In the last few years, the diamond industry has become very dynamic & highly volatile. As per Bain estimates the rough diamond production from mines fell nearly 4% in 2014-15, to slightly less than 125 million carats. At the same time, finding new diamond mines has become tougher and maintaining existing mining production a business challenge.
A Frost & Sullivan report, notes that mined diamond production will start to decline by 2019, falling by 1.9% per year.
Another report from Morgan Stanley expects #labgrowndiamonds to take 15% share of the melee market and 7.5% share of the larger-gems space. The research also believed that the size of the global lab-grown market stood at about $100 to $300 million at a wholesale polished level.
Presently, several lab-grown diamond growers are said to be producing high-quality diamonds for jewellery use, with a few aiming to perfect economically efficient diamond growing processes for higher-margin high-tech applications.
In a very short time, lab-grown diamonds have established themselves as a sustainable and future-ready supply source capable of supplying to high technology as well as the luxury industries. And while the high-technology applications evolve for lab-grown diamonds, growers have successfully tapped the luxury industry and proved that there is a customer base that's embracing the product for its value proposition, innovation, and environmentally-superior nature.