The demand for rough lab growth diamond is increasing due to their wide scale application in construction, cutting, mining, optics and electronics industry. Further, rapid growth of electronic industry in the world is providing immense growth opportunities to the rough lab grown diamond market.
Global lab grown (synthetic) diamonds market is expected to flourish at a significant CAGR of 7.4% over the forecast period. Moreover, the global lab grown (synthetic) diamonds market is expected to garner USD 27.6 Billion by the end of 2023. Increasing disposable income coupled with rising demand for jewelries are expected to drive the growth of the global lab grown (synthetic) diamonds market. Further, increasing demand in various end use industries is envisioned to strengthen the growth of the market.
Increasing popularity and demand for synthetic diamond jewelries from price sensitive consumers is expected to drive the growth of the lab grown (synthetic) diamond market. Further, factors such as large scale availability, introduction of colored synthetic diamonds which can be used as gems in jewelry industry and similar appearance of lab grown diamonds as natural diamonds are some of the major growth drivers of lab grown diamonds.
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