Middle East & Africa Lab-Grown Diamonds Market is projected to hit $1.12 billion by 2030

A new report from Report Ocean forecasts the Middle East and Africa lab-grown diamond market to grow from USD 0.76 billion in 2023 to USD 1.12 billion by 2030, expanding at a notable CAGR of 6.79%. The growth is underpinned by a confluence of factors including rising consumer awareness of ethical sourcing, increasing demand for eco-friendly gems, and technological innovations in diamond synthesis.

Lab-grown diamonds are gaining strong traction in the jewellery segment, which dominates market applications across the region. With younger, values-driven consumers seeking sustainability and social responsibility in their purchases, lab-grown diamonds offer jewellers a compelling product aligned with modern expectations.

A Wealth of New Opportunities for Jewellers

For jewellers in the Middle East and Africa, this growth trend is more than just a market shift – it’s a strategic opening. Lab-grown diamonds provide an avenue to:

Cater to eco-conscious and ethically minded consumers, especially among Gen Z and Millennial buyers.
Offer greater design flexibility, thanks to technological control over size, shape, and colour.
Achieve competitive pricing, expanding accessibility without compromising quality.
Respond quickly to fashion trends, particularly as lab-grown diamonds become integral to high-end and custom jewellery collections.

Furthermore, the market’s alignment with broader sustainability trends and its resilience against supply chain issues associated with natural diamonds places lab-grown stones at the forefront of modern jewellery innovation.

Key Players & Regional Standouts

Saudi Arabia leads regional growth, followed closely by the UAE, Qatar, and South Africa. Major diamond players such are actively shaping the competitive landscape through R&D, partnerships, and new product releases.

Despite geopolitical challenges affecting parts of the region – including supply chain instability and market uncertainty – lab-grown diamonds continue to gain ground as the preferred alternative.

In Conclusion

As the Middle East and Africa lab-grown diamond market climbs toward USD 1.12 billion, jewellers stand to benefit immensely. With sustainability no longer a trend but a core consumer value, embracing lab-grown diamonds positions businesses not only for profit – but for purpose.