Stable Lab-grown Diamond Market Is A Reality
While the customers’ demand for lab-grown diamonds and the overall sales have drastically increased over the past several years, there is one aspect of the market that has been on decline. The decrease of average man-made diamond price remained the only reason that is keeping some jewelers from starting offering these stones in their stores. However, according to The National Jeweler, it could change rather soon.
Data from several diamond marketplaces suggests that the prices have actually increased during the first quarter of 2024. This trend may become the starting point of pricing stabilization, according to the magazine. Along with the strong and ever-increasing demand, it shows the industry fully being embraced by the mainstream. High acceptance of gemstones from the larger carat weight segments shows that shoppers are getting bolder with their choices. At the same time, popularization of fashion jewelry with lab diamonds only adds to the overall customers’ awareness of the product. Growing awareness, demand and the sales will certainly lead to the settling of the price points, as more and more lab-created gems will be getting sold worldwide.
Recent report by Allied Market Research confirms this sentiment, as it predicts the lab-grown diamonds market to reach $59.2 billion by 2032, growing at a 9.6% CAGR. This is a big leap for the industry that was valued at $24 billion globally in 2022. While some diamond dealers may think that such growth is only connected to the rapid transition into the fashion jewelry segment, this is not the case. As the growing technology advances, there are more large or exclusive lab-grown diamonds appearing in the market, such as 40 carats polished Round and Emerald cuts. Although they will become more available for a general customer, they will likely remain to be considered high-end and only be used for exceptional fine jewelry items. It is highly probable that man-made diamonds will not be alienated from this segment, and at the same time they still could take over fashion jewelry. This type of product is forecasted to be successful with both types of customers’ demographic after all.
Whether it's everyday stud earrings, or one-of-a-kind lab-grown diamonds, LaBrilliante has it all. We continue to cherish every customer and work on improving our services, and we invite you to join us and help grow the LGD market together. The future seems brighter than ever!
