Walmart for new consumer market with lab-grown diamonds

U.S. retailing giant Walmart is reportedly betting big that diamonds are a girl’s best friend – lab-grown diamonds, that is.

After pulling in higher-income consumers during the pandemic, Walmart has introduced fine jewelry adorned with lab-grown diamonds as part of a plan to retain this new customer base with affordable luxuries.

Walmart’s move comes as the $12 billion lab-grown diamond industry, which grew 38% year-over-year in 2023 alone, continues to surge in demand.

With a 1.5-carat lab-grown ring only running customers $698 at Walmart compared to $6,000 for a traditionally mined equivalent, Walmart may have just found a diamond in the rough with its lab-grown business practices.