Global lab grown (synthetic) diamonds market is expected to flourish at a significant CAGR of 7.4% over the forecast period. Moreover, the global lab grown (synthetic) diamonds market is expected to garner USD 27.6 Billion by the end of 2023.
Increasing disposable income coupled with rising demand for jewelries are expected to drive the growth of the global Lab Grown (Synthetic) Diamonds Market. Further, increasing demand in various end use industries is envisioned to strengthen the growth of the market.
Asia Pacific is slated to account for a leading share by 2024 in the lab grown diamond market. The growth in the region is anticipated to be fostered by the flourishing construction industry in the emerging economies of the region. Besides, growth in industrialization and increasing demand for jewelry are also expected to impel the growth of lab grown diamond market in the Asia Pacific. China and India are two of the prominent markets in the region as most of the leading players.