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August 29, 2025Dubai eyes the evolving diamond trade for growth in the LGD sector
Dubai is positioning itself to capitalise on the rise in lab-grown diamonds, which are gaining traction not only as jewellery and industrial applications but as components in high-end technology, says a AGBI report.
The emirate, which showed a compound annual growth of 11 per cent at the end of 2023, could also attract manufacturers to seek alternative bases.
According to the report, sales and prices of natural diamonds, mined primarily in Africa, then cut and polished mostly in India, have been falling, partly as a result of the rising popularity of their lab-grown equivalents.
According to figures from DMCC, home of the Dubai Diamond Exchange, about $1.6 billion of lab-grown diamonds were sold through the emirate in 2023. Jewellery and industrial applications have driven the growth of this segment so far. Experts, however, are divided on how the competition between lab-grown and natural diamonds will shape the industry’s future.
