As of 2021 the laboratory-grown diamond trade market was estimated to be worth around $1.9 billion, according to a report by Frost & Sullivan.
This market is expected to grow significantly in the coming years, with some estimates suggesting that it could reach a value of over $15 billion by 2035.
laboratory-grown diamond trade has been growing steadily in recent years. There are several factors driving this growth.
Price: Laboratory-grown diamonds are typically less expensive than natural diamonds, which makes them an attractive option for consumers who are looking for high-quality jewelry at a more affordable price.
Ethical concerns: Some consumers are hesitant to purchase natural diamonds due to concerns about ethical issues such as conflict diamonds. Laboratory-grown diamonds are considered to be a more ethical alternative, as they are produced in a controlled environment and do not have the same potential ethical issues as natural diamonds.
Environmental concerns: The process of mining natural diamonds can have a significant environmental impact. Laboratory-grown diamonds are generally considered to be more environmentally friendly, as they do not require mining.
Advancements in technology: The technology used to produce laboratory-grown diamonds has improved significantly in recent years, making it easier and more cost-effective to produce high-quality diamonds.
All of these factors have contributed to the growth of the laboratory-grown diamond trade, and it is expected to continue to grow in the coming years.
The answer is not yet: It is worth noting that natural diamonds still hold a significant share of the diamond market, and it remains to be seen how much of an impact laboratory-grown diamonds will have on the industry as a whole over the next decade.
Source: Michael Cohen DCLA