Synthetic Diamond Market

Synthetic Diamond Market Size:

The global synthetic diamond market size reached USD 17.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 30.2 Billion by 2033, exhibiting a growth rate (CAGR) of 6.22% during 2025-2033. The market is primarily driven by the growing demand for industrial applications, the significant expansion of the jewelry industry, and the widespread adoption of synthetic diamonds in semiconductor industries for its applications in electronics and cutting tools.

Synthetic Diamond Market Analysis:

• Major Market Drivers: The growing demand for diamonds in various industries like electronics, healthcare, and automotive is driving the synthetic diamond market. Moreover, the increasing preference for synthetic diamonds due to their ethical and sustainable production methods compared to natural diamonds faces concerns regarding environmental impact and ethical sourcing.
• Key Market Trends: The market trends are advancements in technology resulting in the production of larger and higher-quality synthetic diamonds at lower costs. Also, the rising popularity of lab-grown diamonds among millennials and Gen Z consumers is driven by their affordability and customizable options.
• Geographical Trends: The Asia-Pacific region, particularly China and India, is witnessing rapid growth in the synthetic diamond market due to industrialization and urbanization. Besides, North America and Europe are driven by rising demand for synthetic diamonds driven by technological innovation and sustainable practices.
• Competitive Landscape: Some of the major synthetic diamond companies include Applied Diamond Inc., D.NEA, Element Six (UK) Ltd., Finegrown Diamonds, Henan Huanghe Whirlwind Co. Ltd, Henan Liliang Diamond Co. Ltd., Heyaru Engineering Pvt. Ltd., Hyperion Materials & Technologies Inc., Iljin Diamond Co. Ltd., Industrial Abrasives Ltd, New Diamond Technology, Soham Industrial Diamonds, Swarovski AG and Zhengzhou Sino-Crystal Diamond Co. Ltd., among many others.
• Challenges and Opportunities: Challenges regarding labeling and disclosure requirements for synthetic diamonds, especially in the jewelry industry, pose a hurdle to market growth. On the other hand, the synthetic diamond market recent opportunities include the shift toward sustainable and ethical consumption presents an opportunity for synthetic diamond manufacturers to capitalize on consumer demand for responsibly sourced products.

Synthetic Diamond Market Trends:

Rising Demand for Industrial Applications

The synthetic diamond industry is expanding owing to increased demand in various industrial sectors. In addition, synthetic diamonds are widely used in sectors such as construction, automotive, and aerospace for crucial activities including cutting, grinding, and drilling due to their excellent hardness and heat conductivity. As these industries grow, the need for synthetic diamonds is influencing market growth. For instance, in 2022, China was the leading producer of synthetic industrial diamonds globally, followed by the United States, Russia, Ireland, and South Africa. These five countries collectively produced about 99% of the world's synthetic industrial diamond output. Synthetic diamonds account for more than 99% of worldwide industrial diamond production and utilization. The total worldwide production of produced industrial diamonds has topped 15.4 billion carats. Besides, in construction, synthetic diamonds are used to cut and drill through difficult materials such as concrete and stone. Similarly, in the automobile sector, they are used to manufacture and polish components with great accuracy and durability. Thus, the synthetic diamond market growth is closely related to technical breakthroughs and industrial growth, assuring an upward trajectory in the next years.

Increasing Demand in Semiconductor Industry

According to the Semiconductor Equipment and Materials International (SEMI), the global semiconductor materials market electronics sector is poised for significant expansion. For instance, on May 6, 2024, SEMI, a global industry organization for electronics manufacturing and design, reported in its Materials Market Data Subscription (MMDS) that the global semiconductor materials market revenue was 8.2% in 2023, totaling $66.7 Billion. This influences the synthetic diamond market growth since they are utilized in semiconductor fabrication, cutting tools, and heat sinks. Moreover, synthetic diamond demand is rising due to its intrinsic properties, including enhanced heat conductivity and extreme hardness, which are required for high-performance semiconductor components. Consequently, the synthetic diamond market is experiencing a surge in demand from the electronics sector, reflecting its pivotal role in enabling the next generation of electronic innovations.

Significant Expansion in Jewelry Industry

Synthetic diamonds are gaining considerable attention in the jewelry market. The fascination with synthetic diamonds stems partly from their low cost and ethical creation, making them especially appealing to millennials and Generation Z buyers who value sustainability. This shift in customer tastes is propelling the global jewelry industry, which is expected to grow at a CAGR of 5.27% between 2024 and 2032, according to the IMARC GROUP. Technological improvements have also played an important role, as they enable the production of synthetic diamonds that rival genuine diamonds in quality and look. The capacity to make flawless, high-quality synthetic diamonds at a fraction of the cost while avoiding the ethical difficulties involved with mining has made them a popular alternative. Hence, this trend is driving development in the synthetic diamond industry, as these jewels provide an enticing combination of ethical sources, low-cost, and high-quality products.

Synthetic Diamond Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, manufacturing process, and application.

Breakup by Type:

• Polished
• Rough
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes polished and rough.

Polished synthetic diamonds are lab-grown diamonds that have undergone extensive cutting and polishing to achieve the desired shape, clarity, and brilliance. These diamonds are primarily used in the jewelry industry, where their affordability and ethical production methods make them a popular choice among consumers. The polished segment includes various cuts such as round, princess, oval, and more, each catering to different market preferences. As a result, polished synthetic diamonds have gained significant traction due to their visual appeal, competitive pricing compared to natural diamonds, and the assurance of a conflict-free origin. This segment is anticipated to see continuous growth, driven by increasing consumer awareness and acceptance of lab-grown diamonds in fine jewelry.

Rough synthetic diamonds refer to lab-created diamonds that have not been cut or polished and are typically used for industrial applications. These diamonds are valued for their hardness and thermal conductivity, making them ideal for cutting, grinding, drilling, and other high-precision tasks. The rough synthetic diamond market caters to various industries including electronics, construction, and manufacturing. Due to the high demand for industrial diamonds and the consistent quality and supply of lab-grown varieties, this segment is crucial to the overall synthetic diamond market. As technological advancements continue to expand the applications of synthetic diamonds, the rough diamond segment is expected to maintain a strong growth trajectory.

Breakup by Manufacturing Process:

• High Pressure High Temperature
• Chemical Vapor Deposition
   

Chemical vapor deposition holds the largest share of the industry

A detailed breakup and analysis of the market based on the manufacturing process have also been provided in the report. This includes high pressure high temperature, and chemical vapor deposition. According to the report, chemical vapor deposition accounted for the largest market share.

As per the synthetic diamond market forecast, chemical vapor deposition (CVD) emerging as the largest segment. CVD involves the deposition of carbon-containing gases onto a substrate, which allows for the growth of diamond crystals under controlled conditions of temperature and pressure. This method is gaining popularity due to its ability to produce high-quality diamonds with fewer defects and impurities compared to traditional high-pressure high temperature (HPHT) techniques. The versatility of CVD enables the production of diamonds in various shapes and sizes, making it suitable for a wide range of industrial applications, including cutting, grinding, and drilling. Additionally, CVD diamonds are increasingly used in electronics and optics due to their superior thermal conductivity and optical properties. The scalability and cost-effectiveness of the CVD process further contribute to its dominance in the synthetic diamond market. For instance, on 23 October 2023, Element Six (E6), a leading CVD diamond manufacturer under the De Beers Group, was chosen for DARPA's LADDIS program. This initiative aims to develop device-quality diamond substrates for radiofrequency and power electronics in military applications. Already, E6 has demonstrated the synthesis of polycrystalline diamond (>100 mm), utilized in passive thermal management for high-power density Si and GaN semiconductor devices, such as those in satellite communications and defense systems. Also, with over 2,000 patents and a major facility in Oregon, E6 continues to innovate while the partnership with Raytheon and Professor Martin Kuball in the LADDIS program enhances E6's efforts in overcoming challenges through advanced thermal characterization techniques.

Breakup by Application:

• Gem
• Heat Sinks and Exchangers
• High-End Electronics
• Laser and X-Ray
• Machining and Cutting Tools
• Surgical Machinery
• Water Treatment
• Medical
• Optical
• Others
   

High-end electronics represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the application. This includes gem, heat sinks and exchangers, high-end electronics, laser and x-ray, machining and cutting tools, surgical machinery, water treatment, medical, optical, and others. According to the report, high-end electronics represented the largest segment.

High-end electronics emerging as the largest segment. It is attributed to synthetic diamonds' exceptional properties, such as high thermal conductivity, electrical insulation, and resistance to wear and corrosion, making them highly suitable for use in electronic devices. In high-end electronics, synthetic diamonds are extensively utilized in semiconductors, laser diodes, and high-performance transistors, where they enhance device performance and longevity. Moreover, the increasing demand for advanced electronics, due to emerging technological advancements and the growing need for efficient and durable materials, fuels the significant market share held by the high-end electronics segment. For instance, on 5 June 2024, as per Huanghe Whirlwind Co. Ltd, synthetic diamond powder is distinguished by its unmatched hardness, achieved through high-pressure, high-temperature processes mimicking natural diamond formation. This hardness surpasses traditional abrasives like silicon carbide or aluminum oxide, making diamond powder ideal for cutting, grinding, and polishing in the automotive, aerospace, tool manufacturing, and construction industries.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest synthetic diamond market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for synthetic diamonds.

As per the synthetic diamond market outlook, Asia Pacific is dominating the market growth. It is attributed to its booming industrial sectors, significant investments in manufacturing technologies, and the presence of key market players. Countries like China, Japan, and India are major contributors to the growth of this market due to their extensive use of synthetic diamonds in electronics, cutting tools, and jewelry industries. According to data from the United States Geological Survey in 2023, China topped the list as the largest producer of synthetic industrial diamonds, with the United States and Russia following in second and third place, respectively, ranked by production quantity. Moreover, the rapidly growing population and increasing urbanization also drive demand for synthetic diamonds in various applications, including construction and automotive industries which is encouraging synthetic diamond manufacturers across the region. Furthermore, favorable government policies and substantial research and development initiatives further bolster the market's expansion in Asia Pacific.

Competitive Landscape:

• The synthetic diamond market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the synthetic diamond industry include Applied Diamond Inc., D.NEA, Element Six (UK) Ltd., Finegrown Diamonds, Henan Huanghe Whirlwind Co. Ltd, Henan Liliang Diamond Co. Ltd., Heyaru Engineering Pvt. Ltd., Hyperion Materials & Technologies Inc., Iljin Diamond Co. Ltd., Industrial Abrasives Ltd, New Diamond Technology, Soham Industrial Diamonds, Swarovski AG and Zhengzhou Sino-Crystal Diamond Co. Ltd.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players in the market are investing heavily in research and development to enhance the quality and application range of synthetic diamonds. They are expanding their production capacities to meet increasing demand, particularly in the electronics and industrial sectors. Strategic partnerships and collaborations are being pursued to innovate and streamline production processes. These companies are focusing on sustainability and eco-friendly production methods to appeal to environmentally conscious consumers. Additionally, marketing efforts are also intensified to raise awareness about the benefits of synthetic diamonds, thus contributing to the market growth.

Synthetic Diamond Market News:

• 10 May 2024: De Beers Group's LGD brand, Lightbox Jewelry, implemented a price adjustment to align with the evolving trends in the lab-grown diamond (LGD) jewelry market. The company reduced its prices, with the starting price now set at $500 per carat, reflecting a decrease from the previous $800 per carat. Lightbox Jewelry has introduced three distinct price tiers including $500 per carat for IJ color stones, $600 per carat for GH color stones, and $900 per carat for the top-tier DEF color stones, which were previously priced at $1,500 per carat.
• 10 June 2024: Element Six and Orbray, leaders in advanced materials, have formed a strategic partnership to produce the highest quality wafer-scale single crystal (SC) synthetic diamond. Element Six's expertise in chemical vapor deposition (CVD) and large-area SC diamond production combines with Orbray's innovative heteroepitaxial process on sapphire substrates. This collaboration aims to ensure a reliable supply of high-quality SC diamonds for applications in 6G wireless, advanced electronics, sensing, thermal management, and quantum devices, enhancing capabilities for future industrial needs.

Synthetic Diamond Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the synthetic diamond market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global synthetic diamond market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the synthetic diamond industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.