The Lab-Grown Diamond market is booming in the industry across the globe. These diamonds are also known as Man-made diamonds, industrial diamonds, and synthetic diamonds manufactured by lab-grown diamond companies using various techniques.

Lab-grown diamonds are designed in special laboratories under various technological processes according to the client's requirements. Customers like to buy their way and which is why lab-grown diamonds companies have become popular as they get the flexibility to purchase the way they want. These diamonds are cost-effective, so the market is booming rapidly because of these factors.

The Lab-Grown Diamond Market
The lab-grown diamond market was estimated to be at $16.2 billion in 2015. It is expected to register a whopping growth of 7.4% CAGR during 2016 and 2023, with the market value at $27.6 billion. Millennials prefer synthetic diamonds over natural diamonds that is one of the main reasons behind the humongous growth of the lab-grown diamond market, say lab-grown diamond companies.

Construction and mining industries are also booming in the Asia-Pacific region because of the increase in urbanization. Due to the demand for CVD diamonds, the Asia-Pacific region accounts for the largest revenue share of 51.2% in the year 2015. It will continue to maintain its dominance by 2023.

There will also be rapid growth in the Middle-East and African markets soon. Lab-grown diamond companies say that CVD diamonds are used in various applications such as drilling, grinding, cutting, polishing, and milling.

The electronics industry is also snowballing across the globe, which also opens surfeit opportunities for the Man-made diamonds market. Lab-grown diamonds possess a lot of properties, such as thermal, electrical, chemical, and optical. Besides, the large scale availability and the emergence of colored diamonds are other growth driving factors. According to lab-grown diamond companies, strict regulations related to the extraction of natural diamonds and increasing environmental concerns are also contributing to the massive growth of the lab-grown diamond market.

People of all ages, especially the millennials, prefer Lab-grown diamond jewelry. I hope the post was informative. For more information, related to lab-grown diamonds, feel free to drop us a line
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