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1、Clarity Redefined:The Rise of Lab Grown Diamonds2Lab-grown diamonds make up 30%of the global diamond jewellery market.US contributes to 75-80%of lab grown jewellery demandGlobal Diamond Jewellery Market Size(US$Bn.)Lab-grown diamonds currently represent 30%of the global diamond jewellery market,with

2、 the U.S.accounting for 7580%of total consumptionSource:Wazir Analysis,Secondary Research5561687519243140201920222025E2028PNaturalLab Grown8.8%CAGR(2019-28)3.5%748511599US,75-80%RoW,20-25%Consumption Share of LGD Jewellery Market$31 Bn26%Share of Lab Grown Diamond28%31%35%350%CAGR(2018-24)1.44.910.5

3、15.92018202020222024Global LGD Supply(Mn Carats)LGD wholesale price and marginal cost of production($/ct)10 x0150030004500600075002018201920202021202220232 Carat Price($/ct)1 Carat Price($/ct)0.5 Carat Price($/ct)Average Marginal Cost of productionLGD supply has surged over 10 x in six years,fueled

4、by technological advancements,lower entry barriers,and declining reactor costsPrior to 2020,LGD producers saw high margins with low costs($150 per carat)and high wholesale prices($3,000 per carat),driving heavy investment in reactors and technology.Margins have shrunk as costs fell below$100/carat a

5、nd wholesale prices dropped to$200/caratLGD supply has surged 10 x,while wholesale prices have plummeted 90%since 2018Source:Wazir Analysis,Secondary ResearchWazir Perspective:With LGD prices approaching marginal production costs,further decline seem unlikely,signaling stabilization and greater acce

6、ssibility for a wider consumer audience4Phase 1Phase 2Phase 36,5005,9006,1006,0005,0006,4005,8005,1004,2003,7005,5004,5003,5002,9002,2001,9901,5001,1507506002016201720182019202020212022202320242025Retail Price Evolution of 1 carat Natural vs.Lab-Grown Diamond,2016-2025(USD)NaturalLab-GrownWidening p