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PALM BEACH, Fla., Dec. 21, 2022 /PRNewswire/ -- Lab grown diamonds are made in laboratories and factories. These diamonds are identical to natural diamonds in their composition and appearance. Diamonds made in labs are generally of better quality than natural diamonds as they are made in controlled environments with constant monitoring and quality control. Increase in adoption of lab grown diamonds in the fashion and jewelry sector, along with increasing application of these diamonds in the industrial sector have spurred the demand for lab grown diamonds across myriad of industry verticals. These lab grown diamonds can also be customized and personalized as per requirement, which further adds advantages apart from them being highly economical, sustainable, and environment friendly. Lab grown diamonds are manufactured using techniques such as HPHT, which stands for high pressure and high temperature and CVD, which stands for chemical vapor deposition. A report from Allied Market Research projected that the global lab grown diamonds market size is projected to reach $49.9 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030. The report said: "Lab grown diamonds are very highly used in a myriad of applications. Some of these applications have existed for a long time, however, some applications are newer as research has led to discoveries about newer properties of diamonds that can be applied to a wide variety of newer applications. The most traditional use of diamonds in the industrial sector is for cutting, drilling and mining. As the quality of diamonds doesn't matter for these applications, HPHT diamonds are used. Newer applications of diamonds, in optics, lasers, and electronics to name a few are slowly emerging, leading to more growth potential for lab grown diamonds. The use of synthetic diamonds in jewelry making is increasing, with more focus being given to fashion jewelry." Active Companies in the markets today include Adamas One Corp. (NASDAQ: JEWL), Signet Jewelers Limited (NYSE: SIG), Rio Tinto Group (NYSE: RIO), The RealReal (NASDAQ: REAL), LVMH Moët Hennessy - Louis Vuitton, Société Européenne (OTCPK: LVMUY).