Lab Growns and Natural Diamonds “Will Coexist”

IGI Diamond Grading Certificate
Antwerp, Belgium – IGI Diamond Grading Certificate

Lab growns and natural diamonds will coexist in the future, says Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council (GJEPC).

He was speaking at the IIJS Signature, which opened in Mumbai on Friday (5 January 2024).

“With natural diamonds, there is an aspiration, whereas lab-grown diamonds are for affordability, and for fun and fashion,” he said.

“So, it’s a completely different segment … It is not going to be that one is going to take over the other,” he said.

He noted that the supply of natural diamonds would reduce over time, with no new mines due to open and some deposits reaching the end of their lives.

He said the lab grown and natural consumer bases would complement each other.

“Natural diamonds are for those who have a desire for diamonds and they’re getting diamonds,” he said.

“Also, if you are looking for investment, you will choose natural diamonds. So, the idea is that once first-time buyers start with lab-grown diamonds, they will aspire to buy natural diamonds.”

Source: IDEX

Synthetic Diamond Market to Rise USD 16.4 Billion in 2023 to USD 29.9 Billion by 2032

Synthetic Diamonds Market Overview

The research documents by MRFR indicate that the “Synthetic Diamonds Market Research Report Information by Application, Product, Region, Type, and Manufacturing Process – Forecast Till 2032”, the Synthetic Diamonds market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 7.80%.

The reports even share predictions regarding the market’s growing revenue share, which will likely reach USD 29.9 Billion by the end of 2032. As per the reports, the market was worth nearly USD 15.2 Billion in 2022.

The primary market factors accelerating market expansion include rising demand from the semiconductor and electronics sectors as well as increased demand for computer chips and other microchips used in many other types of electronics.

The increase in demand for synthetic diamonds from the semiconductor and electronics industries is the primary factor behind the growth of the global market for synthetic diamonds. The increase in disposable money among the general population benefits the market.