Future of Jewelry: Lab-Grown Diamonds Lead Ethical Luxury Surge
The global lab-grown diamonds market was valued at USD 24.0 billion in 2023 and is projected to reach USD 59.2 billion by 2031, growing at a CAGR of 12.10% during the forecast period 2024-2031. Lab-grown diamonds are becoming an increasingly attractive choice in the luxury and fashion sectors, especially across the US and European markets, where demand is being fueled by eco-conscious consumers, affordability, and technological innovation in diamond synthesis.
The driving growth across regions is "sustainability"—a factor gaining massive importance in consumer buying decisions. In both the US and Europe, lab-created diamonds are seen not only as environmentally responsible alternatives but also as cost-effective options that do not compromise on aesthetic value or quality. These regions are experiencing a strong cultural shift, especially among Millennials and Gen Z consumers, toward ethically sourced jewelry, which has accelerated market penetration and brand differentiation.
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Key Players
- ABD Diamonds Pvt. Ltd. (CVD Diamonds, HPHT Diamonds, Polished Lab-Grown Diamonds Market)
- Adamas One Corp (Jewelry-Grade Lab-Grown Diamonds Market, Industrial Lab-Grown Diamonds Market, Fancy Colored Diamonds)
- ALTR Created Diamonds (Engagement Lab-Grown Diamonds Market, Fashion Jewelry Diamonds, Large Carat Diamonds)
- Bhanderi Lab Grown Diamonds (CVD Lab-Grown Diamonds Market, HPHT Lab-Grown Diamonds Market, Rough Lab-Grown Diamonds Market)
- D.NEA Diamonds (Fancy Colored Lab-Grown Diamonds Market, White Lab-Grown Diamonds Market, Custom-Cut Lab-Grown Diamonds Market)
- Diam Concept (Sustainable Lab-Grown Diamonds Market, Custom Jewelry Lab-Grown Diamonds Market, High-Purity Diamonds)
- Diamond Foundry Inc. (Premium Cut Lab-Grown Diamonds Market, Rough Lab-Grown Diamonds Market, Large-Carat Diamonds)
- Green Rocks Diamonds (High-Clarity Lab-Grown Diamonds Market, Bridal Jewelry Diamonds, Fancy-Colored Diamonds)
- Henan Huanghe Whirlwind Co., Ltd. (Industrial Synthetic Diamonds, Gem-Quality Lab-Grown Diamonds Market, Diamond Powder)
- Iljin Diamond (Industrial Lab-Grown Diamonds Market, Single Crystal Diamonds, Diamond Coatings)
- J2 Materials Technology (Synthetic Diamond Powders, Lab-Grown Diamond Substrates, Optical-Grade Diamonds)
- New Diamond Technology LLC (Large-Carat HPHT Diamonds, Fancy Colored Lab-Grown Diamonds Market, High-Purity Diamonds)
- Pure Grown Diamonds (Engagement and Wedding Lab-Grown Diamonds Market, Fancy Colored Lab-Grown Diamonds Market, Loose Polished Diamonds)
- Scio Diamond Technology Corporation (Optical-Grade Lab-Grown Diamonds Market, Industrial-Grade Diamonds, Electronic-Grade Diamonds)
- Shanghai Zhengshi Technology Co., Ltd. (High-Purity CVD Diamonds, Lab-Grown Diamond Plates, Optical-Grade Diamonds)
- Sino-Crystal Diamond Co., Ltd. (Industrial Diamond Grits, Lab-Grown Gem Diamonds, Synthetic Diamond Powders)
- Sumitomo Electric Industries, Ltd. (Single Crystal Synthetic Diamonds, Optical and Electronic Lab-Grown Diamonds Market, Diamond Cutting Tools)
- WD Lab Grown Diamonds (WD Advanced Materials, LLC) (Certified CVD Lab-Grown Diamonds Market, Custom Lab-Grown Diamonds Market, High-Tech Application Diamonds)
- X Diamond Co. (Jewelry-Grade Lab-Grown Diamonds Market, Loose Lab-Grown Diamonds Market, Fancy-Shaped Diamonds)
- Element Six (UK) Ltd. (Synthetic Diamond Materials, Industrial Diamond Solutions, Advanced Diamond Coatings)
Key Points:
- The lab-grown diamond market size is expected to exceed USD 59.2 billion by 2031.
- CAGR of 12.10% forecasted from 2024 to 2031.
- The US and Europe are the leading regions in consumer adoption due to growing environmental awareness.
- Retailers and designers are increasingly offering lab-grown diamonds to meet demand for ethical luxury.
- Technological advancements like CVD (Chemical Vapor Deposition) and HPHT (High Pressure High Temperature) methods are improving quality and reducing costs.
- E-commerce and digital jewelry retail channels are contributing to increased market reach and consumer accessibility.
- The wedding and fashion segments remain dominant drivers of sales.
- Increased investment in branding and product differentiation in North America and Western Europe.
- Customization trends are accelerating demand for lab-created stones in engagement and wedding rings.
- Environmental regulations in Europe are pushing jewelry makers toward lab-grown alternatives.
Future Scope
The future of the lab-grown diamonds market in the US and Europe appears robust, with evolving consumer values favoring transparency, traceability, and environmental stewardship. As governments and private players continue to push sustainable alternatives in various industries, jewelry brands are rethinking sourcing strategies. The rise of AI-based design tools, coupled with an uptick in online diamond retailing, is expected to further democratize access to lab-grown diamonds. Additionally, the increasing participation of fashion houses and luxury brands in this segment is likely to shift lab-grown diamonds from niche to mainstream.
Conclusion
The lab-grown diamonds market is set for substantial growth in the coming years, especially across the US and Europe. Driven by technological innovation, shifting cultural values, and an unwavering commitment to sustainability, lab-grown diamonds are no longer just an alternative—they are the future of ethical luxury. Stakeholders that align with this movement early are poised to capture a significant share of this expanding market.
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