The trade in lab-grown diamonds (LGDs) in Dubai surged by more than 125% in 2022, according to Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.
Total imports and exports reached $1.5 billion, driven by high-end infrastructure and specialised facilities, the free zone said in a report titled “Coming of Age – The Future of Lab-Grown Diamonds”.
Currently, DMCC is home to over 30 LGD companies, as the emirate has emerged as a key player in the LGD, driving the next chapter of innovation and growth.
The LGD industry reached a global retail sales value of $12.24 billion in 2022, surging as the fastest-growing segment within the jewellery sector and expanding to encompass new domains such as semiconductors and quantum computing.
“The LGD industry is navigating a phase of transition, adapting to slower growth, disruption and market shifts in the United States, while exploring untapped markets like China, Europe, India and the Middle East,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
With the rise of the LGD industry symbolising the intersection of technology and trade, the potential of LGDs is “monumental”, he added.
(Editing by Seban Scaria email@example.com)