Jewelry Synthetic Diamonds Market Size, Share, Growth, and Industry Analysis by Type (CVD and HPHT) By Application (Rings, Necklaces, Earrings, and Others), Regional Forecast To 2031

Updated On: 20 November 2023

Jewelry Synthetic Diamonds Market REPORT OVERVIEW

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The global jewelry synthetic diamonds market was USD 1566.6 million in 2022 and is projected to touch USD 6895.66 million by 2031, exhibiting a CAGR of 17.9% during the forecast period.

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once pandemic is over. 

Synthetic diamonds also identified as lab-created diamonds, man-made diamonds are developed in extremely organized laboratory atmospheres by means of innovative technology procedures that replica the situations beneath which diamonds naturally mature when they form in the mantle, beneath the Earth’s crust. They have the same physical and natural features and are developed under equivalent temperature and density conditions, but lack of the battle and uncertain moral practices that are common in some diamond mines.

A diamond that is produced in a lab is just as real as an excavated diamond. These synthetic diamonds contain real carbon atoms prepared in the distinctive diamond crystal assembly. Since they are made of the same material as natural diamonds, they display the same visual and organic properties. In fact, lab-produced diamonds are frequently of improved feature owing to the extremely controlled atmosphere and fully observed method.

COVID-19 Impact: Supply and Lockdown Limitation to Impede Market Advancement

The jewelry synthetic diamonds market was adversely compressed by the COVID-19 pandemic. The synthetic diamonds industry was adversely affected by the pandemic due to supply chain disruptions and import/exports from countries like China and India. The sale of diamonds is expected to upsurge post-pandemic as more prominence is being given to sustainability and the atmosphere. Moreover, online channels have observed a rush in demand owing to the closure of brick and mortar workshops. However, the market is expected to have stretched pre-pandemic stages.

LATEST TRENDS

"Increasing Demand from Electronic Industry to Fuel Market Expansion "

The growing demand for synthetic diamond as the most common material for visual frames in high-power CO2 lasers and gyrotrons, owing to its rare mixture of thermal and chemical constancy, low current growth, and high optical clearness over a wide spectral collection, has elevated the growth of the market. Also, UV light or high-energy particle sensors made of synthetic diamonds are progressively being used in high-energy analysis services and are commercially accessible. Synthetic diamonds have become vital heat-enabling expertise that avoids silicon and other semiconductor resources from overheating, thus this has elevated the demand for synthetic diamonds in the electronics industry and is expected to have an encouraging impression on the development of the market. Moreover, the increasing use of synthetic HPHT diamonds in cutting and enhancing tools, in abrasives, and heat sinks due to the rigorousness, thermal conductivity, and electron mobility properties are anticipated to rise the jewelry synthetic diamond market growth.

Jewelry Synthetic Diamonds Market SEGMENTATION

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• By Type

Based on type, the market is divided into CVD and HPHT.

• By Application

Based on application, the market is classified into Rings, Necklaces, Earrings, and Others.

DRIVING FACTORS

"Increasing Adoption in End-User Industries to Foster Market Growth "

The rising usage of diamonds in numerous end-use businesses for altered drives, followed by the various valuable features related to these synthetic diamonds, is anticipated to drive market growth. Furthermore, factors such as the rising trade of diamonds, sustainably, are anticipated to hasten the market growth in the coming years. Furthermore, development across the globe and a growing number of jewelry businesses are fluctuating concerning the current cost and high superiority jewelry such as lab-grown diamonds for numerous uses.

"Lack of Mines to Accelerate Market Expansion for Synthetic Diamonds"

The jewelry synthetic diamonds assist numerous end-user industries to upsurge revenue in near future due to the growing admiration and varied scale uses of synthetic diamonds in end-use businesses. It also profits the users in terms of design agreeing to the requests at a low cost.  Synthetic diamonds can be considered and improved according to the necessities of customers. Production of synthetic diamonds is related to low-cost refinement methods as associated with the price of natural diamonds. The lack of mines and fewer difficulties connected to the engineering of jewelry synthetic diamonds makes it cheaper for the numerous end-use industries.

RESTRAINING FACTORS

"Low Adoption of Synthetic Diamonds to Hamper Market Growth "

The slow acceptance of synthetic diamonds and their undesirable influence on the economy in several countries are the main trials for the market of jewelry synthetic diamonds.

Jewelry Synthetic Diamonds Market REGIONAL INSIGHTS

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"Increasing Adoption in Industrial Applications in North America to Accelerate Market Growth"

North America is expected to hold the largest jewelry synthetic diamonds market share. Rising demand in industrial use and penetration of synthetic diamonds in this region. Moreover, accurate machining of ceramic parts for the aerospace sector and laser radioactivity equipment are anticipated to donate to the rising demand for synthetic diamonds and related products for industrial use.

Asia Pacific is anticipated to have a sizable market share.  This is due to the high manufacturing activities by various end-user industries that have an enormous market in China. Synthetic diamonds are extensively used in stone and construction manufacturing.

KEY INDUSTRY PLAYERS

"Incorporation of Research and Development Strategies to Improve their Brand Image"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global acrylic yarn market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

Industry Development

• January 2021: Hyperion Materials & Technologies declared the acquisition of NanoDiamond Products, a synthetic diamond solution supplier, this procurement would help the corporation enlarge its synthetic diamond industry. 

List of Market Players Profiled

• De Beers (U.K.)
• New Diamond Technology (Russia)
• Pure Grown Diamonds (U.S.)
• WD Lab Grown Diamonds (U.S.)
• Zhongnan Diamonds (China)
• Zhengzhou Sino-Crystals (China)
• Diamond Foundry (U.S.)
• Swarovski (Austria)
• Huanghe Whirlwind (China)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.