This publication serves as the first in-depth thought leadership report from 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 LGD sector, in just a few years, has showcased remarkable growth and transformation. With its roots as a nascent product, it has now firmly established its place in the global trade landscape, achieving a staggering global retail sales value of USD 12.24 billion in 2022.
The gem-quality LGD industry is navigating a phase of transition. It adapts to slower growth and market shifts in the US while exploring untapped markets like China, Europe, India, and the Middle East. The first LGD Symposium in Dubai provided a strategic platform to assess market challenges, identify drivers for long-term success, and develop collaborative solutions. For full insight into the LGD Symposium 2023 highlights, download the report.
LGDs, having solidified their position in bridal products, now stand at the cusp of broader market penetration. Opportunities beckon in the realms of fine and fashion jewelry. By harnessing the potential of both larger CVD stones and smaller HPHT stones, the industry can cater to diverse segments in a complementary fashion, expanding their reach and resonance.
LGDs are poised to redefine the technological frontier. Beyond their jewellery appeal, LGDs are emerging as superior alternatives to silicon in semiconductors, capable of enduring temperatures five times higher and delivering an electrical current a million times greater. Diamond-based semiconductors, leaner and more sustainable, offer device structures thinner than silicon, promising faster and compact technological advancements. As LGDs venture beyond the world of gems, they herald a transformative era in technology.
View a snapshot of the report in a quick presentation
The symposium brought together LGD industry leaders to actively explore the industry's challenges and opportunities. For a detailed view of all the highlights, download the LGD report.
The LGD sector is a technology industry distinct from natural commodities. Its trajectory is characterised by continuous technological advancement, reducing costs and increasing product volume. The focus should be on value-added attributes and innovation in pricing, with branding and marketing pivotal to differentiate LGDs.Learn More
LGDs offer creative freedom, unlike natural diamonds. As custom-made diamonds and unique designs spur growth, innovation is key. Beyond jewellery, LGDs' potential in tech areas like chips and quantum computing necessitates research.Learn More
The LGD supply chain should adopt an order-driven model, moving away from traditional rough-based approaches. Integrated supply chains can fast-track the transformation from raw material to finished jewellery.Learn More
LGDs should be showcased as part of the final product, not just components. This approach enhances consumer engagement and emphasises the complete jewellery piece's value.Learn More
The LGD industry needs its own leadership, emphasising value and the product’s beauty. A strategy akin to vegetarian outlets focusing on health rather than non-meat origins is a guide.Learn More
Industry leaders should guide the industry, setting standards and fostering collaboration. The LGD industry’s path requires recalibration, expansion, and leadership to tap its potential. These recommendations chart a promising future for the LGD industry.Learn More