CVD Lab-Grown Diamonds Global Market Report 2024

The CVD lab-grown diamonds market size has grown rapidly in recent years. It will grow from $11.72 billion in 2023 to $12.92 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historic period is linked to the increased focus on ethical and sustainable consumer preferences, the cost-effectiveness of these alternatives, advancements in manufacturing methodologies, changes in consumer perceptions, and the jewelry industry's acceptance and integration of lab-grown diamonds.

The CVD lab-grown diamonds market size is expected to see strong growth in the next few years. It will grow to $18.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. Anticipated growth in the forecast period can be attributed to heightened sustainability considerations, strategic marketing approaches and branding initiatives, advancements in design and personalized offerings, expanded adoption by mainstream retailers, and increased regulatory backing for sustainability initiatives. Noteworthy trends expected in this period encompass educational campaigns regarding diamond origins, the competitive and affordable nature of lab-grown diamonds, rising investment focus in this market segment, technological progress in enhancing diamond colors, as well as collaborative efforts and partnerships within the industry.

The CVD lab-grown diamond market is expected to experience growth driven by the increasing demand for electronics and semiconductors. Electronics involves the study of electron movement and control, while semiconductors are materials with specific electrical characteristics crucial for electronic devices. Single-crystal CVD diamonds, with exceptional qualities such as a wide bandgap and high electron and hole mobilities at room temperature, are considered ideal for high-power electronics. The demand for semiconductors and electronics is evident in the global semiconductor industry, which saw sales totaling $47.2 billion in August 2021, reflecting a 3.3% increase from July 2021 and a substantial 29.7% growth from August 2020. In the UK, the domestic market value of consumer electronics increased from 102.9 in May 2020 to 107.7 in May 2023, according to the Census 2021 by the Office for National Statistics. This surge in demand for electronics and semiconductors is a key driver for the growth of the CVD lab-grown diamond market.

The adoption of lab-grown diamonds is on the rise, contributing to the growth of the CVD lab-grown diamond market. Lab-grown diamonds, also known as synthetic or cultured diamonds, are produced through a process replicating the conditions under which natural diamonds form in the Earth's mantle. The CVD method is widely employed in the diamond industry for creating high-quality diamonds with various sizes and characteristics. In the fiscal year 2021-2022, the Gem & Jewelry Export Promotion Council reported a significant increase in the export of lab-grown diamonds, reaching $1,313.99 million, compared to $421.09 million in 2019-2020. The growing adoption of lab-grown diamonds is a prominent factor fueling the expansion of the CVD lab-grown diamond market.

Technological advancements have become a prominent trend in the CVD Lab-Grown diamond market, with major companies actively embracing new technologies to reinforce their market positions. An example of this trend is demonstrated by Diamond Works Technology Inc., a US-based luxury goods and jewelry company. In May 2021, the company launched its lab-grown diamond production in the US, utilizing the OneStep chemical vapor deposition (CVD) diamond growth process. This innovative technology enables the creation of large, high-quality diamonds that can be carved into intricate forms, meeting the demand for highly desirable products. Moreover, the OneStep growth process opens avenues for applications beyond gemstones, such as diamond electronics, energy storage, and water purification, showcasing the potential for repeatable and scalable production in the lab-grown diamond market.

Major players in the CVD Lab-Grown diamond market are directing their efforts toward developing innovative products, including colored lab-grown diamonds. Colored lab-grown diamonds are created through laboratory processes and exhibit a range of colors due to trace elements, radiation, or other factors during formation. An illustration of this trend is seen in the activities of Cullen Jewellery, an Australia-based lab-grown diamond manufacturing company. In August 2023, the company introduced its 'Love in Colour' collection, featuring colored lab-grown diamonds with shades reminiscent of a vivid sunset, including pink, yellow, and blue. The company's innovative digital platform enhances the client experience with 3D visuals magnified at 100 times, showcasing the essence of each gemstone. This focus on developing innovative and colored lab-grown diamonds exemplifies the commitment of major companies to drive advancements in the CVD Lab-Grown diamond market.

In November 2022, Diamond Foundry, a US-based diamond-producing company, completed the acquisition of Augsburg Diamond Technology for an undisclosed sum. This strategic move has positioned Diamond Foundry as the leading producer of synthetic wafer-sized monocrystalline diamonds globally, surpassing Audiatec in technological capabilities. Augsburg Diamond Technology, also known as Audiatec, is a Germany-based specialist in chemical vapor deposition (CVD), specializing in the production of diamond wafers and single-crystal synthetic diamonds.

Major companies operating in the cvd lab-grown diamonds market report are Sumitomo Electric Industries Ltd., EDP Corporation, De Beers Group, Signet Jewelers, Swarovski Crystal, Blue Nile, Brilliant Earth, Element Six, Ritani, Diamond Foundry Inc., Charles & Colvard, Clean Origin, New Diamond Technology, Diamond Foundry, Tacori Inc., VRAI, Taylor and Hart, James Allen, GemsNY, Delaware Diamond Knives Inc., Ada Diamonds, Adamas One Corp, Beijing Worldia Diamond Tools Co Ltd., Tomei Diamond Corporation, WD Lab Grown Diamonds, ABD Diamonds Pvt Ltd., Bhanderi Lab-grown Diamonds LLP, Hebei Plasma Diamond Technology Co Ltd., SP3 Technologies LLP, Heyaru Engineering Private Limited, SLTL Group.

North America was the largest region in the CVD lab-grown diamonds market in 2023. The regions covered in the cvd lab-grown diamonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cvd lab-grown diamonds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

CVD lab-grown diamonds come in two primary typess such as polished and rough. Polished diamonds undergo refinement to achieve a shiny appearance. They are available in various colors, including colorless and other hues, with sizes ranging from 2-4 carats, above 4 carats, and below 2 carats. These diamonds are utilized across diverse industries such as machinery and cutting tools, heat management systems, optical and laser technologies, electronics, medical instruments, gemstone manufacturing, and more.

The CVD lab-grown diamonds market research report is one of a series of new reports that provides CVD lab-grown diamonds market statistics, including CVD lab-grown diamonds industry global market size, regional shares, competitors with a CVD lab-grown diamonds market share, detailed CVD lab-grown diamonds market segments, market trends and opportunities, and any further data you may need to thrive in the CVD lab-grown diamonds industry. This CVD lab-grown diamonds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The CVD lab-grown diamond market consists of sales of wedding rings diamond, engagement rings diamond, scaling devices, and sensors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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