Newly Updated 2023 Global Strategic Business Report Forecasts Synthetic Diamonds Market to Reach $21.4 Billion by 2030: Comes Amid De Beers' Drastic Price Cuts Due to Falling Natural Diamond Demand

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Sep 05, 2023, 22:15 ET

DUBLIN, Sept. 5, 2023 /PRNewswire/ -- A freshly updated Synthetic Diamonds - Global Strategic Business Report has just been released by ResearchAndMarkets.com, revealing a bullish outlook for the Synthetic Diamonds market, which is projected to reach a value of $21.4 billion by 2030. This eye-opening forecast coincides with a recent news story that reports a significant drop in natural diamond demand, causing industry leader De Beers to slash prices by more than 40%.

According to the newly updated report, the global market for Synthetic Diamonds, valued at $14.5 billion in 2022, is slated to grow at a Compound Annual Growth Rate (CAGR) of 5% between 2022 and 2030. The rough diamond segment within the synthetic diamond market is particularly notable, expected to grow at a 4.9% CAGR and hit $14.5 billion by 2030.

Key Geographical Insights:

In the United States, the Synthetic Diamonds market is currently valued at an estimated $3.9 billion as of 2022.
China is poised to be a standout performer, with a projected CAGR of 8.6%, reaching an estimated market size of $4.9 billion by 2030.
Other noteworthy markets include Japan and Canada, forecasted to grow at 1.9% and 5% CAGR respectively over the eight-year analysis period.

Aligning with Industry Trends

The steep price cuts by De Beers reflect a significant shift in consumer preferences, driven largely by the allure of lab-grown diamonds. The synthetic diamond industry has successfully tapped into markets where consumers are especially price-sensitive, significantly affecting the U.S. bridal market. This corroborates the findings in the Global Strategic Business Report, highlighting the growing consumer inclination towards synthetic diamonds.

About the Report

The Global Strategic Business Report offers a comprehensive overview of the Synthetic Diamonds market, featuring 46 competitors including BEACON STRATEGIC COMMUNICATIONS, D.NEA, Element Six (UK) Ltd., and more. The report provides detailed coverage of market trends influenced by various global factors such as the Russia-Ukraine war, inflation, and supply chain disruptions.

For more information, please visit Synthetic Diamonds - Global Strategic Business Report

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SOURCE Research and Markets