Dubai's lab-grown diamond industry surges with 125% growth in 2022, DMCC foresees bright future

The Dubai Multi Commodities Center (DMCC), housing over 30 lab-grown diamond companies, believes that this sector will revolutionise the jewellery industry. According to a report published by the DMCC, lab-grown diamonds (LGDs) are emerging as the fastest-growing segment within the jewellery market. In 2022, Dubai witnessed a staggering growth of over 125% in the trade of these diamonds.

The report highlights a multitude of applications for lab-grown diamonds, including their use in semiconductors, quantum computing, and high-tech industries. CNBC-TV18's Manisha Gupta recently interviewed Ahmed Bin Sulayem, the Executive Chairman of the Dubai Multi Commodities Center, to gain insights into the potential of lab-grown diamonds.

Sulayem expressed, "In 2022, we had a remarkable year, with a 126% growth, reaching approximately $1.5 billion. Global retail sales of LGDs for 2022 also soared to $12.24 billion. The demand for lab-grown diamonds is undeniably strong. While it may have been perceived as a threat two decades ago, and some may still hold that view today, I believe it complements the traditional jewellery industry. This is a trend that is here to stay."