DMCC Forecasts Lab-Grown Diamond Market to Hit USD 100 Billion by 2032
The global lab-grown diamond (LGD) sector is projected to grow to USD 60–100 billion by 2032, as revealed during the second Lab-Grown Diamond Symposium organised by the Dubai Multi Commodities Centre (DMCC).
Held under the theme “From Mass to Meaning: Creativity, Technology and Transformation in Lab-Grown Diamonds,” the event brought together over 150 international stakeholders to discuss how LGDs are evolving beyond jewellery into industries such as semiconductors, optics, quantum computing, fashion, and lifestyle.
Dubai, recognised as a global hub for diamond trade and technological innovation, was showcased as a critical driver of this expansion. Experts highlighted the superior attributes of LGDs—including thermal conductivity, optical clarity, and durability—that position them as an advanced material for high-tech applications.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, remarked:
“Lab-grown diamonds are fuelling innovation across sectors—from quantum computing and semiconductors to jewellery, aerospace, and construction. With the market on track to reach USD 60–100 billion by the early 2030s, it is one of the most dynamic industries globally. Dubai stands at the intersection of luxury, industry, and technology, and DMCC serves as the platform where these worlds converge.”
The symposium also explored shifting consumer preferences, brand-building, digital storytelling, traceability, and the influence of younger generations such as Gen Z and Gen Alpha. Key speakers included Andrew Dunn (Quantum Brilliance), William Holber (Plasmability), Professor Ramachandra Rao (IIT Madras), and Peter Widmann (Swarovski), alongside experts from Diamond Foundry, HRD Antwerp, and OriginAll. Independent analyst Paul Zimnisky delivered the keynote session.
DMCC has established Dubai as a premier centre for both natural and lab-grown diamond trade, hosting over 30 LGD businesses and more than 1,350 firms in the precious stones sector. The symposium underscored DMCC’s pivotal role in fostering growth across emerging industries, while enhancing the UAE’s reputation in technology, innovation, and the global gemstones market.