China is now looking at the consumer market, by offering cost-effective products to a wider consumer base, taking advantage of the latest technological advancements and an increasing number of diamond labs… which leads to growing consumer demand. The lab-grown diamond industry has been growing steadily over the past few years as technology has advanced and more companies are involved in manufacturing. The global market for lab-grown diamonds is expected to reach nearly 19.2 million carats by 2030.
However, China is still in its infancy and the development of its cultivated diamond consumer market still needs further development. Many questions about tiering and pricing remain unanswered. The China Gem and Jewellery Industry Association has established a laboratory-grown diamond branch, which is considered to be of great significance to the development of China's diamond industry.
Recently, the market share of lab-grown diamonds in the overall diamond market has been steadily increasing and is expected to reach 10% of the global diamond market by 2030.
Lab-grown diamonds are the result of human attempts to create gem-quality diamonds, and China has excelled in this regard, and lab-grown diamonds have become a new alternative to natural diamonds. The continuous improvement of synthetic diamond technology has made it possible to manufacture large single crystal diamonds of industrial gem quality. Cultivated diamonds have the same physical and chemical properties as natural diamonds, and are comparable to natural diamonds in terms of crystal structure integrity, transparency, refractive index, and dispersion. The market position of lab-grown diamonds is gradually being recognized worldwide, and legal recognition, industry organizations and technical specifications for diamond cultivation have been established.
Mr. Qin Wei said that from the perspective of domestic supply and demand, the diamond industry will usher in an outbreak of diversified choices. The cutting and polishing cost and certificate cost of cultivated diamonds are basically the same as those of natural diamonds. These rigid conditions will gradually stabilize the price of cultivated diamonds. At the same time, my country is also expected to seize the international pricing power of cultivated diamonds. There is a long way to go, a long way to go!