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LGD sales surge is driving down prices; US $14.6 billion sales in 2023

There’s no better time than now to buy diamond jewelry, according to data by Paul Zimnisky, a leading global diamond industry analyst. The analysis shows that lab-grown diamond jewelry sales grew globally to almost $12 billion in 2022, up 38% year-over-year. In 2023, so far the industry has sold $14.6 billion worth of lab-grown diamonds worldwide. Zimnisky’s diamond analytics are used by various financial institutions and retailers, including HSBC, the International Monetary Fund, Tiffany & Co., and Cartier.

The growth shows a trend of more lab-grown diamonds being sold every year since 2016, when the lab-grown diamond market made just $700 million globally. The biggest sellers are Signet Jewelers, based in the US, and Pandora, a global fashion jewelry company targeting US consumers with diamonds. Signet is the largest diamond jewelry retailer in North America which claimed to “really lean into” lab-grown diamonds in early 2022, according to Zimnisky. Signet’s banners include Kay Jewelers, Zales, James Allen, and Blue Nile.

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