Global market volume of lab-grown diamonds by process 2014-2030

Lab-grown diamonds are gaining an increasing share of the global diamond market each year, and with that, the volume of lab-grown diamonds produced is growing. The market revenue attributable to diamonds produced using the chemical vapor deposition (CVD) process is forecast to be 16.5 billion U.S. dollars by 2024. The other process through which diamonds can be produced in the lab is high pressure high treatment (HPHT), but this process is less popular because it typically produces yellow or brown diamonds of lower economic value.
Lab-grown diamonds, also known as synthetic diamonds, have the same physical properties of natural diamonds because they are created in a lab using a process that replicates the natural diamond growing process, but takes weeks rather than billions of years.