Lab Grown Demand could Triple by 2032
October 01, 25
(IDEX Online) - Demand for lab growns - both gem quality and industrial - could reach $100bn by 2032, says the Dubai Multi Commodities Centre (DMCC).
That would be more than three times current demand, estimated at around $30bn annually.
Around 80 per cent of lab growns produced today are gem quality. But growing demand for lab growns in semiconductors, quantum computing, optics, aerospace and other high-tech sectors is likely to see a higher proportion produced for non-jewelry purposes.
In addition, brands are now experimenting with the integration of lab growns into fashion items such as sunglasses, shoes, and wearable technologies, as well as interiors and lifestyle products.
The DMCC research was presented earlier this month at the second Lab-Grown Diamond Symposium, attended by over 150 global stakeholders.
Ahmed Bin Sulayem, executive chairman and CEO of DMCC (pictured), said: "Lab-grown diamonds are powering global innovation - from quantum computing and semiconductors to jewellery design, aerospace and construction.
"With the market set to reach USD 60-100 billion by the early 2030s, this is among the most dynamic sectors worldwide."