.jpg)
In recent years, the market for lab-grown diamonds has been steadily growing as an alternative to natural diamonds. While natural
diamonds have been coveted for their rarity and beauty for centuries, lab-grown diamonds offer many of the same qualities at a lower cost and with fewer environmental concerns.
The size of the lab-grown diamond market has increased significantly in recent years, and it is estimated that it will continue to grow at a steady rate. According to a report by Allied Market Research, the lab-grown diamond market was valued at $16.2 billion in 2019 and is expected to reach $27.6 billion by 2027, growing at a compound annual growth rate (CAGR) of 7.8% from 2020 to 2027.
While the lab-grown diamond market is growing, it is still significantly smaller than the natural diamond market. According to the Kimberley Process Certification Scheme (KPCS), which tracks the trade of rough diamonds globally, in 2019, the global production of natural diamonds was approximately 142 million carats, with a value of $15.6 billion.
In contrast, the lab-grown diamond market is estimated to be around 2-3% of the size of the natural diamond market. This is due in part to the fact that natural diamonds have a long history of being associated with luxury and are often seen as a status symbol. However, lab-grown diamonds are becoming increasingly popular among younger consumers who are more conscious of their environmental impact and are looking for more affordable options.
Overall, while the lab-grown diamond market is still relatively small compared to the natural diamond market, it is a rapidly growing industry with a lot of potential for expansion. As consumers become more aware of the benefits of lab-grown diamonds, it is likely that this trend will continue.