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LGDS takeaways: Building Lab-Grown Diamonds' Own Bright Future

Release Time: 2023-07-20 11:06:42  Clicks: 341
      On July 10th, Dubai Multi Commodities Centre (DMCC) hosted the first Lab-Grown Diamond Symposium (LGDS) under the theme of “Building Lab-Grown Diamonds’ Own Bright Future”. The Symposium welcomed over 230 stakeholders and industry experts including growers, manufacturers, retailers and financial institutions. As an excellent representative of China's lab-grown diamond producers, Crysdiam was invited to attend the LGDS as a speaker.
      The LGDS focused on the topics of Industrial Economics, Marketing and Branding, as well as Reputation and Sustainability, and discussed how to improve the long-term fundamentals and profitability of the industry, meet the funding needs of the supply chain, and the prospects of technology application and jewelry application.
Crydiam is the silver sponsor of the LGDS (Image from DMCC)
      Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said that the rapid growth of lab-grown diamond demand has promoted consumers' interest and broken the traditional model. In 2022, the total import and export of lab-grown diamonds in UAE exceeded US$ 1.5 billion, an increase of 126% over the previous year. Sulayem also said that lab-grown diamond has broaden prospects and technical application value, and more attention should be paid to marketing and application rather than just the material itself. He hopes that China could play a more active role as an important participant in lab-grown diamond industry.

Ahmed Bin Sulayem accepted an exclusive interview with Crysdiam and shared constructive ideas on innovative applications of lab-grown diamonds. Watch the video for his insightful views.

      Anish Aggarwal from Gemdax, the moderator of the panels, said that lab-grown diamonds are no longer untested products but have been accepted by consumers; We are not only engaged in diamond business, but also running a technology industry. He called for adjustment of the industry's thinking and product creation methods to increase value through the diversified application of materials and their finished products.



The Lab-Grown Diamond Symposium (Image from DMCC)

In the Panel discussion of Industrial Economics, Liang Weizhang, Senior Strategy Adviser of Crysdiam, said that the industry lacks generic marketing while the technology gradually matures, and the price of lab-grown diamonds continues to fall; at the same time however, we can see that the marginal cost is reaching close to the fixed cost, which indicates that the lab-grown diamond industry is entering a new stage of reform and development. Through collaboration between upstream and downstream, growers and retailers can promote the industry to achieve the second growth curve. Other guest speakers mentioned it is necessary to create value when manufacturing lab-grown diamonds into jewelries.      At the same time, it should be noted that the production cost of lab-grown diamonds is not directly related to its sales price to consumers, and they called on the industry to pay attention to the commercialization of technology, rather than selling based on the cost of materials.

Panel discussion: Industrial Economic (Image from DMCC)
      In the Panel of Marketing and Branding, guest speakers emphasized creating value through design, creativity, branding, AI (artificial intelligence), storytelling and effective marketing to ensure the future growth of this category; The industry should broaden the imagination and pay attention to the design of lab-grown diamonds. Speakers also called on manufacturers to work closely with brands and retailers with excellent marketing skills and new ideas, to bring the best value to the whole category.
Panel discussion: Marketing and Branding (Image from DMCC)
      In the Panel discussion on Reputation and Sustainability, guest speakers put forward that it was necessary to expand the understanding of sustainability among supply chain participants at all levels. Many companies only focus on climate changes and ignore the comprehensive requirements of environmental, social and governance. Lab-grown diamond industry can use renewable energy, and it can cover all aspects of sustainable development and has advantages in sustainability.
Panel discussion: Reputation and Sustainability (Image from DMCC)
      In his keynote speech, Toby Cruse from Diamond Foundry said that lab-grown diamonds is welcomed by consumers and retailers and is becoming a mainstream category; As production cost fell, the price of lab-grown diamond is reaching the price threshold of technology application. It is expected that growers may shift part of their production capacity from jewelry application to technology application; In the aspect of carbon neutrality, he complains that some companies are overusing the concept of Green. He also emphasized the importance of producing large rough stones for downstream cutting and design.
Toby Cruse gave a keynote speech (Image from DMCC)
      Tom Chatham, from Chatham Created Gems, introduced the difficult journey of his life devoted to lab-grown gemstones  synthetic technology and commercialization, and expressed his optimism about the prospect of lab-grown diamond industry.
Tom Chatham gave a keynote speech (Image from DMCC)
      Senior Professor M.S. Ramachandra Rao, from Indian Institute of Technology Madras, explained the rich application of lab-grown diamonds in high-tech fields and encouraged the industry to explore the application beyond the jewelry field.

Martin Leake, Special Advisor - Precious Stones of DMCC, accepted an    exclusive interview with Crysdiam, reviewed and summarized the LGDS.

Various participants expressed that the LGDS provided a very good       communication platform. As the recognition and acceptance of lab-grown diamonds increase, and the industry itself faces many opportunities and challenges, it is of great significance for industry stakeholders to discuss key issues of industry development together. The collision of the views of the guest speakers strengthened the confidence of the industry stakeholders. Dialogue and cooperation between all parties in the industry are essential to promote the prosperity and development of the industry.
For lab-grown diamonds, bright future is yet to be expected!