The diamond industry is facing significant changes as lab-grown diamonds gain popularity, with projections indicating a robust market growth from $13 billion to $22 billion by 2031.
Lab-grown diamonds can be produced for about $620 per carat, substantially cheaper than natural diamonds which are priced at approximately $4,000 for the same weight.
As the acceptance of lab-grown stones rises, half of the engagement rings sold this year are anticipated to feature these lab-created gems, up from only 2% in 2018.
The advent of diamond-making technology, such as the 44-ton HPHT device available on platforms like Alibaba for $200,000, signifies a new age of accessible diamond production.
#diamond-industry #lab-grown-diamonds #market-trends #consumer-behavior #technology-in-manufacturing
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