The Dubai Multi Commodities Centre (DMCC) executive chairperson and chief executive Ahmed Bin Sulayem, also the outgoing chairperson of the Kimberley Process (KP) has urged the diamond industry to shun pitting naturals against synthetic diamonds.
He told delegates gathered at the Dubai Diamond Conference that although lab-grown diamonds are eschewed in Africa, he does not see them as a danger to natural stones.
“While we compete, there is a need to cooperate; competing is not about pitting natural diamonds against lab-grown diamonds... this is about being positive about the product, driving fulfilling narratives and growing overall demand,” he said.
“Other industries have faced similar challenges and today it is our chance to learn and adapt.”
Bin Sulayem said, although he was cognisant that his audience might be uncomfortable with the reality, Dubai was a leading distributor of lab-grown diamonds.
“Firstly, I don’t see it (lab-grown diamonds) as a threat, I see it as an opportunity for the diamond cutters to continue [creating] employment,” he said.
“Look at India, I know it's shunned in Africa but the time will come when lab-grown diamonds will be part of buying a gift that convinces someone to get married.”
Bin Sulayem said lab-grown diamonds were being consumed for the technology industry.
“It is the number one semi-conductor material and from what I know, the natural diamond industry does not want to compete with the technology industry,” he said.
“You can use it to support natural diamonds... you can play with it, and it hasn’t been explored yet properly.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished, from Dubai, United Arab Emirates
