Dubai, known for its tall buildings and busy trade, aims to become a world leader in lab-grown diamonds (LGDs). Using its location and innovative mindset, Dubai wants to redefine industries and sustainability through LGDs.
In July 2023, the Dubai Multi Commodities Centre (DMCC) hosted the LGD Symposium, bringing together influential figures to discuss the drivers of LGD market success and explore technology’s potential in luxury.
A highlight of the symposium was DMCC’s special edition of the Future of Trade report series, which explores LGDs. This report is a guide for stakeholders in the evolving LGD landscape, explaining how the industry has grown from niche to powerhouse.
The report shows that LGD retail sales reached $12.24 billion in 2022, making it the fastest-growing segment in jewelry. Dubai has become a major player in this trade, leveraging its position in the diamond industry.
DMCC is working to establish Dubai as a top diamond trade hub. They invest in research and innovation to drive diamond and jewelry design and optimize production costs.
With over 30 LGD companies already in Dubai, DMCC is creating a collaborative ecosystem, positioning Dubai as a global hub for LGDs.
Dubai is also embracing demand-led supply chains to streamline operations, reduce inventory costs, and transition from raw materials to finished products. This commitment positions Dubai as a pioneer in LGDs.
Dubai’s ambition extends beyond jewelry to semiconductors and quantum computing. By using LGD attributes and strengths, Dubai aims to be an industry leader in these fields.
Dubai experienced remarkable growth in LGD trade in 2022, with imports and exports reaching approximately $1.5 billion. This shows Dubai’s increasing prominence and influence in the LGD market.
With its location, research, and collaboration, Dubai has a strong foundation to reshape industries and redefine sustainability with LGDs. Dubai is becoming a global hub for this transformative technology.
The inaugural LGD Symposium organized by DMCC demonstrates Dubai’s determination to drive the LGD industry forward. By bringing influential figures together and launching a report, DMCC paves the way for Dubai to lead in the LGD market.
Dubai’s rise as a global LGD hub promises to reshape industries and redefine sustainability. With its location, leadership, and commitment to innovation, Dubai is well-positioned to capitalize on LGD opportunities and drive industry growth.
As the world embraces lab-grown diamonds, Dubai stands as a symbol of innovation and progress. With its iconic skyline and thriving trade, Dubai is ready to transform the diamond market and advance sustainability. Dubai’s ascent as an LGD hub reflects its ambitious vision and determination to shape industries worldwide.