New research, published by Indian market research company Brainy Insights, projects a substantial growth in the global market for lab-grown diamonds (LGDs) over the next decade, nearly doubling from $10.8 billion in 2022 to an estimated $20.6 billion by 2032.
This surge is attributed to LGD integration into a diverse array of products beyond conventional jewelry, according to IDEX Online. According to the report, “the rising disposable income and the increasing number of working women increase the demand for lab-grown diamonds. People are starting to understand how crucial lab-grown diamond jewelry is to sustainability.”
The Asia Pacific region is poised to be the primary geographic growth area, driven by increasing urbanization and improving socio-economic conditions.
While acknowledging the positive environmental aspects of LGDs, the report also notes that lGDs lack the rarity factor inherent in natural diamonds, and might experience a decline in value. This could impact their resale value negatively and elevate the costs associated with future upgrades.
