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

GIA iD100® Technology
Supplier BulletinJul 03, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Madison Keys in Brilliant Earth campaign
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New Ambassador

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

Muse Nordstrom shop-in-shop
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry Hall

The West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.

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.

Shree Ramkrishna Exports
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-Negative

This past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.

Weekly QuizJul 02, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Yeprem Golden Strada Statement Necklace
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From Yeprem

The brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.

Stock image of police cars with their lights on
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Exterior and entryway of Boucheron’s Los Angeles Flagship
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast Flagship

Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

Exterior of Marco Bicego Milan Flagship
MajorsJul 02, 2025
Marco Bicego Opens Milan Flagship

The new location continues the brand’s celebration of its 25th anniversary.

Chrono24 Time Is Our Thing campaign image
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New Campaign

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

Bernadette Mack
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive Director

She will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.

Counterfeit Pandora jewelry in bags and boxes
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry Network

Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

Cast Issa Rae
MajorsJul 01, 2025
Cast Closes Business, Plans for Relaunch

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

Eve Goldberg, Matthew Denatale, Willie Lopez, Benjamin Goldberg
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship Program

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

Elie Hannoush
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

Claire’s store
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report Says

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Mindi Mond Spike Earrings
TrendsJul 01, 2025
Amanda’s Style File: Red Hot Rubies

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Smart Age Solutions CEO Emmanuel Raheb
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry Sales

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

Morgan Keefe
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education Scholarship

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

×

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