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Middle East And Africa Lab Grown Diamonds Market

Middle East And Africa Lab Grown Diamonds Market

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Middle East and Africa Lab Grown Diamonds Market, By Manufacturing (High Pressure High Temperature (HPHT), Chemical Vapor Deposition (CVD)); By Application (Construction & Mining, Jewelry, Healthcare, Electronics); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

  • Published Date: February 2024
  • Report ID: BWC24129
  • Available Format: PDF
  • Page: 200

Report Overview

Growing awareness about ethical and sustainable practices in diamond mining, an increasing demand for conflict-free diamonds, and adoption of technological advancements in diamond production are key driving factors propelling the growth of the Middle East and Africa Lab Grown Diamonds Market during the forecast period between 2024 and 2030.

Middle East and Africa Lab Grown Diamonds Market – Industry Trends & Forecast Report, 2030

Middle East and Africa Lab Grown Diamonds Market size was estimated at USD 0.76 billion in 2023. During the forecast period between 2024 and 2029, the size of Middle East and Africa Lab Grown Diamonds Market is projected to grow at a CAGR of 6.79% reaching a value of USD 1.12 billion by 2030. The Middle East and Africa Lab Grown Diamonds Market is driven by increasing awareness of ethical and sustainable practices in diamond production, coupled with a growing preference for conflict-free and eco-friendly alternatives. Technological advancements in diamond synthesis methods, rising consumer demand for customizable jewelry, and the industry's focus on reducing environmental impact contribute to market growth. Additionally, stringent regulations on traditional diamond mining and a shift toward lab grown diamonds as a cost-effective and socially responsible choice further propel the market in Middle East and Africa.

Middle East and Africa Lab Grown Diamonds Market

Lab Grown Diamonds – Overview

Lab grown diamonds, also known as synthetic or cultured diamonds, are created through advanced technological processes that replicate the conditions under which natural diamonds form. The diamonds exhibit identical physical, chemical, and optical properties to their mined counterparts. Produced in controlled environments, lab grown diamonds are considered more environmentally sustainable and ethically sourced, reducing the environmental impact associated with traditional diamond mining. They offer a cost-effective and socially responsible alternative to natural diamonds, appealing to consumers seeking sustainable luxury. The market for lab grown diamonds continues to grow as technological advancements enhance their quality and increase their acceptance in the jewelry industry.

Middle East and Africa Lab Grown Diamonds Market

Growth Drivers

Booming Construction and Automotive Sectors

In a dynamic shift, Middle East and Africa Lab Grown Diamonds Market is experiencing unprecedented growth, fueled by the rapid expansion of the construction and automotive sectors. As industries flourish, the demand for lab grown diamonds in manufacturing and design applications skyrockets, driving innovations and sustainability. The surge underscores a transformative era, where lab grown diamonds play a pivotal role in meeting the evolving needs of key sectors, propelling the regional market to new heights.

Cost Advantages of Lab Grown Diamonds

Middle East and Africa Lab Grown Diamonds Market expands with cost advantages. Lab grown diamonds are igniting a revolution, offering a sustainable and economically viable alternative to traditional diamonds. The region witnesses a surge in demand as consumers recognize the cost advantages of these ethically produced gems. As environmental consciousness rises, lab grown diamonds shine for their affordability and also for their eco-friendly appeal, positioning Middle East and Africa as a key region in the dynamic market of lab grown diamonds.

Challenges

Bridging Awareness Gap

In the Middle East and Africa Lab Grown Diamonds Market, a significant challenge lies in the lack of awareness among the population. The untapped potential of lab grown diamonds remains obscured, hindering market growth. Education and outreach initiatives are crucial to enlighten consumers about the ethical, sustainable, and high quality attributes of lab grown diamonds, unlocking opportunities for both consumers and the industry.

Impact of Escalating Geopolitical Tensions on Middle East and Africa Lab Grown Diamonds Market

Escalating geopolitical tensions in the Middle East and Africa have significantly impacted the lab grown diamond market. Supply chain disruptions, heightened security concerns, and political instability have led to fluctuations in production and distribution. The region, known for its diamond-rich resources, faces challenges in maintaining a stable market environment. Incidences such as trade embargoes, sanctions, and political unrest have disrupted the flow of lab-grown diamonds, affecting both local and international markets. Investors and consumers alike are wary of uncertainties, impacting investment decisions and consumer confidence in the Lab Grown Diamonds Market in the Middle East and Africa.

Middle East and Africa Lab Grown Diamonds Market

Segmental Coverage

Middle East and Africa Lab Grown Diamonds Market – By Manufacturing

Based on manufacturing, Middle East and Africa Lab Grown Diamonds Market is divided into High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD) segments. The HPHT segment is a leading manufacturing process in the Middle East and Africa Lab Grown Diamonds Market. The technique involves replicating the natural diamond formation process using high pressure and high temperature conditions, resulting in lab grown diamonds that closely resemble their mined counterparts. HPHT stands out as the dominant segment, reflecting its significance and widespread adoption in the Middle East and Africa Lab Grown Diamond Market.

Middle East and Africa Lab Grown Diamonds Market Share

Middle East and Africa Lab Grown Diamonds Market – By Application

By application, Middle East and Africa Lab Grown Diamonds Market is divided into Construction & Mining, Jewelry, Healthcare, and Electronics segments. Jewelry  emerges as the largest application segment, reflecting the growing demand for lab grown diamonds in the fashion and luxury industries. As consumers increasingly prioritize ethical and sustainable choices, lab grown diamonds in jewelry have gained significant traction, offering a responsible alternative to traditional mined diamonds. The surge in demand in the jewelry segment underscores the shifting preferences toward eco-friendly and socially responsible practices in the diamond industry in the Middle East and Africa.

Middle East and Africa Lab Grown Diamonds Market – By Country

By country, Middle East and Africa Lab Grown Diamonds Market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA. Saudi Arabia dominates the market. The market further extends its presence to the UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and the Rest of MEA. Saudi Arabia's robust growth in lab grown diamonds distinguishes it as the leading contributor, reflecting the region's increasing adoption of synthetic diamonds. The trend is driven by technological advancements, sustainability preferences, and a growing awareness of the ethical aspects associated with lab grown diamonds, positioning Saudi Arabia as the pivotal market player in this dynamic industry.

Competitive Landscape

Major players in the Middle East and Africa Lab Grown Diamonds Market include De Beers Group, IIa Technologies, Brilliant Earth, WD Lab Grown Diamonds, Scio Diamonds, Alrosa, and Swarvoski. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa Lab Grown Diamonds Market.

Scope of Report

Attributes

Details

Years Considered

Historical Data – 2019–2023

Base Year – 2023

Estimated Year – 2024

Forecast Period – 2024–2030

Facts Covered

Revenue in USD Billion

Market Coverage

Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA

Product/Service Segmentation

Manufacturing, Application, Country

Key Players

De Beers Group, IIa Technologies, Brilliant Earth, WD Lab Grown Diamonds, Scio Diamonds, Alrosa, Swarvoski

 

 

By Manufacturing

  • High Pressure High Temperature (HPHT)

  • Chemical Vapor Deposition (CVD)

By Application

  • Construction & Mining

  • Jewelry

  • Healthcare

  • Electronics

By Country

  • Saudi Arabia

  • UAE

  • Qatar

  • Kuwait

  • South Africa

  • Nigeria

  • Algeria

  • Rest of MEA

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Middle East and Africa Lab Grown Diamonds Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Rapid growth of the construction and automotive sectors
        2. Cost advantages of lab-grown diamonds
      2. Restraints
        1. Lack of awareness among the population about lab-grown Diamond
      3. Opportunities
        1. Growing demand from fashion industry
      4. Challenges
    3. Shortage of skilled craftsman
    4. Technological Advancements/Recent Developments
    5. Regulatory Framework
    6. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Middle East and Africa Lab Grown Diamonds Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
        1. High Pressure High Temperature (HPHT)
        2. Chemical Vapor Deposition (CVD)
      2. By Application
        1. Construction & Mining
        2. Jewelry
        3. Healthcare
        4. Electronics
        5. Others
      3. By Country
        1. Saudi Arabia
        2. UAE
        3. Qatar
        4. Kuwait
        5. South Africa
        6. Nigeria
        7. Algeria
        8. Rest of MEA
  5. Saudi Arabia Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  6. UAE Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  7. Qatar Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  8. Kuwait Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  9. South Africa Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  10. Nigeria Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  11. Algeria Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  12. Rest of MEA Lab Grown Diamonds Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Manufacturing
      2. By Application
  13. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Middle East and Africa Lab Grown Diamonds Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  14. Impact of Covid-19 on Middle East and Africa Lab Grown Diamonds Market
  15. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. De Beers Group
    2. IIa Technologies
    3. Brilliant Earth
    4. WD Lab Grown Diamonds
    5. Scio Diamonds
    6. Alrosa
    7. Swarvoski
    8. Other Prominent Players
  16. Key Strategic Recommendations
  17. Research Methodology
    1.    Qualitative Research
      1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

List of Figures

 

Figure 1       Middle East and Africa Lab Grown Diamonds Segmentation

Figure 2       Middle East and Africa Lab Grown Diamonds Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Middle East and Africa Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 5       Middle East and Africa Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 6       Middle East and Africa Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 7       Middle East and Africa Lab Grown Diamonds Market Share, By Country, By Value, 2019–2030

Figure 8       Saudi Arabia Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 9       Saudi Arabia Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 10     Saudi Arabia Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 11     UAE Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 12     UAE Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 13     UAE Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 14     Qatar Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 15     Qatar Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 16     Qatar Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 17     Kuwait Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 18     Kuwait Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 19     Kuwait Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 20     South Africa Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 21     South Africa Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 22     South Africa Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 23     Nigeria Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 24     Nigeria Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 25     Nigeria Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 26     Algeria Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 27     Algeria Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 28     Algeria Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

Figure 29     Rest of MEA Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Figure 30     Rest of MEA Lab Grown Diamonds Market Share, By Manufacturing, By Value, 2019–2030

Figure 31     Rest of MEA Lab Grown Diamonds Market Share, By Application, By Value, 2019–2030

 

List of Tables

 

Table 1        Middle East and Africa Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 2        Middle East and Africa Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 3        Middle East and Africa Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 4        Middle East and Africa Lab Grown Diamonds Market Size, By Country, By Value, 2019–2030

Table 5        Saudi Arabia Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 6        Saudi Arabia Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 7        Saudi Arabia Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 8        UAE Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 9        UAE Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 10      UAE Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 11      Qatar Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 12      Qatar Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 13      Qatar Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 14      Kuwait Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 15      Kuwait Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 16      Kuwait Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 17      South Africa Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 18      South Africa Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 19      South Africa Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 20      Nigeria Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 21      Nigeria Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 22      Nigeria Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 23      Algeria Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 24      Algeria Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 25      Algeria Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 26      Rest of MEA Lab Grown Diamonds Market Size, By Value (USD Billion), 2019–2030

Table 27      Rest of MEA Lab Grown Diamonds Market Size, By Manufacturing, By Value, 2019–2030

Table 28      Rest of MEA Lab Grown Diamonds Market Size, By Application, By Value, 2019–2030

Table 29      De Beers Group Company Overview

Table 30      De Beers Group Financial Overview

Table 31      IIa Technologies Company Overview

Table 32      IIa Technologies Financial Overview

Table 33      Brilliant Earth Company Overview

Table 34      Brilliant Earth Financial Overview

Table 35      WD Lab Grown Diamonds Company Overview

Table 36      WD Lab Grown Diamonds Financial Overview

Table 37      Scio Diamonds Company Overview

Table 38      Scio Diamonds Financial Overview

Table 39      Alrosa Company Overview

Table 40      Alrosa Financial Overview

Table 41      Swarvoski Company Overview

Table 42      Swarvoski Financial Overview   

 

 

Market Segmentation

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No data available

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Frequently Asked Questions (FAQs):

Ans: Middle East and Africa Lab Grown Diamonds Market size was estimated at USD 0.76 billion in 2023.
Ans: Middle East and Africa Lab Grown Diamonds Market size is expected to grow at a CAGR of 6.79% during the forecast period between 2024 and 2030.
Ans: Middle East and Africa Lab Grown Diamonds Market size is expected to reach a value of USD 1.12 billion by 2030.
Ans: Major factors driving the growth of the Middle East and Africa Lab Grown Diamonds Market include growing awareness of ethical and sustainable practices, increasing demand for conflict-free diamonds, technological advancements in diamond production, and rising consumer preference for eco-friendly options.
Ans: Saudi Arabia accounts for the highest market share in the Middle East and Africa Lab Grown Diamonds Market.
Ans: The jewelry segment accounts for the highest market share in the Middle East and Africa Lab Grown Diamonds Market by application.
Ans: Key players in the Middle East and Africa Lab Grown Diamonds Market include De Beers Group, IIa Technologies, Brilliant Earth, WD Lab Grown Diamonds, Scio Diamonds, Alrosa, and Swarvoski.