Synthetic Diamond Market Analysis & Forecast: 2025-2032

Synthetic Diamond Market Analysis & Forecast: 2025-2032

The Synthetic Diamond Market is estimated to be valued at USD 27.73 Bn in 2025 and is expected to reach USD 44.53 Bn in 2032, exhibiting a compound annual growth rate (CAGR) of 7.0% from 2025 to 2032.

Key Takeaways

• Based on Type, Polished segment is expected to lead the market holding a share of 65% in 2025, owing to their affordability and ethical sourcing.
• Based on Manufacturing Process, the Chemical Vapor Deposition (CVD) segment is projected to dominate with a highest share in the market in 2025, attributed to its better quality and scalability for producing gem quality diamonds.
• Based on Region, the Asia pacific region is estimated to lead the market with a share of 40% in 2025, due to strong manufacturing capabilities. While North America is considered to be the fastest growing region during the forecast period, owing to its strong consumer demand.

Market Overview

Increasing disposable incomes and industrialization are expected to drive the global synthetic diamond market growth in the near future. The growing fashion industry is expected to create lucrative opportunities for the market. Rising demand for super-abrasives will also boost the market growth in the near future.

Current Events and Its Impact

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Export-Import Analysis of Synthetic Diamond

India shipped 1,767 consignments of Synthetic Diamonds from October 2023 to September 2024 (TTM). These shipments were made by 263 Indian exporters to 544 buyers, showing a decline of 39% compared to the previous twelve months.

In September 2024 alone, India exported 207 shipments of Synthetic Diamonds, reflecting a 40% year-on-year growth compared to September 2023, and a 29% increase compared to August 2024. The United States, Vietnam, and the United Arab Emirates are the top destinations for India's Synthetic Diamond exports.

On a global scale, China, the United States, and India are the leading exporters of Synthetic Diamonds. China tops the list with 88,902 shipments, followed by the United States with 26,043 shipments, and India ranks third with 9,787 shipments.

Segmental Insights

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Synthetic Diamond

Market Insights, By type:  Polished Diamond Acquires the Largest share owing to its Affordability and Ethical Sourcing

The polish segment is expected to contribute the highest market share of 65% in 205. The polish of a synthetic diamonds or its surface finish makes a direct impact on its appearance and sparkle. The high polish enhances the diamonds brilliance and fire by ensuring smoothness, clean facets that reflect light effectively. Diamonds are cut and polished popularly in Surat, India and the Chinese cities such as Guangzhou and Shenzhen. However, India is the largest centre for polishing and cutting diamonds, accounting for over 90-95% of the total world’s polished diamond consumption.

Synthetic Diamond

Market Insights, By Manufacturing Process: Chemical Vapor Deposition (CVD) Dominates the overall market owing to the growing demand for Better Quality and Scalability

The chemical vapor deposition (CVD) segment is expected to hold the highest synthetic diamond market share in the market in 2025, owing to its better quality and scalability. Chemical vapor deposition is technique used to synthetize diamond in a controlled laboratory environment.  The utilization of this process offers flexibility in size, and shape, allowing for better control over impurities and thus the properties of the diamond and enable the growth of various substrate. Limelight Handcrafted Diamonds, India’s leading jewelry brand, has launched a collection featuring lab-grown CVD diamonds. These diamonds, classified as Type IIa by top global certifying organizations, offer the purest quality in a sustainable, modern form. This is further accelerating the synthetic market demand.

Regional Insights

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Asia Pacific Synthetic Diamond Market Analysis & Trends

The Asia Pacific region is expected to dominate the global synthetic diamond market, with 40% share in 2025. Driven by the strong manufacturing capabilities, large consumer base mainly from countries such as China, India, and Japan. These countries both have the greatest production and consumption of synthetic diamonds due to growing middle class with increasing disposable incomes and the cultural significance in these countries. For instance, 80% of the global synthetic diamond production is underscored by Asia Pacific region. Also, chinese scientists have created an artificial diamond that surpasses natural diamonds in hardness. This breakthrough could greatly benefit industries that depend on durable materials.

North America Synthetic Diamond Market Analysis & Trends

North America is expected to witness the fastest synthetic diamond market growth over the forecast period. The market in North America is fueled by the robust research and development, a thriving high-tech sector, and significant demand for synthetic diamonds in electronic, defense, and other advanced application. The consumer preference from the North America region is growing towards lab-grown diamonds, especially among younger consumers due to ethical consideration and cost-effectiveness. For instance, De Beers introduced synthetic diamond jewelry in the United States.

Synthetic Diamond Market Outlook Country-wise

China Synthetic Diamond Market Trends

China is the largest producer of synthetic diamond with estimated production around 20 million carats in 2022, which is 40% to 50 % of the global production. China mainly has the production of HPHT (High-pression, high-temperature) synthetic diamonds. The market is primarily driven by the economies of scale, low labor cost and government support China offers lab-grown diamonds at an affordable and competitive prices. Additionally, the advancements of technology of production and the focus on cost-effective methos, contributes to the leadership of China on the market.

The United States Synthetic Diamond Market Trends

The United States has the fastest growing ground from North America in synthetic diamond market. The market in the U.S. is mainly fueled by the strong foundation in semiconductor manufacturing and investment in R&D. Recently the U.S. government invested USD 52 billion CHIPS Acts, this is estimated to stimulate demand for synthetic diamonds. Other than that. The Defense Advanced Research Projects Agency (DARPA) has initiated the Large Area Device-quality Diamond Substrates (LADDIS) program, selecting six vendors to develop superior lab-grown diamond materials for microelectronics.

India Synthetic Diamond Market Trends

 India is the second largest producer of synthetic diamonds, accounting for about 3 million carats. India is lacking in the mined diamond industry, which contributes in increasing consumption of lab-grown or synthetic diamonds. India is a country where jewelry means aspirations, emotions and culture, and it has potential future for lab-grown diamonds. The penetration of mined diamond jewelry on India is less than 5% whereas 95% of consumers want to own a diamond. Additionally, mined diamonds have given a negative return and hence India consumers do no find it valuable to investment in that. Management and business advisory firm Technopak estimates that India’s lab-grown diamond market was valued at USD 264.5 million (approximately INR 2,228 crore).

Japan Synthetic Diamond Market Trends

Japan’s advancement towards diamond semiconductors technology is drives the market in the country. According to Nikkei, Saga University successfully developed the world's first power device made from diamond semiconductors in 2023. The same year, the university collaborated with the Japan Aerospace Exploration Agency (JAXA) to develop high-frequency diamond semiconductor components for space communication. For instance, Orbray, a Tokyo-based precision parts manufacturer has developed mass-production technology for 2-inch diamond wafers, pushing the limits of size manufacturing. The company is expected to soon complete research and development for 4-inch substrates. Additionally, Mirai Technologies, jointly funded by Toyota and Denso, is collaborating with Orbray to develop onboard diamond power devices, aiming for commercialization in the 2030s.

Market Report Scope

Synthetic Diamond Market Report Coverage

Global Synthetic Diamond

Market Trends

• Increasing Product Launches: New product launches due to continuous innovation are a rising trend. This ongoing trend is expected to fuel market growth. For instance, in January 2020, Swarovski's passion for innovation and design, and mastery of crystal cutting has defined Swarovski as the leading jewelry and accessories brand introduced a new range of lab-grown diamonds with diverse cuts and 16 fancy colors at Haute Couture Fashion Week in Paris. The offering is the most extensive assortment of hues in the global market.

Global Synthetic Diamond

Market Drivers

• Growing demand from electronics and semiconductors: In the electronics and semiconductor industry, synthetic diamonds are used as heat spreaders, high-power switches, and substrates for electronic devices. Their high thermal conductivity and excellent electrical insulation properties make them ideal for these applications. Additionally, synthetic diamonds are also used in cutting and polishing tools for the semiconductor industry, where precision and accuracy are critical.
• Increasing demand for super abrasives: Increasing demand for super abrasives is again projected to augment the market growth. Synthetic diamonds are mainly used in super abrasive tools such as drilling, cutting, dressing tools, and grinding wheels, to produce products in the automotive, aerospace, medical, and electronics industries. Super abrasives are commonly used due to characteristics such as longevity, hardness, resistance to abnormal temperatures, and chemical inertness.

Global Synthetic Diamond

Market Opportunities

• Increasing use of synthetic diamond in additive manufacturing: Increasing applications in additive manufacturing are expected to provide lucrative growth opportunities in the market. Rapid industrialization worldwide is expected to fuel demand for additives. It is widely used in industries ranging from aerospace to textiles, buildings, medicine, and metals. It has the ability to print custom designs such as complex grid structures.
• Usage of synthetic diamond in various applications: Diamond’s durability, low friction, and biological inertness make it suitable for orthopedic medical devices such as joint replacements. Thus, the adoption of synthetic diamonds in such applications is creating lucrative opportunities for the growth of the market.

Key Developments

• In April 2025, Jewelbox, a D2C lab-grown diamond jewelry brand raised USD 3.2 million in its pre-Series A round led by V3 ventures.
• In March 2025, Augmont, a retail and jewellery company has entered into lab-grown diamond (LGD) market in India, launched Akoirah, a product featuring 100% recycled gold and responsible sourced lab-grown diamonds, ensuring sustainability without compromising on quality.
• In February 2025, Priyanka Gill, the co-founder of Good Glamm Group, launched a lab-grown diamond brand in India called COLUXE. The brand aims to revolutionize the jewelry industry by merging luxury with sustainability and accessibility.
• In January 2025, Element Six (E6), a pioneer in the development of synthetic diamond advanced material solution, launched an innovative Cu-diamond product at Photonic West 2025. Cu-Diamond is a copper plated diamond composite material that has a high thermal and electrical conductivity.

Analyst Opinion (Expert Opinion)

• The Asia Pacific region, particularly China, is currently leading the global synthetic diamond market in terms of revenue. This dominance is driven by rising demand, strong industrial interest, and China’s large and growing GDP. As the country continues to invest in technology and manufacturing, the synthetic diamond market is expected to grow rapidly in the coming years.
• North America, especially the United States, is projected to see the fastest growth rate in the synthetic diamond market during the forecast period. The demand for industrial-grade synthetic diamonds, used in cutting, drilling, and grinding, is expected to increase alongside this trend.
• Geopolitical factors are significantly shaping the synthetic diamond market. Sanctions on Russian diamonds, which account for about 28% of the global supply, are encouraging consumers and manufacturers to shift toward synthetic options. This is further supported by ethical concerns around natural diamond mining, boosting synthetic diamond adoption.
• The U.S.-China supply chain rivalry is also influencing market dynamics. As China currently produces around 95% of synthetic diamonds, the U.S. is looking to reduce its reliance by potentially introducing tariffs or incentives to boost domestic production. These changes could affect pricing, supply chains, and global access to synthetic diamonds over time.

Sources

Primary Research Interviews from the following stakeholders

Stakeholders

• Interviews with synthetic diamond manufacturers, materials engineers, R&D scientists, procurement heads, jewelry designers, semiconductor device engineers, and industrial abrasives buyers across global markets.

Specific stakeholders

• Materials science leads at electronics and semiconductor companies (e.g., Infineon Technologies, STMicroelectronics)
• Strategic sourcing managers at jewelry brands (e.g., Tanishq, Pandora, Swarovski)
• Manufacturing and R&D engineers at industrial tool manufacturers (e.g., Sandvik, Hilti)
• Procurement and innovation leads in aerospace and defense (e.g., Boeing, DRDO)
• Sustainability and ESG managers at fashion retail chains sourcing lab-grown diamonds (e.g., De Beers Lightbox, Signet Jewelers)
• Process engineers in medical device companies exploring synthetic diamond coatings
• Heads of synthetic diamond fabrication units using CVD and HPHT technologies

Databases

• UN Comtrade Database – Trade data for synthetic diamond imports/exports
• World Trade Organization (WTO) – Global diamond trade regulations
• U.S. Geological Survey (USGS) – Mineral Commodity Summaries
• Eurostat – Industrial goods and synthetic diamond statistics
• China Customs Statistics – Synthetic gem and industrial-grade exports
• Japan Customs – Gemstones and industrial synthetic diamonds trade
• Korea Trade Statistics Promotion Institute – Materials sector data
• Indian Ministry of Commerce and Industry – Export/Import Data Bank
• Directorate General of Commercial Intelligence and Statistics (DGCIS), India

Magazines

• The Jewellery Editor – Lab-grown diamond trends
• Industrial Diamond Review
• Gems & Gemology (GIA)
• Cutting Tool Engineering
• Metalworking World Magazine
• Semiconductor Engineering
• The Fabricator (materials and tools focus)
• Manufacturing Today (Materials Science)
• Retail Jeweller (UK)

Journals

• Diamond and Related Materials (Elsevier)
• Journal of Crystal Growth
• Materials Science and Engineering B
• Journal of Applied Physics
• Journal of Superhard Materials
• Materials Today
• IEEE Transactions on Electron Devices
• Journal of Cleaner Production (for sustainability in lab-grown diamonds)

Newspapers

• The Wall Street Journal – Commodities and Retail
• The Economic Times – Gems, Jewelry, and Manufacturing
• Business Standard – Mining and Materials Sector
• Financial Times – Luxury and Materials Markets
• Nikkei Asia – Semiconductor and Materials Supply Chain
• South China Morning Post – Trade and Manufacturing

Associations

• International Grown Diamond Association (IGDA)
• Gemological Institute of America (GIA) – Research on synthetic diamonds
• World Jewellery Confederation (CIBJO)
• The Gem & Jewellery Export Promotion Council (GJEPC), India
• International Diamond Manufacturers Association (IDMA)
• Semiconductor Equipment and Materials International (SEMI)
• American Society for Testing and Materials (ASTM) – Standards for synthetic materials
• European Federation for Precision Engineering and Nanotechnology (euspen)

Public Domain Sources

• U.S. Geological Survey (USGS) Reports on synthetic diamond production
• Ministry of Mines (India) – Industrial minerals and materials policies
• Reserve Bank of India (RBI) Reports on Gems & Jewellery exports
• Bureau of Indian Standards (BIS) – Norms for gem quality
• Ministry of Economy, Trade and Industry (METI), Japan
• European Commission – Raw Materials Information System (RMIS)
• U.S. International Trade Commission (USITC)
• NITI Aayog – Reports on new materials, innovation, and manufacturing
• Indian Patent Office – Trends in diamond synthesis technologies

Proprietary Elements

• CMI Data Analytics Tool, and Proprietary CMI Existing Repository of information for last 8 years

*Definition: Synthetic diamond is produced using advanced technological processes, such as High-Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD) methods. In the HPHT method, a small diamond seed is placed in a high-pressure press and subjected to high temperatures and pressures, which cause carbon atoms to bond together and form a larger diamond crystal. This process can take several weeks to produce a single diamond.