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New York, NY--The global fascination with diamonds has been around for centuries, but lab-grown diamonds are making inroads. Forecasts show this market rising from $22.45 billion in 2022 to an impressive $37.32 billion by 2028.

[Image via Pexels Commons]

According to an Adamas One Corp. press release, this growth is driven by technological advancements, consumer demand for ethically sourced luxury products, and an increasing variety of applications from ornate jewelry to advanced biotechnology. A notable boost for the industry came in 2018 when the Federal Trade Commission (FTC) expanded its diamond definition to include lab-grown diamonds, reinforcing their credibility.

Adamas One Corp., boasts its state-of-the-art process with 36 patented processes—28 in the U.S.—produces single-crystal lab-grown diamonds for industrial and jewelry needs. Their production forecast includes a sales run rate of $12 million this year, underlining their scalability and readiness for this market.

The press release noted that financially, the company's progress is evident. In 2022, the company recorded sales of $1.78 million for lab-grown diamonds. Their successful December 2022 IPO provided $12.67 million in gross proceeds. With an 81.4% gross margin in Q1 2023, its annual revenue is expected to hit $12 million.

The company recently partnered with leading digital agency Neon Flux to enhance branding and marketing for their luxury jewelry retail arm, Elle Jolie. 

Adamas One CEO, Jay Grdina, lauded the partnership, highlighting its alignment with their goal to ensure top-tier marketing and distribution that matches the quality of their lab-grown diamond offerings.

Learn more in the entire Yahoo! News press release.