Lab-Grown Diamond Industry Achieves Breakthrough: Over 50% Engagement Ring Market Share
The lab-grown diamond sector has crossed a historic threshold, with lab-grown stones now comprising more than half of all engagement rings purchased—the first time this milestone has been achieved. This represents a 6% year-over-year increase and a remarkable 40% surge since 2019, driven predominantly by millennial and Gen Z consumers who are reshaping the bridal jewelry landscape. The data reveals a significant shift in purchasing patterns: lab-grown engagement rings now feature average center stones of 2.0 carats compared to 1.6 carats for natural diamonds, while overall average carat weights have climbed from 1.5 carats in 2021 to 1.7 carats in 2024—demonstrating how consumers are prioritizing larger, higher-quality stones.
Global market projections paint an exceptionally strong picture, with the lab-grown diamond sector expected to reach $59.2 billion by 2032, representing a robust 9.6% compound annual growth rate from the current $24 billion valuation. North America maintains market leadership with over one-third of global revenue, while Asia-Pacific is positioned for the fastest regional expansion at 10.6% CAGR. The CVD manufacturing method has captured more than half of total market share due to superior production efficiency and exceptional purity levels. Market penetration data shows lab-grown diamonds now represent approximately 20% of the overall diamond market—a dramatic acceleration from just 1% in 2015—with industry analysts projecting this figure could reach one-third of fine jewelry sales by mid-decade.
Beyond traditional jewelry applications, groundbreaking technological developments are expanding the sector's reach into high-performance industrial markets. Recent engineering research demonstrates that nitrogen-terminated lab-grown diamond coatings reduce mineral scaling in industrial pipes by more than an order of magnitude compared to conventional treatments—opening transformative opportunities in water desalination, energy infrastructure, and industrial process optimization. China's manufacturing capacity continues rapid expansion with substantial production increases, while major industry organizations are launching blockchain-enabled diamond traceability platforms and establishing new marketing frameworks to enhance sector professionalism and consumer transparency.
The convergence of record-breaking consumer adoption, substantial market expansion forecasts, breakthrough industrial applications, and strategic infrastructure development signals that lab-grown diamonds are entering a mature growth phase with diversified revenue streams. As manufacturing technology advances and market sophistication deepens across jewelry, industrial, and emerging technology sectors, the industry is building sustainable momentum that positions stakeholders for continued success in an evolving global marketplace.
At Labrilliante, we're committed to supporting retailers and jewelry businesses with premium lab-grown diamonds that meet the highest quality standards. Explore our collections and discover how we can help you capitalize on this dynamic market opportunity.