Lab Grown Diamond Industry Will Hit US$15 Billion By 2035

Lab Grown Diamonds

Lab grown diamond industry is expanding very rapidly and is expected to reach US$35 billion by year 2035. The industry is estimated to grow at 22 percent every year and that’s a great sign. Advancements in the lab grown diamond development is one of the prime growth factors. Technology is improving every day and that’s improving the production economics as well. Lab created diamond jewelry will have an impact on the fashion industry as well and stats make this quite evident.

Natural diamonds are known to represent more than 95 percent of the diamond market. The supply of natural diamonds is sure to decrease in the next 4 years and lab grown diamond jewelry will fill that gap. New producers of lab grown diamond jewelry prefer using CVD method as they have a long term goal of supplying high quality diamonds in huge volumes. In the long run the supply of lab grown diamonds will be humungous. Millennials prefer lab grown diamonds over natural diamonds and that trend will continue in the coming years which means lab grown diamond jewelry industry has a bright and progressive future. Lab grown diamonds which were once used just for industrial applications are now ruling the market as they have a huge $87 billion consumer market. They are a great alternative to natural diamonds.

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