Diamonds are no longer defined only by where they come from. A CVD diamond is grown in a controlled laboratory process rather than mined, yet it is chemically and physically identical to a natural stone. Polaris Market Research values the CVD lab-grown diamonds market at USD 13.18 billion in 2024, rising to USD 14.07 billion in 2025 and USD 25.58 billion by 2034, a CAGR of 6.9%.

Market Overview

North America led in 2024, supported by strong consumer demand, technological progress and an established jewelry industry. Asia Pacific is projected to grow fastest as rising incomes and expanding manufacturing lift both jewelry and industrial demand in China, India and Japan. By color, colorless stones dominated in 2024 for their optical purity and brilliance, while rough stones are expected to grow fastest because they feed both gem cutting and industrial tools.

Polaris divides the market by type, color and application, covering machine and cutting tools, heat sinks and exchangers, optical, laser and X-ray equipment, electronics, healthcare instruments and gemstones.

Industry Trends

Changing Consumer Preferences

Younger buyers in particular are moving away from mined stones because of environmental and labor concerns, and they place a higher value on ethical sourcing, affordability and customization. That shift explains the rising interest in lab grown diamond engagement rings, where couples can choose a colorless stone without compromising on clarity or brilliance. In April 2024, Brilliant Earth teamed up with the Jane Goodall Institute, pledging USD 100,000 and launching a recycled gold collection. In December 2024, Limelight Diamonds opened its first store in Chennai and announced plans for seven more to meet demand for lab grown diamonds jewelry.

Industrial Applications Expand

Beyond jewelry, a CVD diamond offers exceptional hardness, thermal conductivity and optical properties. Applications include cutting tools, heat sinks, optics, lasers, electronics and healthcare instruments. In June 2024, Element Six and Japan's Orbray developed what they describe as the highest-quality wafer-scale single-crystal diamond, aimed at power and efficiency challenges in AI, telecommunications and 6G components. In the US, synthetic stones made up 99% of industrial diamond consumption in 2024.

Technology and Capacity Growth

Better reactors and purification methods are improving size, color and clarity control, and innovations in deposition techniques have produced high-purity stones with superior optical and physical properties. Shanghai Zhengshi Technology produced a 16.41-carat G/VVS2 princess-cut stone recognized by the Gemological Institute of America. In September 2025, South Korea's KDT Diamond announced its first overseas plant, planned for India, and in August 2025 Adamas One signed a letter of intent to acquire India-based cutter and polisher Flawless Allure Grown Diamonds.

Browse In-depth Market Research Report:

https://www.polarismarketresearch.com/industry-analysis/cvd-lab-grown-diamonds-market 

Perception Still Matters

Polaris lists perception and acceptance as a challenge. Even so, brand partnerships and growing consumer trust are helping lab grown diamonds gain ground in both luxury and mainstream markets. Younger generations in particular are shifting attitudes, which bodes well for demand.

Competitive Strategies

Companies compete through mergers and acquisitions, partnerships with jewelry brands and new diamond-growing technologies, while regional players offer cost-effective, customized products for emerging markets. ABD Diamonds, an Indian manufacturer founded in 2017, supplies loose stones, jewelry and industrial diamonds, and Shanghai Zhengshi Technology holds 13 patents.

Key Players

Companies named in the Polaris report include:

• ABD Diamonds
• Anjali Diamonds Pvt Ltd
• Bhanderi Lab Grown Diamonds
• De Beers plc
• Delaware Diamond Knives, Inc.
• Hebei Plasma Diamond Technology Co., Ltd.
• IIa Technologies
• Ritani
• Shanghai Zhengshi Technology
• SP3 Technologies LLP

Conclusion

The CVD lab-grown diamonds market is growing on the strength of ethical sourcing, technology and wider uses. As lab grown diamonds become more cost-effective and trusted, they will keep winning over jewelry buyers, including those shopping for lab grown diamond engagement rings, while each CVD diamond used in electronics or tools opens another growth path. North America leads today, but Asia Pacific is expected to be the fastest-growing region.

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