Recently, the General Division of Gold and Jewelry at the Egyptian General Federation of Chambers of Commerce announced the launch of a new line of gold jewelry adorned with lab-grown diamonds in the Egyptian markets.
This type is considered a strong competitor to traditional diamonds, as global markets have witnessed a qualitative leap in the production and trade of these stones, capturing nearly 60% of the sales movement of precious stones.
Moreover, reliance on lab-grown diamonds has increased in the fashion, jewelry, and industrial sectors, distinguished by its cost-effectiveness, sustainability, and environmental friendliness.
Hani Milad Gede, President of the General Division of Gold and Jewelry, affirmed that according to global reports, the value of the lab-grown diamond market reached $24.0 billion globally in 2022, expected to reach $59.2 billion by 2032, with a compound annual growth rate of 9.6% from 2023 to 2032. The CVD (Chemical Vapor Deposition) sector accounted for the highest market share in 2022, representing over half of the lab-grown diamond market revenues. This method is responsible for producing purer forms of diamonds surpassing natural diamond production in some cases.
The HPHT (High Pressure High Temperature) sector is expected to exhibit the highest compound annual growth rate of 9.8% from 2023 to 2032, creating diamonds identical to naturally extracted ones, namely pure carbon diamonds.
Reports revealed North America’s dominance in terms of revenue share in 2022, representing over a third of lab-grown diamond revenues globally. China leads in production and export of lab-grown diamonds, while India is expected to become a major hub worldwide.
