Lab Grown Diamonds Market Industry Trends 2021

1. Global Lab Grown Diamonds Market, By Manufacturing Process Size, Share, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Lab Grown Diamonds Market- Industry Trends & Forecast Report 2027 The global Lab-Grown Diamonds market is estimated to have reached USD 17.8 billion in 2020 and is further projected to reach USD 27.9 billion by 2027, growing at a CAGR of 6.7% during 2021-2027 (forecast period). Diamonds are employed in manufacturing electronic goods such as flat screens, medical equipment, and the production of abrasive. Demand for synthetic stones in jewelry has exhibited a great upsurge. Increasing awareness and trends regarding fashion, particularly in terms of adorned accessories, has resulted in driving the growth of the segment. The availability of relatively low-cost jewelry with stones has shifted the consumer purchasing choice from natural to synthetically manufactured.

3. Growth Drivers  Rapid growth of the construction and automotive sectors The rapid growth of the construction & automotive sectors is the major factor in boosting the market. In the construction industry, lab-grown diamond is used for drilling, cutting, grinding & polishing purposes. Increasing urbanization is driving the growth of the construction industry as the government is focusing on infrastructure development, such as transportation, water supply, telecommunication & energy networks. Hence, the rising construction activities, especially in the Asia Pacific, such as ‘Smart City Mission’ and ‘Housing for All’, are likely to fuel the product demand over the forecast period. In the union budget of 2021-19, the Indian government allocated USD 92.2 billion to push the infrastructure sector, which in turn would assist to boost the overall market development.

4. Restraints  Lack of awareness among the population about lab-grown diamond can impede the market growth The consumers are generally not aware of the lab-grown diamonds as people resonating feelings are attached with the diamond as diamond is considered as the symbol of prestige & luxury. While in ceremonies marriages & anniversaries people are gifting diamonds. The popularity of natural diamonds can’t be replaced by synthetic diamonds as people's perception is that natural diamonds are better than synthetic diamonds. Apart from this, people use diamonds as a source of investment, so they purchase more diamonds more gaining more money by replacing them which is not possible with natural diamonds. Hence, all these factors are hampering the growth of the lab-grown diamonds market.

5. Impact of COVID-19 The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q1 of 2021 as enterprises indicated towards the returning of their workers soon. Moreover, synthetic diamond producers are known to be the least impacted. Major players such as Swarovski & Sumitomo Electric Industries, LTD. Reported experiencing no major influence on their operations due to the COVID-19 virus. The synthetic diamond reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries.

6. Regional Insights The global lab-grown diamonds market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Amidst this category, the Asia Pacific region has a major share in the lab grown diamonds market. Purchasers in India principally go around gem-quality diamonds for adornments, while the shopper's China is increasing analysis for using synthetic diamonds in advanced innovations. In Japan, the diamond wafer group delivers thin yet wide CVD diamond plates. These plates can turn into the reason for future electronic gadgets. As a result of these factors, Asia Pacific is anticipated to be among the most developing market during the forecast period.

7. Competitive Landscape Key players for global lab-grown diamonds market includes: Applied Diamond Inc., Element Six (E6), New Diamond Technology, LLC, Sandvik AB, HEYARU GROUP, ILJIN co., ltd., Zhengzhou Sino-Crystal Diamond Co., Ltd., Henan Huanghe Whirlwind., Pure Grown Diamonds, Scio Diamond Technology Corporation, Sumitomo Electric Industries, Ltd. & SWAROVSKI. Sample Copy:https://www.blueweaveconsulting.com/report/global-lab-grown-diamonds-market/report-sample

8. Recent Developments In 2020, De Beers Group has planned to open a facility in Oregon with a goal to produce 500,000 synthetic carats a year by the end of 2021. In December 2018, Heyaru Engineering announced that the company has invested USD 31.5 million in a company that would make synthetic diamonds in Lommel. The company also planned to expand its site in Lommel over the next five to ten years to make it the largest ‘diamond factory’ in Europe. ​​​​​​​​​​​​​​​​​​​​​​​​​​​​ In September 2017, several companies had begun offering synthetic or man-made diamond options, including Brilliant Earth, Clean Origin, and Vrai.

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