Lab-Grown Diamonds are identical to natural diamonds in appearance & composition and are manufactured in laboratories & using techniques like High Pressure & High Temperature (HPHT) & Chemical Vapor Deposition (CVD). These diamonds possess better quality than natural diamonds since their manufacturing is monitored continuously by experts who strictly ensure quality control. Since these diamonds sometimes have better durability, thermal conductivity, electron mobility than the normal ones, they are employed widely across different tools, equipment, optical materials, etc.
Furthermore, since lab-grown diamond technology has been undergoing constant advancements, it has also enabled several companies to grow better quality diamonds rapidly & at affordable prices. Hence, it has created cutting-edge competition among lab diamond & normal diamond companies.
According to MarkNtel Advisors, the North America Lab Grown Diamonds Market is projected to growing at a considerable CAGR during the forecast period, i.e., 2022-27. The market is driven principally by the consistent technological advancements in lab-grown diamonds & their lower selling price than the natural ones.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Apollo Diamond, ALTR Created Diamonds, De Beers, Scio Diamond Technology Corporation, WD Lab Grown Diamonds, Green Rocks, Brilliant Earth, ADA Diamonds, and Applied Diamond Inc.|
|Unit Denominations||USD Million/Billion|
Due to these factors, several fashion jewelry retailers have included lab-grown diamonds in their collection to make them available for a wide range of price-conscious customers. Moreover, lab-grown diamonds are also observing significant demand across industries for various purposes like cutting & grinding hard materials, heat dissipation, polishing tools, coatings for wear resistance, etc.
Covid-19 Severely Impacted the North America Lab Grown Diamonds Market
Based on the Application, the North America Lab Grown Diamond segments into:
Of both, the demand for Lab-grown diamonds for Industrial applications is anticipated to witness a significant boost during 2022-27. It owes principally to the extensive requirements for lab-grown diamonds across multiple industries due to their ability to act as a Heat Sink.
These diamonds are highly efficient in preventing semiconductor materials from overheating and are embedded into several products like coffee makers, cars, etc., and technologies like Virtual Reality, Artificial Intelligence, and the Internet of Things.
Moreover, their excellent ability to diffuse heat has also surged their demand as semiconductors to manufacture smaller & powerful electronics, which, in turn, has mounted their usage in Radio Frequency (RFs) & power devices.
On the other hand, based on the Finish, the North America Lab Grown Diamonds Market segments into:
Here, the demand for Rough Diamonds, which fluctuated in the previous few years, is anticipated to witness considerable growth in the forecast period. These are uncut & unpolished diamonds produced through different methods depending upon the application requirements. Their burgeoning demand across sectors like mining, construction, oil & gas, etc., is contributing to the overall market growth. Besides, owing to the resumption of North America’s mining sector since 2021, the market is witnessing substantial demand for rough diamonds. With their increasing production, the supply chain is expected to rebalance fully in the coming years, states MarkNtel Advisors in their research report, “North America Lab Grown Diamonds Market Analysis, 2022.”
Based on the Country, the North America Lab Grown Diamonds Market expands across:
Of them all, the US is one of the largest producers & consumers of lab-grown diamonds and is swiftly shifting its preference from natural diamonds to lab-grown ones. The country is projected to attain the largest regional market share, principally due to the rapidly increasing construction activities in the country to improve the existing infrastructure. As a result, the demand for lab-grown diamonds for several purposes like drilling, equipment manufacturing, cutting curved profile holes, etc., is significantly surging.
Besides, the US government has recently declared that lab-grown diamonds are not artificial but gemstones. Hence, their manufacturers can market them using terms like aboveground & cultured. This transparency by the Federal Trade Commission (FTC) is likely to ensure greater scalability & fairness in commerce for consumers and, in turn, drive the regional market.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The North America Lab Grown Diamonds Market is likely to growing at a considerable CAGR in the forecast period of 2022-27.
A. The significantly growing Industrial application of lab-grown diamonds is projected to provide lucrative growth opportunities to the market players during 2022-27.
A. The increasing inclination of the end-users toward adopting sustainable & eco-friendly diamonds is the most prominent factor anticipated to drive the North America Lab Grown Diamonds Market. Moreover, the similar chemical & physical properties and the availability of lab-grown diamonds at a lower cost than natural diamonds is another crucial aspect likely to generate remunerative growth opportunities for the market players in the years to come.
A. The imposition of stringent limitations amidst the Covid-19 pandemic in 2020 significantly fluctuated the growth pace of the Lab Grown Diamonds Market in North America. However, with the recommencement of delayed & halted activities and the advent of new industrial projects since 2021, the supply chain is likely to entirely rebalance in the coming few years, which, in turn, would provide the market a rapid boost.