Wilmington, Delaware, March 18, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Lab Grown Diamonds Market By Manufacturing Method (HPHT and CVD), Size (Below 2 Carat, 2-4 Carat, and Above 4 Carat), Nature (Colorless and Colored), and Application (Fashion and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032.”. According to the report, the global lab grown diamonds market was valued at $24.0 billion in 2022, and is projected to reach $59.2 billion by 2032, growing at a CAGR of 9.6% from 2023 to 2032.
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Prime determinants of growth
The most used method for making lab grown diamonds is the chemical vapor disposition method, also known as the CVD method, which was invented in the 1980s. This method has become increasingly popular due to the lower costs of production and reduction in space required for houses such as machines. The high-pressure high temperature or HPHT method, which was invented in the 1950s is still used to produce lab grown diamonds, however, is now being slowly overtaken by chemical vapor deposition (CVD). These methods of diamond production are much more environmentally friendly compared to mining of natural diamonds. In addition,