In a noteworthy development, trend analytics company Tenoris has released its projections for lab-grown diamond sales in the United States, and the outcome has exceeded expectations. It was not a question of “if” but “when” the majority of loose diamonds sold by specialized retailers in the US would be lab-grown, and that moment has arrived.
The share of loose lab-grown diamonds in both value and units sold has been steadily increasing. In terms of value, the percentage of loose lab-grown diamonds has more than doubled, rising from an average of 8.3% in 2020 to an impressive 17.3% in 2022. To illustrate the rapid nature of this shift, the value share of loose lab-grown diamonds has tripled from 7.2% in January 2020 to a remarkable 22.9% in February 2023.
The unit sales of loose lab-grown diamonds have also followed suit. They held a 13.7% share in 2020 and have since shown remarkable growth, nearly tripling to 33.8% in 2022 and reaching an astonishing 46.6% in February 2023.
The prediction made by Tenoris that the 50% would be reached in November of this year has not only been validated but has occurred at a swifter pace than anticipated. In July 2023, an impressive 50% of loose diamonds sold in the US were lab-grown. This milestone signifies that lab-grown diamonds will continue to capture an even larger portion of the market. If the current trajectory persists, lab-grown diamonds could potentially account for 60% of unit sales within a year, as projected by Edahn Golan of Tenoris.
The trends observed in the American market carry global significance, as the United States accounts for a substantial 50% of global consumer demand for diamonds. Other regions, including Europe, are expected to follow suit in the near future. This development is truly exciting and holds great promise for the industry. Lab-grown diamond sales are on the rise across various sectors, including a notable surge in the bridal sector. This development is truly exciting and holds great promise for the industry.