Lab-Grown Diamond Market Is In Store For A New Boost
Global market of lab-created diamonds became a subject of two newest reports published over the last week by Allied Market Research and Fortune Business Insights. According to the data, it is expected to grow over even some bold predictions of the last year. Both reports titled “Lab-Grown Diamonds Market” are focused on forecasting the changes in the worldwide demand and supply of man-made stones throughout the 2030.
The reports evaluate the global lab-grown diamond industry at 21.2 billion dollars and project the growth to 49.9 billion dollars by 2030. While the COVID-19 pandemic and the conflicts in Eastern Europe that disrupt the mined diamond supply chain are considered significant factors for such an increase, the rising demand for sustainable products of the highest quality in the jewelry industry seems to be the main driving force. The category of manufactured gemstones weighing 4 carats and more is predicted to peak the most, due to the affordable prices.
The key jewelry retail players are reflecting the reports’ predictions. More and more famous brands start to apply lab diamonds in their collections. With Pandora and Jean Dousset switching to man-made gems completely, and high-end brands like LMMH, Tag Heuer, and Breitling starting to invest in manufactured gems, young entrepreneurs that come from the jewelry industry are launching new lab-created diamond brands. The latest successful example is Idyl, a brand that emerged from the legacy of the Antwerp-based diamond dynasty and is highly endorsed by celebrities like Eva Longoria.
While the United States is the main market for the lab stones, the rest of the world is expressing their rising demand. European and Asian countries are expected to become significant markets no later than 2027, as their bridal category’s value alone should reach 39.7 billion dollars. The 2023 Research and Market reports say that 9.13 million carats of lab-grown diamonds were produced in 2022, and it still is not nearly enough to fulfill the complete demand. This demand for affordable, high-quality sustainable jewelry is what most young consumers express.
According to Eddie LeVian, legacy jeweler and CEO of high-end brand Le Vian that has Rihanna, Jennifer Lopez and Taylor Swift among its clients, the masses want but cannot afford the natural diamonds, so the world has no choice but to adapt and offer affordable alternatives with the same chemical composition. And as long as this demand from the consumers is not going away, the future shines for lab-grown diamonds.
