Joyaux Introduces Lab-Grown Diamond Jewelry in the Egyptian Market After Capturing 60% of the Global Precious Stone Sales
Joyaux has launched its new line of gold jewelry adorned with lab-grown diamonds in Egypt, introducing the latest fashion trends for 2024. This makes Joyaux the first Egyptian company to offer lab-grown diamond jewelry in the local market, providing high-quality products comparable to prestigious global brands like De Beers and other American and European companies that utilize lab-grown diamonds. This move comes after a significant shift in the global precious stone market, with lab-grown diamonds leading sales, accounting for 60% of the total market share compared to traditional diamonds. The use of lab-grown diamonds has increased in the fashion, jewelry, and industrial sectors due to their economic, sustainable, and eco-friendly nature.
Photo provided by Joyaux
According to a report by Allied Market Research, the global market value of lab-grown diamonds reached $24.0 billion in 2022 and is expected to grow to $59.2 billion by 2032, with a compound annual growth rate of 9.6% from 2023 to 2032. The CVD (Chemical Vapor Deposition) sector held the highest market share in 2022, representing more than half of the lab-grown diamond market revenue. This method is responsible for producing some of the purest forms of diamonds, often surpassing the quality of mined diamonds. The HPHT (High Pressure High Temperature) sector is expected to show the highest compound annual growth rate of 9.8% from 2023 to 2032, producing diamonds identical to naturally mined diamonds with pure carbon composition.
Jessica Gaied, Founder & Deputy CEO of Joyaux, stated that their gold jewelry, available in white, yellow, and rose gold, set with lab-grown diamonds, comes with international certifications from the International Gemological Institute (IGI), matching those issued for traditional diamonds in terms of weight, color, cut, and clarity. This ensures that Egyptian consumers, who appreciate elegance and distinction, receive a high-quality product.
Photo provided by Joyaux
She added that using lab-grown diamonds in their gold jewelry aims to fulfill the dreams of a broad segment of consumers and soon-to-be-wed couples by offering diamond pieces at a competitive price, about 60% lower than mined diamonds, while maintaining the same quality, clarity, and brilliance. She noted that the success of lab-grown diamonds in the global market, with continuously increasing sales compared to mined diamonds, prompted their introduction into the local market, positioning them as a strong competitor to mined diamonds both locally and globally.