The Rising Popularity of Engagement Lab Grown Diamond Rings
Lab grown diamonds also known as created diamonds, cultured diamonds, or cultivated diamonds, are becoming an increasingly popular option for Man made diamond engagement rings and wedding rings. As technology improves and production scales up, lab grown diamonds offer an ethical, affordable, and sustainable alternative to mined diamonds. |
A Market on the RiseThe global market for lab grown diamonds continues to expand rapidly. In fact, industry analysis projects the market to grow at a compound annual growth rate of 6.4% from 2022-2027, reaching $49.9 billion by 2027. Several key factors are fueling this growth:Consumer interest - According to a recent survey, over 72% of engagement rings sold in 2022 were lab-grown, indicating significant demand [4]. Expanded production - Global lab grown diamond production is expected to reach 20.5 million carats by 2026, growing at 22.6% CAGR from 2021-2026. Retail adoption - The share of lab-grown diamond engagement rings increased from 1.7% in 2019 to 17.3% in early 2023. |
Identical Properties Without Environmental Harm Customized Design Opportunities |
Socially Responsible Appeal Industry Disruption |