Synthetic diamonds, also known as engineered or cultured diamonds, are artificially processed in highly controlled laboratory environments. Cultured diamonds exhibit the similar arrangement and chemical properties as that of mined-diamonds. Owing to these, they can prudently be used in many applications replacing mined-diamonds, surging the overall synthetic diamond market across the globe. Since, these diamonds are processed and developed in laboratories under either extreme pressure and heat or a special deposition process, their characteristics and properties can be altered accordingly. Moreover, due to their molecular structure (carbon atoms linked together in a dense tetrahedral arrangement which makes them incredibly strong), synthetic diamonds are referred as one of the world’s most versatile super material . In addition to similar molecular exhibition as that of natural diamonds, lab-developed diamonds tend to be fancier and colorful when small amounts of specific trace elements are present during the growth phase of the diamond, owing to which these diamonds cater to wide range of applications including jewelries. Furthermore, their unparalleled hardness makes them most suitable for cutters to be used in oil & gas drilling, and their high thermal conductivity make them an innovative heat spreader for use in electronics. Moreover, as an electrode, synthetic diamonds can be used to treat waste water. Synthetic diamond, used as a sensing material in electroanalytical application, provides stable electrochemical properties enabling the highest levels of selectivity, sensitivity, and responsiveness. All these are some of the transformative applications being explored with synthetic diamonds, which are likely to drive the global synthetic diamond market in near future.