The synthetic diamonds market is expected to grow at a CAGR of 8% during the forecast period. Cost advantage of synthetic diamonds, Growing demand for synthetic diamonds from APAC, and Restrictions on mining activities are some of the significant factors fueling synthetic diamonds market growth.
Cost advantage of synthetic diamonds
APAC dominated the global synthetic diamonds market and is expected to retain the same position with an increased market share during the forecast period. India and China are the key countries contributing to the market growth in the region. The growing industrialization is rising the demand for synthetic diamonds in its industrial applications. Increasing restrictions and regulations on mining activities are expected to raise the demand for synthetic diamonds.
