SYNTHETIC DIAMOND MARKET ANALYSIS

Synthetic Diamond MarketSize and Trends

The global synthetic diamond market size was valued at US$ 22.64 Bn in 2022, and is expected to exhibit compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. Increasing disposable incomes and industrialization are expected to drive the global synthetic diamond market growth in the near future. Growing fashion industry is expected to create lucrative opportunities for the market. Rising demand for super-abrasives will also boost the market growth in the near future.

Global Synthetic Diamond Market Trends:

• Increasing Product Launches : New product launches due to continuous innovation is a rising trend. This ongoing trend is expected to fuel market growth. For instance, in January 2020, Swarovski passion for innovation and design, and mastery of crystal cutting has defined Swarovski as the leading jewelry and accessories brand introduced a new range of lab-grown diamonds with diverse cuts and 16 fancy colors at Haute Couture Fashion Week in Paris. The offering is the most extensive assortment of hues in the global market.
• Expanding jewelry market: A growing jewelry market across developed countries due to changing fashion trends is expected to fuel the global market. According to the De-Beers Group, an international corporation that specializes in diamond mining, diamond exploitation, diamond retail, diamond trading, and industrial diamond manufacturing sectors, in 2020, the global diamond jewelry market was valued at approximately US$68 billion. Nearly half of the world's demand for polished diamonds was from the U.S., with 51% of the global demand in 2020, followed by China (16%) and India (10%).