Basma Chaieri, Founder of Etika Jewels discusses the state of lab-grown diamonds and predictions for their trajectory in 2025.
The jewellery industry is experiencing a seismic shift, and at its epicentre lies the transformative rise of lab-grown diamonds. As an advocate for conscious luxury and the founder of a sustainable jewellery brand, I’ve had the privilege of observing this remarkable evolution firsthand. In this piece, I’ll explore the current state of lab-grown diamonds, their growing relevance in the jewellery market, and predictions for their trajectory as we approach 2025.
Lab-grown diamonds are not just an alternative to mined diamonds—they are their equal. These diamonds are created using advanced technology that replicates the natural diamond formation process. Physically, chemically, and optically identical to their mined counterparts, lab-grown diamonds have introduced a new dimension to the jewellery industry, combining innovation with sustainability.
The journey to this point has been fuelled by growing consumer awareness around the environmental and ethical concerns tied to traditional diamond mining. According to a report by Bain & Company, 62% of Millennials prefer to buy from brands that reflect their values. Lab-grown diamonds address these values, offering transparency, ethical sourcing, and reduced environmental impact.
Globally, the lab-grown diamond market is booming. As of 2023, it is valued at approximately $24 billion and is projected to reach $49 billion by 2030, with a compound annual growth rate (CAGR) of 9.4%, according to Allied Market Research. Key markets include North America, Europe, and Asia-Pacific, with the UAE emerging as a significant player thanks to its status as a luxury retail hub.
Locally, in the UAE, the rise of lab-grown diamonds aligns seamlessly with the region’s emphasis on sustainability and innovation. Dubai has become a pivotal market for lab-grown diamonds, driven by its discerning, eco-conscious consumer base and the government’s commitment to green initiatives. At Etika Jewels, we’ve seen firsthand how Dubai’s residents and visitors are drawn to jewellery that reflects both style and substance.
Lab-grown diamonds have disrupted the jewelry market in profound ways. Traditional diamonds often carry prohibitive price tags. Lab-grown diamonds, typically 30-40% more affordable, have democratised luxury, making high-quality diamond jewellery accessible to a broader audience. The lab-grown diamond process uses significantly fewer resources compared to mining. A 2019 report by Frost & Sullivan highlighted that lab-grown diamonds require 7 gallons of water per carat versus the 126 gallons needed for mined diamonds. The controlled environment of lab-grown diamond production also allows for greater flexibility in creating unique cuts and colours, fostering creativity in jewellery design. This disruption has attracted major players. Luxury brands like Pandora and De Beers have incorporated lab-grown diamonds into their offerings, further legitimising the industry’s growth.
The momentum behind lab-grown diamonds shows no signs of slowing. By 2025, we can expect the following key trends to shape the industry:
- Mainstream Acceptance: Lab-grown diamonds will no longer be perceived as a niche product. Consumer education campaigns and endorsements from luxury brands will firmly establish their place in fine jewellery collections worldwide.
- Cost Reduction and Quality Enhancements: Technological advancements will drive production costs down further while enhancing diamond quality. This will make lab-grown diamonds even more accessible to consumers, particularly in price-sensitive regions.
- Environmental Leadership: As sustainability continues to dominate consumer priorities, lab-grown diamonds will solidify their position as the ethical choice in luxury. Production processes will increasingly leverage renewable energy, further reducing their carbon footprint.
- Middle Eastern Market Expansion: The Middle East, particularly the UAE, is poised for significant growth. A report from Mordor Intelligence projects that the region’s lab-grown diamond market will grow at a CAGR of 11% from 2023 to 2028, driven by eco-conscious consumers and a demand for sustainable luxury.
- Customisation and Design Innovation: The controlled production environment of lab-grown diamonds will continue to foster creativity, enabling the development of unique and personalised jewellery designs.
Lab-grown diamonds are more than a technological innovation; they represent a shift in how we view luxury. Today’s consumers seek meaning in their purchases. They want to align their lifestyles with their values, and jewellery is no exception. At Etika Jewels, we’ve seen how this shift resonates with our customers. They appreciate not just the beauty of our designs but also the peace of mind that comes from knowing their jewellery choices align with their principles. It’s about feeling good in every sense of the word.
The rise of lab-grown diamonds is not just a trend; it’s a transformation. As we approach 2025, this industry will continue to redefine what luxury means, proving that elegance and ethics can coexist. For consumers, the message is clear: you don’t have to compromise on beauty, quality, or values. The future of jewellery is sustainable, accessible, and radiant—just like the lab-grown diamonds leading the way.
Basma Chaieri is the founder of Etika Jewels, a Dubai-based online jewellery brand specialising in ethical, lab-grown diamond designs. With a passion for sustainability and empowerment, Basma is dedicated to creating jewellery that reflects modern values and timeless beauty. For more information, visit etikajewels.com.
Image Credit: Etika Jewels