Lab-Grown

An Updated Look at the Lab-Grown Diamond Market: Size, Pricing, and More

Lab-GrownSep 21, 2022

An Updated Look at the Lab-Grown Diamond Market: Size, Pricing, and More

As the end of 2022 draws near, National Jeweler offers another deep dive into lab-grown diamond market data.

20220921_LGD-market-update-header.jpg
The U.S. launch of Pandora’s lab-grown diamond jewelry collection has been one of the biggest factors influencing the market this year, one analyst said. Pictured is a necklace from the collection, which is available in 14-karat yellow gold and sterling silver. Prices start at $300 retail.
New York—The lab-grown diamond market continues to expand with no signs of slowing down.

Earlier this year, National Jeweler examined the estimated size of the market and talked to experts about where it might go in the future, as well as what could drive growth.

As 2022 draws to a close, here’s an updated look at how the year panned out and where opportunities lay in 2023 and beyond.

An Updated Outlook
Diamond market analyst Paul Zimnisky told National Jeweler earlier this year lab-grown jewelry sales could near $8 billion-plus in 2022, approaching 10 percent of the total global diamond jewelry market.

Amid robust consumer demand for lab-growns, Zimnisky has now increased his forecast to $9 billion-$10 billion, which would see lab-grown diamond jewelry accounting for more than 10 percent of total global diamond sales, according to his model. 

Market research firm The MVEye also monitors the lab-grown diamond sector. 

It currently estimates that the market accounts for 8-10 percent of diamond jewelry sales globally.

The U.S. remains the largest consumer market for lab-grown diamonds by far. Zimnisky said it represents about 80-plus percent of lab-grown diamond jewelry demand, compared with about 50-plus percent of total global diamond jewelry demand.  

Sherry Smith from data and consulting company The Edge Retail Academy, which tracks independent jewelers’ sales, offered the following data from the January-June period. 

Lab-grown loose diamond sales represented 7 percent of total retail loose sales, an increase from 5.3 percent over the same period in 2021.

Smith noted that larger lab-grown diamonds showed significant increases in most of the key performance indicators.

The 3.25- to 3.50-carat range, for example, showed a 194 percent increase in gross sales, a 114 percent increase in units sold, and a 25 percent increase in average retail sale, suggesting some customers might be trading up in size from smaller natural diamonds. 

The 4.5- to 5-carat range recorded a spike of 582 percent in gross sales, and sales in the 5.5- to 6-carat rose 78 percent. 

But, Zimnisky said it’s important to keep in mind that lab-grown diamonds are also creating incremental demand for diamond jewelry that wouldn’t otherwise exist.

“Going into the future, I believe that this incremental demand will continue to grow while the share of lab-grown diamonds directly cannibalizing natural will stabilize.

“Once lab-grown diamonds as a product reach maturity, I believe consumers will likely view natural and lab-grown as distinct products, so demand for [the latter] will be driven much more by marketing and not product availability.”

What’s Shaping the Market
The big milestones for the sector this year have come from the major companies, Zimnisky said—Signet has really begun to push the product, and Pandora launched its new lab-grown line in the U.S. 

Signet officially got into the lab-grown game a few years back, but this year has started investing in stocking and marketing the sector in a big way. 

 Related stories will be right here … 

Pandora, meanwhile, tested its lab-grown diamond jewelry exclusively in the U.K. last year before deciding to bring the product to the U.S. market, its largest, in August of this year

Both developments will greatly increase the visibility and availability of lab-grown diamonds in the U.S.

Looking ahead, while Zimnisky initially predicted global lab-grown diamond jewelry sales could near the $10 billion mark by 2023, he said he’s now forecasting they will surpass that milestone next year.

Pricing in 2022
Lab-grown diamond prices generally have continued to decline over the last five to seven years, Zimnisky said, adding that as production capabilities improve and global production volume increases, the trend is likely to continue. 

He said higher energy prices around the world could stabilize nominal prices in the short term since that input cost is passed on from the producers.

But there’s also been an interesting update for the sector from India—the Indian government has formalized a policy to finance lab-grown diamond producers to help stimulate exports.

News broke in early August that the State Bank of India, the country’s biggest bank, had become the first Indian lender to come up with a formal policy to fund growers.

The loans reportedly come with certain conditions, such as funding the import of machinery rather than supplying working capital.

The move is “a significant catalyst and is likely to lead to a further boom in lab-grown diamond production volumes,” according to Zimnisky, which would continue to affect prices.

What Will Propel the Market
In fact, Zimnisky names increased production/limitless supply as one of the four factors he expects to drive the lab-grown diamond sector’s next phase of growth in a new report.

In addition to limitless supply, he also cited higher quality, branding and proprietary design, and custom shapes and colors.

As production ramps up, diamond-producing technologies will continue to improve, increasing the general quality of the stones but potentially exacerbating the decline in prices.

“Eventually, almost all man-made diamonds will likely be of a universal high quality, which could render grading of lab-diamonds non-necessary ... [which would] further reduce the price of man-made diamonds relative to natural diamonds for consumers,” Zimnisky wrote.

This means branding and proprietary design and custom shapes and colors will be essential for producers who want their product to compete as a luxury item, he added.

(For more on Zimnisky’s report, see this article by National Jeweler Editor-in-Chief Michelle Graff.)

20220921_LGD-market-update-insert.jpg
Lightbox, De Beers’ lab-grown diamond brand, recently added baguettes and cushion cuts to its selection of loose lab-grown diamonds, citing consumer desire for custom designs featuring fancy shapes.

The MVEye also recently conducted research on the consumer groups they believe will drive the market in the future. 

Two of those consumer groups are 25- to 38-year-old millennials, but one group, called “In the Know” is already aware of lab-growns through friends or media.

The other, “In the Dark,” haven’t heard of lab-grown diamonds but are easily convinced to learn more. 

The MVEye also said it believes a third group dubbed the “Upgraders,” those who are 55 and older and looking to upgrade their engagement rings, could be a powerful segment to propel the growth of lab-grown diamond sales.

This consumer segment is motivated to buy a larger diamond and likes to reward themselves. 

“If retailers could bring that across to them [in ads], saying, ‘OK, it’s time to self-reward,’ that’s how they’re going to go get this group,” co-founder Liz Chatelain said to National Jeweler in a recent interview. 

“It’s a great opportunity, especially for independent retailers who really know their market.”

The Latest

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Weekly QuizApr 18, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

gia-topimage 0325.jpg
Brought to you by
A Brilliant Future Is Here

Get online education from GIA experts.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Athena Calderone x John Hardy Collection
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired Collection

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

Movado Connect 2.0 watches
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs Impact

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.

Jewelers of America logo
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from Members

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

Technology Therapy Group logo
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry Retailers

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

Catbird Chicago
IndependentsApr 16, 2025
Catbird Expands to Chicago

The opening marks the jewelry retailer’s first location in the Midwest.

Foundrae United in Love Campaign
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through Love

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert and Rose-Marie Goodman outside Robert Goodman Jewelers
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-Up

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.

Womens Jewelry Association WJA logo
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter President

The announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.

×

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