When it comes to buying diamonds, some of the first few factors that buyers consider are the price, design, size, and quality. Apart from these, there’s one more factor that customers give equal importance to — the ethical and sustainability aspects.

And that’s why the popularity of lab-grown diamonds has been growing. It is estimated that the global synthetic diamonds market will grow at a compound annual growth rate (CAGR) of 5% between 2023 and 2030.

Research by Statista shows the market share of lab-grown diamonds is going to be 10% by the year 2030, as seen in this graph.