Synthetic diamond market seen topping $29 billion by 2030

The Business Research Company says the synthetic diamond market is on track to exceed $29 billion by 2030 as demand rises in electronics, industrial tooling and lab-grown jewelry. Asia-Pacific is expected to lead growth, while China remains the largest national market.

Why it matters: - Synthetic diamonds are moving deeper into electronics, semiconductor manufacturing, industrial tooling and consumer jewelry. - The market is forecast to top $29 billion by 2030, making it a meaningful slice of the broader industrial minerals economy. - Growth matters because demand is coming from multiple sectors at once, which can support longer-term expansion even if one end market slows.

What happened: - The Business Research Company released its Synthetic Diamond Global Market Report 2026 with a forecast for the market through 2035. - The report says the synthetic diamond market is projected to surpass $29 billion by 2030. - The market is expected to grow at an 8% compound annual growth rate through 2030. - Synthetic diamonds are estimated to account for about 11% of the broader Other Non-Metallic Mineral Products market by 2030. - They are also expected to represent roughly 0.3% of the wider Metal and Mineral industry by 2030.

The details: - Polished synthetic diamonds are projected to dominate by 2030, reaching about 66% of the market, or $19 billion. - Rough synthetic diamonds remain a major opportunity area and are expected to add about $3 billion from 2025 to 2030. - The polished segment is forecast to add about $6 billion over the same period. - The main manufacturing methods remain high-pressure high-temperature and chemical vapor deposition. - Applications span high-end electronics, surgical equipment, quantum computing and industrial cutting tools. - Asia-Pacific is projected to be the largest regional market by 2030 at $12 billion, up from $9 billion in 2025. - China is expected to lead by country, rising to $6 billion in 2030 from $5 billion in 2025. - Element Six UK Ltd. is the top company in global sales, with a 2% share in 2025. - The top 10 companies accounted for only 9% of total revenue in 2025, underscoring a fragmented market. - Key named players include Element Six UK Ltd., Sumitomo Electric Industries Ltd., Sandvik Group, Diamond Foundry and Swarovski AG. - The report also lists suppliers, distributors and end users across graphite, abrasives, tools, semiconductors and jewelry. - The source includes a free sample request and the full market report.

Between the lines: - Electronics and semiconductor demand is a major driver because synthetic diamonds offer thermal conductivity, electrical insulation and chemical stability. - AI infrastructure, electric vehicles, 5G networks and new chip manufacturing are expected to add roughly 2.6% annual growth. - Industrial cutting, grinding and drilling uses are expected to add about 2.4% annual growth. - Consumer demand for ethical and lower-cost lab-grown diamonds is projected to add about 2.3% annual growth. - Retail expansion is helping normalize lab-grown diamonds as a mainstream jewelry category. - Pandora A/S expanded its Lab-Grown Diamond collections to Spain and Italy in June 2026, including stores in Barcelona and Milan plus select retailers and online channels. - The report points to sustainability features such as renewable-energy production and carbon footprint labeling as demand drivers. - Competitive strategy is centered on higher-purity material, larger production capacity, better CVD technology, AI-driven manufacturing and lower-carbon processes.

What's next: - The biggest gains are expected in polished and rough synthetic diamonds, which together are projected to add more than $9 billion by 2030. - Continued investment in CVD and HPHT production should widen use cases in both industrial and electronic applications. - Market growth will likely stay concentrated in Asia-Pacific and China unless other regions scale manufacturing capacity faster. - Retail adoption of lab-grown diamonds is expected to keep pushing synthetic diamonds further into consumer jewelry.

The bottom line: - Synthetic diamonds are evolving from a niche material into a broad industrial and consumer market, with electronics, manufacturing and lab-grown jewelry all driving the next leg of growth.