Paul Zimnisky Research Shows Continued Growth in Lab-Grown Diamond Demand but Also a Trend of Softer Prices

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Lab-grown diamond jewelry demand grew an estimated 38% to $12B in 2022, however like-for-like prices retreated by an estimated 20% —a trend that likely continues into 2023

Leading diamond analyst Paul Zimnisky discusses the latest lab-grown diamond supply and demand trends in a report called “Lab-Diamond Sales Grow as Prices Fall.”

Zimnisky commented: “The current dynamic of rising demand for lab-created diamonds but falling prices seems counterintuitive for the jewelry industry which has historically sourced primarily non-renewable natural minerals and metals, but lab-diamonds are a manufactured product based on an evolving technology.” He added, “the price fundamentals are reflective of growing demand but even faster growing supply, supply that is continuously being produced more efficiently.”

According to Zimnisky’s estimates, the global lab-grown diamond jewelry market grew to $12 billion in 2022, up an impressive 38% year-over-year, as more and more retailers, especially in the U.S., inventory the product, including majors Signet Jewelers and Pandora.

At the same time, a better-than-medium-quality 1-carat solitaire lab-grown diamond has fallen in price to an estimated $1,400 at retail from $1,750 a year ago –and $1,950 two years ago. For context, a similar quality natural diamond that sells for $5,600 today sold for $6,200 a year ago and $5,900 two years ago.

Zimnisky notes that declining lab-diamond capital equipment and production costs as well as increases in investment capital availability is resulting in increased production capacity which has boosted supply and pressured prices of lab-diamonds.

The report can be read in entirety here which includes data charts. Please read the full disclosure at the bottom of the page.

Paul Zimnisky, CFA is a leading independent diamond industry analyst and consultant based in the New York metro area. His research and analysis on the diamond industry is used globally by financial institutions, management consulting firms, private and public corporations, governments, intergovernmental organizations and universities. More information can be found here. He can be reached at and followed on Twitter @paulzimnisky.

For detailed analysis of the lab-grown and natural diamond industry, please inquire to for information on consultation rates and custom research capabilities. For subscription information or to request a sample of Paul Zimnisky’s State of the Diamond Market, a leading monthly diamond industry report which includes forecasts, data and trends, please contact:

The Paul Zimnisky Diamond Analytics Podcast can be streamed for free here or on Apple Podcasts or Spotify. Recent guests include former De Beers executive Stuart Brown, industry marketing icon Stephen Lussier, President of ALTR Created Diamonds Amish Shah and legendary diamond geoscientist Dr. John Bristow.

Disclaimer: The views expressed above are strictly that of Paul Zimnisky, and are based solely on observations and opinions. Paul Zimnisky has made every effort to ensure the accuracy of information provided, however, accuracy cannot be guaranteed. The information is strictly for informational purposes and should not be considered investment advice. Consult your investment professional before making any investment decisions. Paul Zimnisky does not accept culpability for losses and/ or damages arising from the use of the above content. Third party use of this content is only permitted with the permission of Paul Zimnisky.


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