- Global Lab Grown (Synthetic) Diamonds Market Growth with $27.6 Billion by 2023.
- Market growth is driven by the growth of the electronics industry.
- Stringent regulations laid down by governments across the globe on extraction of natural diamonds from mining, and growing environmental concerns are predicted to drive the growth of the market.
The global lab grown (synthetic) diamonds market is predicted to observe a CAGR growth of 7.4% over the forecast period (2016-2023) because synthetic diamonds are in high demand from several industries.
Due to synthetic diamonds’ properties and the increased acceptance of lab grown diamonds by consumers, especially in underdeveloped regions, the market is expanding. Additionally, with rising urban population and urbanization taking place at a faster rate on a massive scale, there is a shift by jewelry industries toward lab grown diamonds considered to be of good quality as well as cost-effective.
Growth of the global lab grown (synthetic) diamonds market is driven by the growth of the electronics industry all over the world. Additionally, the significance of lab grown diamond in several industries on account of various chemical, electrical, thermal properties present in such diamonds is boosting the demand for these diamonds.
The high demand for lab grown diamonds owing to its popularity, huge availability, introduction of colored synthetic diamonds which can be used in the jewelry industry as gems, apart from looking similar to natural diamonds are all anticipated to drive the growth of the market. Additionally, apart from these lab grown diamonds being cost-effective, the stringent regulations laid down by governments across the globe on extraction of natural diamonds from mining and growing concerns for the environment are predicted to drive the growth of the market over the forecast period.
However, the growth of the global lab grown (synthetic) diamonds market is not free from limitations such as the complexity associated with the manufacturing process and lack of sufficient trust placed on the quality by the end use industries and users. Moreover, inadequate levels of awareness and the low levels of adoption of lab grown diamonds among the end use industries and users are hampering the growth of the market over the forecast period.
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The global lab grown (synthetic) diamonds market consists of four segments which are segmented by product, manufacturing process, diamond type and end user. The market in Asia Pacific region recorded the highest revenue share of 51.2% in 2015 and is anticipated to remain the leading market on account of high demand from end-use industries.
This report also provides the existing competitive scenario of some of the key players of the global lab grown (synthetic) diamonds market which includes company profiling of Applied Diamond Inc., Tomei Diamond Co. Ltd., Element Six, Scio Diamond Technology Corporation, WD Lab Grown Diamonds and Sandvik AB (STO: SAND).
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lab grown (synthetic) diamonds market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market strategies according to the ongoing and expected trends in the future.