The global Laboratory Grown Diamond (LGD) market size was worth US$ 21.4 Bn. The global market is likely to expand 6.9% CAGR during the forecast period, from 2022 to 2031.

It is estimated that by 2031, the global LGD diamond market will attain value of US$ 43.7 Bn. Due to their numerous advantageous properties, artificial diamonds are finding growing usage in a variety of end-use sectors, which is expected exert positive influence on the synthetic diamond business.

These diamonds have a special mix of electrochemical, optical, thermal, electrical, acoustic, and mechanical characteristics. Since synthetic diamonds are not affected by environmental degradation, the global market is projected to expand in the forthcoming years.

Additionally, they outlast natural diamonds in terms of durability. Hence, companies are expected to invest in lab-created diamonds instead of mined diamonds and concentrate on technical advancement of man-made diamond.

In addition, their production process has made significant advancements based on equipment and technique. Modern technologies are likely to encourage diamond mining at already existing sources that have not yet run empty due to widespread usage of LGD diamonds.