamond Market Size

The global synthetic diamond market size was estimated at USD 25.9 billion in 2024 and is estimated to grow at 5.1% CAGR from 2025 to 2034. The rise in popularity of lab-grown diamonds is accelerating. This growth is captured not only from natural diamond sales, but also from filling voids that natural diamonds leave behind.

One of the largest applications of natural diamonds lies in jewelry. However, unlike their natural counterparts, synthetic diamonds have additional applications which include electronics. The electronics sector is one of the most promising sectors that can use lab-grown diamonds due to their unique properties, making them ideal for next generation electronic semiconductors.

From 2021 to 2032 the diamond industry had a value of USD 94.3 billion in 2021, with a projected estimate of 139.9 billion by 2032. The semiconductor industry is a promising industry. From 2022, the semiconductor industry value was USD 573.4 billion with a projection value of USD 1.3 trillion in 2029. This Midwest is accompanied by an astonishing CAGR of 12.2%. Lab-grown diamonds have certain very significant benefits compared to older silicon semiconductors.

With the advancement in AI, Quantum Computing, IoT, Autonomous Vehicles, and the metaverse, the demand for artificial diamonds in the semiconductor industry is expected to increase.

Synthetic Diamond Market Trends

• The Ethical Appeal of Synthetic Diamonds: One reason which might explain the increased consumption of diamonds looms over the ethical and environmental concern. Unlike traditional mined diamonds, Synthetic diamonds do not need any environmentally degrading mining practices and have a significantly lower impact on the ecosystem. There is also the fact that consumers appreciate the ‘diamond is traced’ phenomenon in which customers confirm the origin and production processes from the supplier.
  
• Advancements in Science and Technology: The advancement of science and technology have changed the paradigm for the manufacture of laboratory created diamonds, therefore making them more appealing in terms of quality and price. Chemical Vapor Deposition (CVD) and High-Pressure High-Temperature (HPHT) are two of the most important technologies that contributed to this change.
  
• Emerging Trends in Fashion and Designing: The changing fashion and design of jewelry created by including lab-grown diamonds change the whole perspective of the jewelry market, as well as the perspective of new modern trends. More and more sophisticated and intricate jewelry is created by designers using lab-grown diamonds and target fashion enthusiasts. New borders in diamond jewelry design are being opened thanks to the cooperation of jewelry design with IT companies.
  
• New regulation milestone: By 2025, it is anticipated that there will be further interest in issuing regulations, which will assist market regulators in having a clearer framework.
  
• Competitive Pricing: The introduction of new competitors into the market features lower prices now available at 40-50 % less than the original stones. The cost of lab grown diamonds has also dramatically reduced, as it only costs a fraction nowadays, roughly 25% of its cost in 2020. This change signifies a positive shift in the attitude of the consumers regarding adopting engagement rings which indicates a more permissive attitude to spending on these goods.
  

Synthetic Diamond Market Analysis

In 2024, synthetic diamond is segmented into polished, and rough type by their product type. Due to polished diamond most of the growth is driven and market registered USD 25.9 billion from USD 20 billion in 2020. Market value for rough diamond is accounted for USD 15 billion in 2024 and anticipated to rise till staggering value of USD 24.8 billion till 2034. Among which rough segment accounted for 58% of total market owing to their higher demand in international markets.

• The market for polished diamonds is propelled by the increasing interest and demand from consumers in the engagement rings, fine jewelry, luxury accessories, and watch segments. The global wedding services market is growing due to increasing disposable income, evolving consumer preferences, and a desire for more personalized celebrations with diamonds. These diamonds is likely to outpace rough diamonds in growth rate due to their exclusivity, despite being 30-40% more expensive.
  
• The market for rough diamonds provides the building blocks of the whole diamond business, since it sells rough stones to polishers and jewelers. It is estimated that global wedding market to hit USD 429.56 Billion by 2030 and India wedding industry grew by more than 14% from 2023 to 2024.
  

Within the year 2024, the synthetic diamond market in Manufacturing Process is predominantly subdivided into High-Pressured, High-Temperature (HPHT), and Chemical Vapor Deposition (CVD). Dominating the market are Chemical Vapor Deposition (CVD) along with other HPHT methods, which are on the rise outpacing by 5.2% the growth of offline stoits counterparts.

• While the adoption of HPHT method CVD continues to grow due to importance placed on electronics and high powered tools, this method has also become important for industrial use. The development of technology that controls pressure, is improving the quality of crystals, making HTHP diamonds more competitive in the industrial and jewelry markets.
  
• The advance in CVD techniques for lab grown diamonds needed in quantum computing and thermal control power, is aiding in the booming growth of defect free diamonds for the semiconductor and optical industries.
  

Based on application, the synthetic diamond market is categorized into jewellery, industrial, electronics, medical and others Industrial application accounted for 39% market share in 2024 and is projected to grow through 2034.

• The jewelry segment remains the fastest growing in the synthetic diamond industry registering a 5.6% CAGR and accounting for 29% of the total market in 2024. The demand is supported from North America and Asia Pacific regions because of growing consumer’s preference shifted to purchasing synthetic diamonds owing to its lower price and environmentally friendly nature.
  
• The industrial sectors like cutting tools and abrasives continue to dominate the market for synthetic diamonds. the Abrasive Tools Market Size was estimated at USD 50.88 Billion in 2024. The electronics and medical sectors are also growing very fast by using synthetic diamonds for heat conductors and precision instruments. Newer areas such as optics and aerospace are also seeking other possibilities, and this can increase the scope of market expansion even more.
  

Asia Pacific recorded an impressive revenue of USD 9 billion in 2024 and is forecasted to achieve USD 14.9 billion in 2034. The Asia Pacific region is a global leader because of its strong manufacturing base and considerable industrial needs.

• China is the foremost player in the synthetic diamond market among the Asia Pacific countries. This is due to the fact China has more than adequate research facilities and makes significant investment into R&D. The marketing China holds for industrial grade diamonds also strengthens its position. China's primary strength comes from its inhouse manufacturing capacity, which is supplemented by the extensive plants it has to produce synthetic diamonds.
  
• China is likely to account for USD 6.3 bn sales in 2024 and continued rising from USD 5.4 bn in 2022 to USD 5.9 bn in 2023. China's number of marriages are expected to drop below 6.6 million by 2024, less than half of what was recorded in 2019. Therefore, this makes China one of the largest consumers and markets for this diamond, however, in comparison to the rest of the Asia, the growth is expected to be lower.
  

U.S. is the second largest market for global synthetic diamond in 2024. The revenue in the U.S. synthetic diamond market was branched to USD 5.3 billion in 2024 and is predicted to rise to USD 9.1 billion by 2034. U.S. will most likely face steady growth and expansion in the jewellery segment and stagnation in the industries segment.

• The expansion of the US market for lab-grown diamonds is becoming more evident due to higher accessibility, awareness, and sustainability consciousness. A jewelry segment continues to lead in consumption, with lab-grown diamonds increasing their share due to their lower prices. Retailers are further increasing their stocks of synthetic diamonds to cater for millennials and Gen Z consumers who buy for ethical reasons.
  
• Other emerging markets in the US are also growing, more so in the electronics, medical devices, and aerospace sectors. These combined industries are expected to grow 15% on average every year. The need for diamond-based semiconductors and thermal conductors is growing owing to its superiority over silicon. United States will continue to be the main adopter of innovation in these fields with further progress in HPHT and CVD technologies.
  

Synthetic Diamond Market Share

Competition within the market for lab-grown diamonds is intense. Top 5 companies in this domain includes Vibranium Lab Grown Diamonds, James Allen, Clean Origin, Blue Nile, and Diamond Foundry, who together account for over 60% of the market.

Vibranium has captured the leading position in the market owing to its advanced CVD technology, high GIA and IGI rated stockpiles, and a well-established website, which allows it to sell premium grade diamonds at affordable prices.

James Allen and Blue Nile have strong positions because of their low cost, advanced customer engagement features, 360-degree HDR digital imagery, and superior online shopping funnel. Clean Origin has distinctive brand image because of its environmentally friendly policies and generous return policies.

They build their position on the market through exclusive agreements, celebrity endorsements, and premium branding. To stay market leaders, these businesses employ innovative selling and branding strategies with the bypass of middlemen.

To enlarge market participation, major participants are implementing strategic mergers, new pricing approaches, and improved customization services. The combination of James Allen and Blue Nile has increased their operational efficiency and pricing, which led to an increase in their customer base.

Diamond Foundry aims for sustainability and high-end collaborations which fosters its luxury brand image in the business. VRAI and Clean Origin focus on the production of sophisticated optical diamonds and further expanding their range of products, allocating great resources to R&D. There is also growing activity in the selling of diamonds directly to the consumers from the manufacturers, eliminating distribution channels to cut costs.

At the same time, 12FIFTEEN and Ritani strive to impress the younger tech-savvy audience through AI customization and virtual showrooms. Overall, firms are pouring money into technology, sustainability, and digital transformation to sustain growth over the long term.

Even though lab diamonds have the same physical appearance as natural diamonds, they are not valued as much due to the ethical and sustainable benefits they offer. The diamonds in question are made with processes such as Carbon Vapor Deposition (CVD) and High-Pressure High Temperature (HPHT).

While James Allen boasts a substantial stock of diamonds and offers 360-degree high-definition images of them prior to purchase, Vibranium Lab is known not only for intricate diamond polishing but also for bespoke shopping services.

Blue Nile and Ritani dominate the online diamond industry with their high-quality products and customer service policies. Blue Nile operates with efficient processes hence making a wide variety of jewellery pieces embedded with lab-grown diamonds available at competitive prices.

Contrastingly, Ritani focuses on customization of good quality and eco-friendly ethically mined diamonds for exclusive jewellery pieces. Additionally, A Diamond Foundry and VRAI argue that there is no need for customers to be bothered about the sustainability issue of diamond manufacture since they can deliver conflict-free diamonds and also use customer engaging methods like virtual consultation.

12FIFTEEN further makes a mark by selling directly to consumers, making elimination of the middleman possible so that reasonably priced exquisite jewellery can be offered. These firms are continually shaping the landscape of the lab-grown diamond industry with their strategic partnerships, mergers, and product innovations.

Synthetic Diamond Market Companies

Some of the eminent market participants operating in the cannabis edibles industry include:

• Adamas One
• Applied Diamond
• Blue Nile
• Clean Origin
• Diamond Foundry
• Element Six UK
• Henan Huanghe Whirlwind
• Iljin Diamond
• James Allen
• New Diamond Technology
• Pure Grown Diamonds (PGD)
• Rahi Impex
• Ritani
• Sumitomo Electric Industries
• Swarovski
• Vibranium Lab
  

Synthetic Diamond Industry News

• For the first half of 2024, Sarine Technologies garnered a profit of $1 million, a 7% increase from the prior year. This was made possible through improved new recurring revenues from the services of Synthetic Diamond modules and cost reductions. Total sales fell by 8% to USD 21.9 million: a decrease of 37% in sales of traditional capital equipment was balanced by the growth of recurring revenues that, in weak markets for natural-diamond manufacturing, have risen to over 70% of total revenue.
  
• In June 2024, Ben Kovler dealt with the founding chairman of the Boston Beer Co, Jim Koch, regarding the merger negotiations. in May 2024 Andino Conseiller the CEO of De Beers Brands disclosed that additional price reductions would be introduced for lightbox lab-grown diamonds due to the decreasing wholesale prices.
  

The synthetic diamond market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Billion from 2021 – 2034 for the following segments:

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Market, By Type

• Polished
• Rough

Market, By Manufacturing Process

• High-pressure, high-temperature (HPHT)
• Chemical vapor deposition (CVD)

Market, By Application

• Jewelry
• Industrial
• Electronics
• Medical
• Other (including optics, aerospace etc)

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE