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

My Next Question webinar graphic
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your Business

Experts share top tips on how to encourage positive reviews and handle negative feedback.

GIA iD100® Technology
Supplier BulletinOct 30, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Seattle PD image of Menashe & Sons Jewelers following Aug. 14 smash-and-grab robbery
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs

The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: Introducing GIA Jewelry Services

Supplier Spotlight Sponsored by GIA

Buddha Mama gold skull pave huggies
TrendsOct 30, 2025
Amanda’s Style File: A Haunted Halloween

Show off your spooky side with these 12 festive jewels.

Weekly QuizOct 30, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Is This Love That I’m Feeling event imagery
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History Museum

The “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.

Stock image of person holding shopping bags
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence

Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.

DEBEERS_DAY4_DSC_1023-01_1872x1052.jpg
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond Jewelry

From sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.

Couture show
Events & AwardsOct 29, 2025
Couture Partners With Time to Watches

The company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.

The Modern Guide to Vintage Jewelry by Beth Bernstein
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide

“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.

Collage of bug jewelry
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful Jewelry

For her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.

Gem Awards 2025 at Cipriani New York
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award Nominees

Notable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.

Graphic for Jewelers of America’s 2025 State of the Industry webinar
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry

Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.

Eriness One of One Collection Rings and Necklace
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ Collection

After experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.

Napoleon’s diamond brooch and a pearl and diamond hair ornament
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For Auction

It is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.

Marie Louise’s emerald necklace and earrings stolen in the heist at the Louvre Museum
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist

One of the individuals was apprehended at the airport as he was trying to flee the country.

Holiday shoppers in Target
MajorsOct 27, 2025
Target to Cut 1,800 Corporate Jobs

The retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.

Hill Management Group
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry Show

Hill Management Group will oversee, market, and produce next year’s spring show.

Bonhams New Bond Street London flagship
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives Replaced

London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.

De Beers Diamond View Zoom machine with monitor
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument Demo

The workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.

Two brooches stolen in the October 2025 heist at the Louvre Museum in Paris
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene

The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.

Wyld Box Jewelry Ray of Light Large Drop Earrings
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ Earrings

Founder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.

Tiffany & Co. Bird on a Rock pendant
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, Kering

The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.

Cullinan Diamond Mine plant
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital

The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.

Million Dollar Hip Hop Watches by Leon Schäfers, Jeanette Lang, Tobias Kargoll
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch History

The book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.

Alexis Vourvoulis
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & Watches

Alexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.

Taylor Swift engagement ring Greenwich St
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds Edition

The superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.

×

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