A recent report by Allied Market Research claims that the global lab-groww diamonds market will hit almost $50 billion by 2030 – “an increase of almost two-and-a-half times on current estimates”.

According to the US-based company, growth is projected “to reach $49.9 billion by 2030, registering a CAGR (compound annual growth rate) of 9.4% from 2021 to 2030”.

Allied Market Research says that the highest CAGR will be among diamonds produced using the newer CVD (chemical vapor deposition) method, rather than HPHT (high-pressure, high temperature).

According to the report, “the lab grown diamonds industry was negatively impacted by the pandemic owing to disruption in supply chains and exports from countries like China and India. Sale of lab grown diamonds is predicted to increase post pandemic as more importance is being given to sustainability and environment friendliness.