Lab-Grown Diamonds Are Surpassing Expectations
In 2020 the lab-grown diamond industry experienced an unprecedented increase. Before the worldwide pandemic a diamond industry analyst Paul Zimnisky forecasted that the lab-grown diamond jewelry market would be valued at $14.9 billion by 2030. However, recent research shows that this number may easily be surpassed.
According to “Lab-Grown Diamonds Market… Analysis and Industry Forecast, 2021-2030” the global lab-grown diamond market size was valued at $19.3 billion in 2020. The report was published by Allied Market Research earlier this month and shows the numbers that hardly anyone could have predicted even a couple of years ago. While this massive value indicates the whole market worth, including the diamonds used for industrial purposes, nearly one third of it is supposed to be related to the gem-quality diamonds. This is a huge increase from the lab-grown diamond jewelry market worth of $1.9 billion that was estimated in 2018-2019.
This leap in such a short time is not surprising, considering the growing customers’ awareness and interest, retailers’ acceptance and affordability that attracts consumers in the harsh economic environment. Still, it’s very reassuring. With lab-grown diamond rings only becoming trendier this engagement season, the numbers are bound to go higher. Allied Market Research projects that the global lab-created diamonds market will reach $49.9 billion by 2030.
This projection has a rather optimistic basis. While the stones below 2 carat will continue to be the most desirable category of lab-grown diamonds throughout the 2020s, the share of the sales of the bigger gemstones is supposed to increase. And this is one of the most significant factors for the estimated numbers that the report gives. More and more customers are expected to buy jewelry with lab-grown diamonds weighing over 2, 3, or 4 carats, which can keep the man-made gems relevant for a higher-end segment with higher margins and costs of deals.
It seems like there won’t be any complete diversification of the markets between lab-grown and mined diamonds, despite the many predictions given by the mined industry representatives. According to The Global Diamond Industry Report for 2020-2021 by Bain & Company, the conservative long-term scenario is that “lab-grown diamonds will focus on both mass and premium segments and a less-distinct target audience”. That means that more and more customers of different backgrounds, ages, and with different buying habits will be purchasing lab-grown diamond jewelry pieces.
In 2019’s Lab-grown Diamond Jewelry Market Forecast, Paul Zimnisky predicted that the man-made stones will have 10% of market share of the gem-quality diamonds by 2030. Then it was considered a rather bold prediction, but new numbers allow us to suggest that this share may be even bigger. We at LaBrilliante are excited to see how the lab-grown diamonds market will continue to develop. And as our partners continue to multiply, we’re happy to share our excitement with them.
