Global Synthetic Diamonds Market to Grow at a CAGR of 8.26% by 2028

Triton Market Research presents the Global Synthetic Diamonds Market report sectioned by Coloration (Colored, Colorless), Manufacturing Method (High Pressure-High Temperature [HPHT], Chemical Vapor Deposition [CVD]), Industry Vertical (Construction, Mining, Oil & Gas, Electronics, Healthcare, Jewelry, Other Industry Verticals), Sales Channel (Online Sales Channels, Offline Sales Channels), and Regional Outlook (Europe, North America, Middle East and Africa, Latin America, Asia-Pacific).

The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Triton’s report suggests that the global market for synthetic diamonds is estimated to witness growth at a CAGR of 8.26% over the forecast period 2022-2028.

Synthetic diamonds or lab-created diamonds are grown in highly controlled laboratory settings using cutting-edge technological procedures that resemble the conditions under which diamonds naturally develop.

Natural diamonds are formed over billions of years in the earth’s crust and require an indefinite amount of time. Synthetic diamonds go through a similar process in a controlled laboratory setting to produce an identical product to natural diamonds. These diamonds are mass-produced, and the cost of production has decreased by 90% due to technological advancement. Synthetic diamonds are manufactured in 6-10 weeks using one of the two methods: high pressure-high temperature or chemical vapor deposition. Thus, the high demand and less production time are anticipated to drive the synthetic diamonds market.

However, the high installation and maintenance setup and the dwindling resale value of synthetic diamonds are impeding the growth of the synthetic diamonds market.

Globally, the Asia-Pacific is anticipated to become the fastest-growing region in the synthetic diamonds market. The region’s growth results from numerous reactor plants for synthetic diamond manufacturing and the availability of a skilled labor force. Additionally, increasing disposable incomes, as well as favorable government policies and initiatives in sectors such as telecommunications, healthcare, etc., will propel the growth of the region’s market. This is due to the use of these diamonds in instruments such as head spreaders, lasers, medical instruments, mining drills, etc. 

Leading companies in the synthetic diamonds market include Brilliant Earth LLC, New Diamond Technology LLC, Henan Huanghe Whirlwind Co Ltd, Engis Corporation, Heyaru Engineering NV, Labgems, WD Lab Grown Diamonds, Soham Industrial Diamonds, Zhengzhou Sino-Crystal Diamond Co Ltd, Iljin Diamond Co Ltd, Henan Liliang Diamond Co Ltd, Element Six, Sumitomo Electric Industries Ltd, Asahi Diamond Industrial Co Ltd, and Applied Diamond Inc.

The diamond seed, a sliver of single crystal diamond, is the most important raw material required for synthetic diamond production. However, few companies worldwide, primarily in Asia, provide diamond seeds for production, resulting in increased bargaining power. Furthermore, price fluctuations in raw materials such as liquid solvents and methane have a negative impact on the market. As a result, suppliers have moderate to high bargaining power.