According to The Brainy Insights,the Lab-grown Diamond market in the Asia Pacific region will increase to $20.6 billion by 2032. The market share, which is currently valued at $10.8 billion, will surge due to changes in lifestyles and values of consumers, as well as promotion by huge brands. This reflects the overall growth of the lab diamonds industry and the reasons behind it.
As one of the world’s largest producers of lab-created diamonds, China is expected to increase the supply into the Asian retail stores. The customers’ demand is already there. The number of working women continues to rise, and so does their disposable income, which many would like to spend on fashion jewelry. Continuous urbanization and development of the Asian economies will also influence the growth in jewelry sales, especially in the man-made diamond category. Smaller lab diamonds in the segments up to 2 carat weight are projected to be the most sought after. And though the revenue from a single piece may not seem big, the sheer number of expected sales will significantly boost retailers’ revenues and margins.
Lab diamonds are also forecasted to be used by many more established brands, including high-end ones. When Pandora started to push man-made gemstones a few years ago, no one could really foresee that in 2023 Prada and Fred would be using them. Still, we’re here now. Other huge jewelry retailers are predicted to jump aboard during the following decade, making lab-grown diamonds truly commonly accepted jewelry product. The angles of sustainability and availability will continue to be the main driving points for promotion, which should allow lab-grown diamonds to become the main choice of the new generation of consumers.
Growth in the Asia Pacific region will only be a part of the overall increase of the global LGD market. Another research report published by Spherical Insights focuses on the worldwide development of the CVD segment of the LGD industry. According to the forecast, the total share of CVD diamonds will grow from $12.2 Billion to $23.4 Billion by 2032. The USA will continue to dominate the sales, with India becoming the strongest exporter of CVD-grown gemstones due to the significant help from the government and spiking interest from the large producers of mined diamonds.
The fact that the lab-grown diamond industry is developing rapidly is undisputable. But it seems like nobody can really predict how rapid this development will be. The forecasts that seemed wild a few years ago, now look like old news. However, all recent reports paint a bright future for the LGD market,without an exception. And it seems that lab-grown diamonds have finally found their corner of the larger jewelry industry.