Diamonds are widely deemed as the most expensive and envied precious stones for jewelry. The diamond industry is divided into two sections viz. natural and synthetic. The natural diamonds are the products of a deep-mantle process that demand an excessive length of time to develop. On the other hand, synthetic diamonds are man-made gemstones which are identical to natural diamonds that can be produced in two to three weeks under preferred laboratory conditions.
Synthetic diamonds are mainly formed by two artificial methods such as the chemical vapor deposition (CVD) method and the high-pressure high-temperature (HPHT) method. Apart from jewelry, synthetic diamonds are increasingly being used in the semiconductor industry as well.
The Sparkling Future for Synthetic Diamonds
Lab-made, synthetic diamonds are becoming ever more similar in quality, cut, and clarity to the natural ones. As per experts at Technavio, at presentthis sector contributes a minor share in the global diamond industry. However, over the next five years the global synthetic diamonds market is geared to observe a substantial growth.
Lab-Made: The New Age Diamonds
While the man-made stones are seen as nothing more than low-grade imitations of the natural diamonds, industry experts have a different opinion. Seems like man’s intellect has finally matched nature’s brilliance.
Today lab-grown, synthetic diamonds have emerged as a potential disruptor in the diamond industry, thanks to the presence of numerous HPHT and CVP tech-machines. As the synthetic diamonds are cheaper substitutes of natural. The economical nature of these diamonds makes them advantageous over mined ones. Being pocket-friendly substitutes of the natural diamonds, the popularity and demand for synthetic diamonds has grown immensely. It is not diamonds alone, but the synthetic market for precious gems like rubies and emeralds too is growing at an enormous pace.
Dulling the Sparkle: The Major Pain Points
No doubt synthetic diamonds have caught the fancy of the masses. But this industry has its own set of challenges as well. First of all, manufacturing of these stones is a rather complex manufacturing process. Secondly, the volatility in the synthetic diamonds industry results in frequent changes in prices. Lastly, unethical practices in the manufacturing of these stones is hampering the overall growth of this market.
Technavio Takeaway: Sparking the Future
The adoption rate of synthetic diamonds is escalating that in return opens up opportunities for new and established firms in the industry. Technavio’s market insights are one stop solution that aids stakeholders to explore the current opportunities in this industry. The report provides an in-depth analysis of the latest trends, drivers, and challenges along with competitive landscape and other significant aspects.
To get a detailed understanding on the global synthetic diamonds market
