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What's Next for the Lab-Grown Diamond Market?
Release time：
2024-06-27
source：
It appears that industry analysts are struggling to keep up with the rapidly evolving lab-grown diamond market. Nearly every week, a new report emerges with even more optimistic forecasts for this burgeoning industry. Labrilliante provides insights into these new predictions to understand where the LGD market is headed.
It appears that industry analysts are struggling to keep up with the rapidly evolving lab-grown diamond market. Nearly every week, a new report emerges with even more optimistic forecasts for this burgeoning industry. Labrilliante provides insights into these new predictions to understand where the LGD market is headed.
The Economic Times reports that exports of man-made diamonds from producing countries are expected to grow by 7-9% in the next fiscal year, with Indian exports alone projected to reach $1.53 billion. The increase in demand across many European countries and the ban on Russian-origin gems are major factors, though ongoing technological advancements and challenges facing the mined diamond market also play a role.
A breakthrough by Korean researchers could significantly reduce production costs for lab-grown diamonds while making them more environmentally friendly. A scientific institute has patented a new growth method that could accelerate the manufacturing process of these precious stones. This achievement is just one of many technological advances that make lab-created gems increasingly attractive and enhance the industry's reputation each year. Although this new method could result in potential oversupply, the market aims to regulate itself. To maintain demand and current prices, LGD manufacturing units worldwide will take a 15-day summer break at the end of May, a practice that might become a tradition to prevent oversupply.
Meanwhile, an oversupply of mined diamonds led to nearly a 20% drop in rough diamond prices last year. Reduced demand for mined stones caused De Beers' sales volume to plunge by 50% year-on-year in the first quarter of 2024, forcing the corporation to cut production significantly. This starkly contrasts with a recent report predicting that the global LGD market value could grow to $55.6 billion by 2031. According to The Wall Street Journal, Anglo American is considering selling De Beers due to disappointing figures. Conversely, Pandora, which has fully embraced man-made stones, reported an 18% sales increase and an 87% year-on-year sales peak for lab-grown diamonds. "Natural diamonds need heavy marketing spend," industry analyst Paul Zimnisky recently told The Financial Times, confirming the rapid growth of man-made diamond sales.
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