Speaking on the sidelines of the Dubai Diamond Conference, Dubai Multi Commodities Centre (DMCC) Executive Chairman and CEO Ahmed Bin Sulayem stated that Dubai's neutrality gives the global diamond trade an impartial venue to settle disputes, Gulf News reported. At the event, DMCC presented the "Swiss Parallel" report, which advocates that natural diamond businesses adapt to competition from lab-grown diamonds by following how Swiss watchmakers survived the arrival of quartz technology.
Bin Sulayem stated that his status as a civil servant with no diamond mines, commercial inventories, or brand affiliations allows DMCC to engage with international market participants without conflicts of interest. He added that natural stones currently account for more than 95 percent of Dubai's diamond trade by value.
Mapping the trade, Bin Sulayem noted that China produces lab-grown diamonds, India cuts and polishes them, and the United States accounts for 55 to 60 percent of global demand. He warned against repeating the decline of the Gulf pearling sector, which suffered in the 1920s and 1930s following the emergence of Japanese cultured pearls and broader economic shifts.
Bin Sulayem also observed growing industry debate over whether lab-grown diamonds should be formally classified as synthetic. He noted that the U.S. Federal Trade Commission could issue a ruling if the diamond sector fails to reach a consensus at upcoming talks in New Delhi, and stressed the need for consumer education to distinguish between natural and lab-grown stones.
Sources
- Gulf News · 2026-10-26
