The global lab-grown diamond market is set for robust expansion, with its value forecast to climb 60 per cent over the next seven years, rising from $27.7 billion in 2025 to $44.5 billion by 2032, according to a new study by India-based Coherent Market Insights (CMI). This growth trajectory reflects a compound annual growth rate (CAGR) of 7 per cent, significantly outpacing expectations for the natural diamond sector, where expansion is predicted to remain far more subdued.

The report positions North America as the dominant market, projected to account for around 40 per cent of global demand by 2025, underpinned by consumer acceptance and strong retail penetration. Yet, it is the Asia-Pacific region that is anticipated to record the fastest growth, fuelled by rapid industrialization, expanding middle-class wealth, and rising disposable incomes.

On the supply side, China emerges as the largest producer, responsible for nearly half of global lab-grown output. However, the majority of Chinese production relies on the High Pressure High Temperature (HPHT) method—an older, less refined technology compared with the more advanced Chemical Vapor Deposition (CVD) system, which is increasingly favored for higher-quality gem production.