The global diamond growing industry is undergoing a significant transformation as growers pivot away from producing gem-quality diamonds to focusing on tech and scientific applications. This shift is driven by a dramatic downturn in prices for lab-grown diamonds, prompting companies to explore more lucrative and sustainable markets.​

Market Pressures on Gem-Quality Diamonds

The lab-grown diamond market has experienced a sharp decline in prices, with wholesale costs dropping by as much as 90% since 2015.

This price collapse has led to a reevaluation of the viability of gem-quality diamond production. Companies that once focused exclusively on the jewelry market are now redirecting their efforts toward tech applications and product developers, where diamonds’ unique properties—such as high thermal conductivity, hardness, and chemical inertness—are in high demand.​

Shifting to Technology

With advancements in lab-grown diamond growing processes, possible use in tech applications has expanded to include semiconductors, quantum computing, and advanced sensors.​

Key diamond growers now servicing both gem and tech markets include USA based Plasmability, India based URR Manufacturing and Turkey based Appsilon Scientific.

Global Trends and Investments

Countries like India are investing heavily in lab-grown diamond technology for scientific purposes. The Indian Institute of Technology Madras has established a research center dedicated to developing lab-grown diamonds for applications in electronics, thermal management, and quantum computing. 

These developments are part of a broader trend where lab-grown diamonds are increasingly seen as a sustainable and cost-effective alternative to mined diamonds in various high-tech industries.​

The dramatic downturn in prices for gem-quality lab-grown diamonds has prompted growers to shift their focus to tech applications, where demand for diamonds’ unique properties remains strong. This strategic pivot not only aligns with market needs but also positions the industry for sustainable growth in emerging technologies.​

As the landscape of the diamond industry continues to evolve, the emphasis on scientific and tech applications will redefine the role of grown diamonds in the global market.​