Prime Highlights-
- UAE lab-grown diamond trade hits 76.9 million carats, up 91.5 percent year on year and more than double 2022 volumes.
- Bin Sulayem cites future growth in semiconductors, quantum technologies, medical devices and aerospace beyond jewellery applications.
Key Facts-
- DMCC launches dedicated Lab-Grown Diamond Vertical in Dubai.
- UAE’s broader diamond trade reaches record $41.7 billion.
Background-
DMCC, the Dubai-based international business district driving global trade flows, has formally launched its Lab-Grown Diamond Vertical, creating a dedicated platform for an industry expanding rapidly across manufacturing, technology and jewellery.
The launch comes as the UAE posts record lab-grown diamond trade volumes, with 76.9 million carats traded, up 91.5 percent year on year, while trade value climbed 7.5 percent to $1.3 billion.
Volumes have more than doubled since 2022, rising 109 percent from 36.8 million carats, with imports and re-exports growing at similar rates across the market.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said lab-grown diamonds have reached a stage that calls for dedicated market infrastructure and a distinct economic case alongside the natural diamond trade.
He pointed to China, India and the US as the driving forces behind the sector, now valued near $30 billion, and highlighted future opportunities in semiconductors, diamond wafers, quantum technologies, medical devices and aerospace.
China leads industrial-scale production and research, India anchors chemical vapour deposition manufacturing, and the US remains the industry’s largest consumer market and technology pioneer. Japan, Israel and the UK have also emerged as research and trade hubs.
The new vertical builds on DMCC’s activity since Diamond Foundry set up its international sales operations there in 2020, and includes a dedicated digital platform and two Lab-Grown Diamond Symposiums, with the next set for 2027. The UAE’s broader diamond trade reached a record $41.7 billion.
