UAE, a Diamond Trading Giant, Embraces Lab-Grown Gemstones
March 7, 2024 Business
While the United Arab Emirates (UAE) boasts a prominent position in the global diamond trade, it lacks natural diamond mines. This gap, however, is being bridged by innovative companies like 2DOT4 Diamonds, the first to cultivate, cut, and polish lab-grown diamonds entirely within the UAE.
Shifting Landscape: Traditionally, diamonds were unearthed through labor-intensive mining, raising concerns about sustainability and ethical practices. Lab-grown diamonds (LGDs) offer an alternative, replicating the natural gemstone's physical and chemical properties at a fraction of the environmental impact and cost.
2DOT4 Diamonds: Pioneering LGD Production in the UAE
Founded in 2022, 2DOT4 Diamonds aims to localize the diamond production chain. Their name reflects the gem's refractive index, emphasizing the identical nature of their lab-grown diamonds compared to mined ones.
The Science Behind the Sparkle:
The company utilizes a multi-step process. A diamond seed, either mined or lab-grown, is placed in a reactor under specific pressure, temperature, and gas conditions. Carbon atoms gradually deposit on the seed, forming the diamond over time. Growth speed determines quality, with slower growth yielding superior results.
UAE's Growing Role in the LGD Market:
The UAE's established diamond trading infrastructure positions it strategically to capitalize on the LGD market. While established players like China and India dominate production, the UAE, with its focus on innovation and diversification, aims to carve its own niche.
Industry Experts Weigh In:
Ahmed Bin Sulayem, CEO of the Dubai Multi Commodities Center (DMCC), acknowledges the challenges of competing with established producers but emphasizes the UAE's potential in this evolving industry. He highlights the growing consumer demand for ethically sourced and affordable luxury goods, driving the LGD market forward.
The Future of LGDs in the UAE:
2DOT4 Diamonds paves the way for other UAE companies entering the LGD space, fostering a local ecosystem. The DMCC encourages focusing on creating finished jewelry, adding value and strengthening the local industry.
Mohamed Sabeg, co-founder of 2DOT4 Diamonds, expresses his hope that their venture will set the standard for future LGD production in the UAE, a nation once solely reliant on diamond imports.