The symposium scrutinised drivers for LGDs

Maiden in-depth report from DMCC: the future of LGDs 

Dubai Multi Commodities Centre (DMCC) said, this publication serves as the first in-depth thought leadership report from Dubai Multi Commodities Centre (DMCC) on the Lab Grown Diamond (LGD) industry. It discusses how this nascent product will shape the Future of Trade, gathering insights from key industry leaders on the opportunities and challenges brought about by LGDs at all levels of the value chain. 

The lab-grown diamond sector has undergone remarkable growth over the past five years, reaching a global retail sales value of USD 12.24 billion in 2022. However, recent growth deceleration coupled with increased production has prompted reflection within the LGD industry about its future trajectory against this backdrop, mid-2023 marked a pivotal moment for stakeholders across the LGD value chain to convene and chart a concrete path forward. 

The inaugural LGD Symposium took place in Dubai, July 2023, hosted by DMCC. The symposium assembled influential industry leaders to explore evolving trends, new applications, and strategic insights beyond the conference setting. 

The event featured insightful panel discussions addressing critical challenges and opportunities, including economic dynamics, branding strategies, sustainability concerns, and industry reputation.  

The lab-grown diamond industry has surged as the fastest growing segment within the jewellery sector. Heated debates about LGDs were evident at the 2019 Dubai Diamond Conference, foreshadowing their upward trajectory. The astonishing speed of the LGD industry’s growth in the post-Covid era surpassed expectations. 

Amidst robust volume expansion, LGD prices faced downward pressure, raising concerns about the industry’s sustainability. This catalysed a collective drive among industry leaders to pivot towards value creation. The inaugural LGD Symposium in Dubai marked an opportune platform to chart actionable paths for the industry, uniting growers, manufacturers, retailers, and financial institutions. 

The symposium scrutinised essential drivers for LGD industry success and explored how a cost effective technology product could thrive in the luxury market. The challenge now is to translate these insights into ongoing discussions and sustainable impacts across the LGD value chain, driving the Future of Trade.





 



 

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