The Dubai Multi Commodities Centre (DMCC) has formally established a dedicated lab-grown diamond division, marking a world-first institutional split between synthetic and natural stones among major trading hubs.
The move follows unprecedented growth in the United Arab Emirates, where trade volume of synthetic stones soared by 91.5 percent in 2025 to reach a record 76.9 million carats. Volumes have more than doubled since 2022, underscoring Dubai's evolving role in the global gem trade.
However, rapid expansion has triggered significant market deflation. Despite the surge in volume, the overall trade value rose by just 7.5 percent to US$1.3 billion last year. Average prices plummeted by over 40 percent, falling from roughly US$30 per carat in 2024 to US$17 per carat in 2025.
The new framework aims to unite producers, technology firms, and financiers to build tailored infrastructure for the sector. Rather than relying solely on jewellery sales, officials are positioning synthetic diamonds for high-tech industrial applications, including semiconductors, quantum technology, and aerospace systems.
Ahmed Bin Sulayem, executive chairman and chief executive of DMCC, stated that lab-grown diamonds required "a distinct economic case of their own" developed alongside natural stones. He emphasised that the industry’s long-term profitability lies in advanced technological uses rather than competing directly with traditional diamond mining. (Photo courtesy: DMCC)
20-10-2026
← Back