Lab-Grown

Measuring the Lab-Grown Diamond Market: Size, Growth, and Future Opportunities

Lab-GrownFeb 16, 2022

Measuring the Lab-Grown Diamond Market: Size, Growth, and Future Opportunities

National Jeweler talks to two analysts about market share and where the stones go from here.

20220216_Lab-grown-market-1.jpg
Pandora is the latest big retailer to launch a line of jewelry set with lab-grown diamonds, putting “Pandora Brilliance” into stores in the U.K. last year.
New York—Though lab-grown diamonds still make up a small percentage of the overall diamond jewelry market, their share is growing.

The category slowly has been building in market share as production ramps up and more consumers opt for a man-made stone, with the U.S. market being the largest by far for the products.

To put the current market size and near-term prospects into perspective, National Jeweler spoke with independent industry analysts Edahn Golan and Paul Zimnisky.

Both use their own research and analysis to create the data shared below, which is based on their estimates and forecasts.

An Upward Curve
Looking at the market over the past five years shows an interesting growth curve. 

Prior to 2018, lab-grown diamond jewelry sales totaled less than $1 billion, representing less than 1 percent of the total global diamond jewelry market, Zimnisky estimates. (Though these are global figures, Zimnisky noted that the U.S. makes up the majority of the market—more than 90 percent.)

Golan’s estimates for 2018 have lab-grown diamonds accounting for less than 1.5 percent of all diamond sales by specialty retailers in the United States.

By the following year, that had crept up to more than 2 percent, he said, and it’s continued to grow, especially as more producers, like De Beers with its Lightbox brand, have come online.  

By 2020, the stones’ market share had increased to about 3.5 percent, and last year it neared 5 percent, indicating continued growth in consumer awareness and acceptance of the product, Golan said. 

Overall, Golan said lab-grown diamonds were a $3.9 billion business in the U.S. in 2021. 

Zimnisky’s estimates for the market are more bullish. 

His research indicates that in 2021, global lab-grown diamond jewelry sales totaled approximately $5.9 billion, representing 7 to 8 percent of the total diamond jewelry market. 

 Related stories will be right here … 

According to these two experts, there’s no doubt the lab-grown diamond market will continue to grow, especially as producers ramp up supply and major retailers, like Signet and Pandora, continue to increase their lab-grown diamond inventory.

“All things being equal, a 7 percent share in 2022 is not an unlikely scenario,” Golan said.

Zimnisky, meanwhile, said lab-grown jewelry sales could near $8 billion-plus in 2022, approaching 10 percent of the total diamond jewelry market, and near the $10 billion mark by 2023.

Bridal vs. Fashion
One of the biggest conversations around lab-grown diamonds is, what will consumers buy them for, exactly? Bridal or fashion jewelry? 

Currently, about 60 percent of lab-grown diamond sales by value at specialty jewelers are bridal, according to Golan, who noted that’s largely because engagement rings generally cost more than fashion pieces. 

But when one looks at the market share by number of units sold (volume), bridal and fashion are evenly split at 50-50, he said.

Golan also noted the ratio of lab-grown diamond sales at larger retail spaces, like Macy’s or Amazon, is very different because consumers tend to shop there for fashion jewelry more than bridal, further indicating that, in the U.S., lab-grown diamond bridal jewelry doesn’t have such a large share. 

“I think self-purchase is probably getting to be the biggest segment of the market and a lot of that’s fashion jewelry.”—Paul Zimnisky 

Zimnisky said while the lab-grown diamond market has seen the lion’s share of its opportunity in bridal so far, it will start to occupy more in fashion jewelry in the coming years.

“I think self-purchase is probably getting to be the biggest segment of the market and a lot of that’s fashion jewelry,” he said, adding that big companies like Pandora and Lightbox are positioning them as fashion products as well.

Pricing could also influence this potential trend, he said.

As lab-grown diamond prices keep dropping—as they have been for a few years now—it’s likely more lab-grown diamonds will be marketed as fashion jewelry.

Pricing and Its Effects
Lab-grown diamond prices fell last year, while natural polished diamond prices rose by about 30 percent, Zimnisky estimated, widening the gap between the two categories.

Better methods among growers and competition among wholesalers will lead to a continued decrease in prices, both analysts agreed, and it remains to be seen when lab-grown prices will bottom out.

Right now, generic lab-grown diamonds are priced as much as 75-85 percent lower than natural diamonds of the same quality, Zimnisky said.

He said lab-grown diamonds likely will end up being priced similar to Lightbox, which has a linear pricing system based on size ($800 for a 1-carat diamond, $400 for a half-carat diamond, etc.). 

20220216_lab-grown-market-2.jpg
In early 2020, Swarovski introduced a line of colored lab-grown diamonds that seem intended for fashion jewelry. Three of the 16 shades offered are, clockwise from top right, “Couture Dragon,” “Draped Fire” and “Velvet Pool.” (© Swarovski)

The widening price gap also plays a role in one big question on everyone’s mind: Are lab-grown diamonds taking away from sales of natural diamonds? 

Just a few years ago, when lab-grown diamonds were priced 10 to 15 percent less than comparable natural diamonds, “almost all of those lab-grown diamond sales were probably taking sales away from natural,” he said. 

But now that the price gap has widened, there are probably many consumers buying a lab-grown diamond that wouldn’t have considered a natural diamond of the same quality because the price is so much higher. In other words, lab-grown diamonds are potentially finding new consumers.

Ultimately, though, market share and growth will depend on one important aspect, both analysts agreed—marketing.

“It’s still a luxury product. It’s an emotional purchase, and people buy it because they like the way it makes them feel. And I think that’s where the marketing kind of really comes into play,” Zimnisky said. 

“I think the natural diamond industry can really protect its market if it’s successful with proper marketing. And if they aren’t, then I think that there’s serious risk there.”

The Latest

Stock image of rough diamonds from the Kimberley mine
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

Pomellato Mini London blue topaz and diamond bracelet
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%

The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.

Zadok Rolex Austin
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in Austin

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Crowd of people in a shopping mall
SurveysJul 30, 2025
Consumer Confidence Ticks Up in July

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Making a Killing in Diamonds by Rob Bates
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Tacori bezel-set diamond bands
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LA

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Mighty Fierce Audacious Necklace, Sandy Rubin Aziza Necklace, Koulianos Designs Illuminations Shield Pendant
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New Designers

The first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.

Auctim emerald auction
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough Emeralds

The online auction house’s September sale will feature rough Brazilian emeralds of various qualities.

AGS Board President for 2025-2026 Alexis Padis
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President

She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.

Stock image of shipping containers
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs

Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.

Nanis Ipanema Collection Campaign
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

Kevin O’ Leary and George Mayer of The 1916 Company
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance Platform

The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.

Sissy’s new Little Rock store
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas

The jeweler’s largest store yet is set to open in Little Rock next fall.

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy