The General Division for Gold and Jewelry at the General Federation of Egyptian Chambers of Commerce recently announced the launch of a new production of gold jewelry adorned with lab-made diamonds in the Egyptian market. This type is a strong competitor to traditional diamonds, as global markets have witnessed a qualitative shift in the production and trade of these stones, capturing nearly 60% of the sales movement of precious stones. The reliance on lab-grown diamonds has increased in fashion, jewelry sectors, and industrial applications, and lab-grown diamonds are distinguished by being economical, sustainable, and environmentally friendly.
Hani Milad Geid, chairman of the General Division for Gold and Jewelry, confirmed that according to global reports, the value of the lab-grown diamond market reached $24.0 billion in 2022, and it is expected to reach $59.2 billion by 2032, with a compound annual growth rate of 9.6% from 2023 to 2032. The Chemical Vapor Deposition (CVD) sector held the highest market share in 2022, accounting for more than half of the revenues in the lab-grown market, and this method is responsible for producing the purest forms of diamonds, sometimes exceeding the production of natural diamonds.
It is expected that the High Pressure High Temperature (HPHT) sector will show the highest compound annual growth rate of 9.8% from 2023 to 2032, producing diamonds that are equivalent to naturally extracted diamonds, which are made of pure carbon. Reports revealed that North America captured the highest market share in terms of revenue in 2022, representing more than a third of the global lab-grown diamond market revenue, while China is the leading country in production and export of lab-grown diamonds, and India is expected to become a major hub for them worldwide.
