Spain Bets Big on Lab Grown Diamonds for Tech Revolution and for Jewelry

Gems News: Massive Investment to Create Europe’s New Capital
Spain is making a bold move into the future of technology with a staggering USD 813 million (EUR 750 million) investment into Diamond Foundry’s upcoming lab-grown diamond plant in Trujillo. This follows an earlier USD 85 million (EUR 80 million) grant from the European Union, pushing total public support well past the USD 890 million mark. Once operational between 2027 and 2029, the Trujillo facility is set to become Europe’s largest hub for manufacturing high-tech, industrial, and semiconductor-grade diamonds—producing over 4 million carats annually, with production expected to climb even further over time. A portion of these diamonds will also be channeled for the jewelry industry.

Spain commits over USD 800 million to build Europe’s largest lab-grown diamond facility in Trujillo.
Image Credit: Diamond Foundry

In this Gems News report, industry observers note that this landmark initiative underscores a shift in the global diamond narrative—from gemstones adorning luxury jewelry to critical components in next-generation electronics and high-performance computing. The massive investment is being led by Spain’s Society for Technological Transformation (SETT) and backed by a mix of public and private capital, with the full project costing EUR 2.35 billion.

Majority of the lab-grown diamonds produced in Spain at these plasma reactors at the Diamond Foundry will be used for tech applications
Image Credit: Diamond Foundry

Lab Grown Diamonds Set to Power the Tech of Tomorrow
Founded in 2012 in the U.S. by Martin Roscheisen and Jeremy Scholz, Diamond Foundry has always had innovation in its DNA. While originally focused on jewelry, the company began exploring industrial uses for lab-grown diamonds in 2018. It has since pivoted heavily toward the booming tech and semiconductor sectors. Lab-grown diamonds boast exceptional thermal conductivity and wide-bandgap properties, making them ideal for producing semiconductor chips that run cooler and faster than traditional silicon-based chips.

This strategic project puts Spain at the forefront of the lab-grown diamond revolution and could redefine Europe’s role in the global semiconductor supply chain. With the Trujillo facility, Spain is not just embracing the future—it is helping to build it.

For the latest developments regarding lab-grown diamonds, keep on logging to Gems News.