The $80 billion global market of diamond jewelry has experienced some major disruption by lab-grown diamonds this past year. Diamond industry analyst Paul Zimnisky states that while lab-grown diamonds account for only a small portion of the total market (about $2 billion per year), strong and steady growth is predicted for the future of the industry. Much of this growth can be attributed to the power and numbers of the growing Millennial consumer group, who have placed their personal morals, ethics, and values at the top of their priority list when making a majority of purchases. They have statistically shown less interested in mined diamonds than previous generations, and believe that lab-grown diamonds are the more ethical, eco-friendly and affordable choice. According to Zimnisky, the lab-created diamond jewelry market will sky-rocket in terms of sales and profits within the next two decades:
“At an estimated $1.9 billion dollars today, the lab-grown diamond jewelry market is forecasted to grow at 22% annually to $5.2 billion by 2023 and to $14.9 billion by 2035, equating to a longer-term growth rate of about 9%. The growth is estimated to be driven by the continued advancement in lab-diamond production technologies which should improve production economics and thus further push down prices, in turn taking market share from both the natural diamond industry and the fashion jewelry industry”.
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