Lab-Grown Market to hit $50bn by 2030




According to IDEX, the global lab market is set to reach almost $50bn by 2030, according to a new report.
That’s an increase of almost two-and-a-half times on current estimates of the market value for 2020, of $19.3bn.
For context, the total value of the retail diamond jewelry market last year was $85.5bn, according to Tacy’s 2021 Diamond Pipeline.
US-based Allied Market Research says growth is projected “to reach $49.9bn by 2030, registering a CAGR (compound annual growth rate) of 9.4% from 2021 to 2030”.
It says the highest CAGR will be among diamonds produced using the newer CVD (chemical vapour deposition) method, rather than HPHT (high-pressure, high temperature).
The report says: “Lab-grown diamond industry was negatively impacted by the pandemic owing to disruption in supply chains and exports from countries like China and India.
“Sale of lab-grown diamonds is predicted to increase post-pandemic as more importance is being given to sustainability and environmental friendliness.”