Lab Grown Diamonds Market Trends Among Gen Z

 The global lab-grown diamonds market was valued at USD 10.8 billion in 2022 and is projected to grow at a CAGR of 6.7% from 2023 to 2032, reaching USD 20.6 billion by 2032. This significant growth is driven by increasing consumer awareness, affordability, and the ethical and environmental appeal of lab-grown diamonds compared to mined alternatives. With improvements in technology and production scalability, lab-grown diamonds are now indistinguishable from natural diamonds in terms of physical and chemical properties.

The demand is being fueled by the fashion and jewelry industry, where lab-grown diamonds are gaining popularity among environmentally conscious millennials and Gen Z buyers. They are also becoming a preferred alternative for engagement rings, fashion pieces, and luxury accessories due to their lower price points and eco-friendly nature.

Beyond aesthetics, lab-grown diamonds are carving a space in the industrial sector. Their high thermal conductivity, hardness, and optical clarity make them ideal for use in electronics, cutting tools, semiconductors, and high-performance applications. As R&D investments grow, lab-grown diamonds are poised to disrupt both luxury and industrial segments.

Market Overview

Definition of Lab-Grown Diamonds

Lab-grown diamonds—also known as synthetic, man-made, or cultured diamonds—are diamonds produced in a controlled laboratory environment using advanced technological processes such as High Pressure High Temperature (HPHT) or Chemical Vapor Deposition (CVD). These diamonds have identical physical, chemical, and optical properties to natural diamonds but are created in weeks rather than over billions of years.

Historical Growth and Evolution

The idea of synthesizing diamonds dates back to the 1950s, originally intended for industrial applications. Over the decades, as manufacturing techniques improved and costs declined, lab-grown diamonds gained entry into the jewelry industry. The turning point came in the 2010s when brands and consumers started embracing lab-grown diamonds for their sustainability, traceability, and ethical sourcing.

Since then, widespread branding efforts, increased production efficiency, and celebrity endorsements have normalized their use in luxury retail, further accelerating market adoption.

Major Genres of Application

  • Fashion Jewelry

  • Engagement & Bridal Rings

  • Industrial Use (Cutting, Drilling, Polishing Tools)

  • Electronics and Semiconductors

  • Thermal Conductors

Key Platforms

  • Online Jewelry Stores

  • Brick-and-Mortar Retailers

  • B2B Industrial Platforms

  • Luxury Diamond Brands

  • Third-party Diamond Certification Agencies

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Market Dynamics

Drivers

  • Rising demand for ethical and sustainable jewelry.

  • Increasing awareness and consumer preference for affordable luxury.

  • Advancements in CVD and HPHT technologies, enabling mass production.

  • Growing demand in industrial applications such as electronics and cutting tools.

  • Expanding presence of lab-grown brands in both online and retail segments.

Restraints

  • Perception gap between natural and lab-grown diamonds in some cultures.

  • Limited consumer education in developing regions.

  • Intense competition driving price erosion.

  • Regulatory challenges in diamond certification and labeling.

Opportunities

  • Integration of lab-grown diamonds in wearable electronics and quantum computing.

  • Collaborations between fashion designers and diamond tech companies.

  • Expansion in emerging markets like Southeast Asia and Latin America.

  • Increased use in aerospace and medical devices.

  • Enhanced marketing and blockchain-based traceability tools to improve trust.

Market Segmentation

By Type

  • CVD (Chemical Vapor Deposition)

  • HPHT (High Pressure High Temperature)

By Genre (Application Area)

  • Jewelry

  • Industrial Tools

  • Thermal Applications

  • Quantum Electronics

  • Others

By Distribution Channel

  • Online Retail

  • Offline Retail

  • Direct-to-Consumer (DTC)

  • Wholesale & B2B Sales

By Region

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa

Competitive Landscape

The global lab-grown diamonds market is witnessing dynamic competition, with key players leveraging branding, sustainability narratives, and pricing strategies to expand market share.

Key Players Include:

  • De Beers (Lightbox Jewelry) – Leading the affordable lab-grown diamond trend with fashion-focused pieces.

  • WD Lab Grown Diamonds – A tech-driven manufacturer known for innovation in the CVD space.

  • Pure Grown Diamonds – Offers a wide variety of certified diamonds for both retail and wholesale.

  • MiaDonna – Focused on ethically crafted jewelry using lab-grown stones.

  • Diamond Foundry – Backed by celebrity investors and known for its carbon-neutral production processes.

  • ALTR Created Diamonds – Specializes in branded lab-grown diamond jewelry collections.

  • Green Rocks Diamonds – A strong player in Europe, offering sustainable luxury stones.

Most companies are now focusing on product certification (IGI, GIA), eco-conscious branding, and customization to meet the demands of a modern, ethically minded clientele.

Region-Wise Trends

  • North America: Leading in both demand and production; strong DTC and e-commerce platforms; robust presence of celebrity-endorsed brands.

  • Europe: High awareness and adoption of sustainable fashion; growing retail presence in the UK, Germany, and France.

  • Asia-Pacific: Fastest-growing region with strong interest in affordable luxury; India and China are emerging production hubs.

  • Latin America: Gradual adoption, especially in urban centers; opportunity for brand-led awareness campaigns.

  • Middle East & Africa: Luxury-focused market; adoption rising among younger, eco-conscious buyers; increasing interest in industrial applications.

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