Lab-grown diamonds starting to sparkle in Middle East联合网

Lab-grown diamonds starting to sparkle in Middle East

Post Date: 20 Jun 2022 Viewed: 291

Lab-grown diamonds are starting to sparkle in the Middle East with more interest and sales from ethically-minded consumers.

Demand is growing in this region despite its reputation for extravagant spending.

Rohan Siroya, CEO of EVERMORE, a new sustainably-created diamond brand, said: “Consumers are more aware that we are all connected to the earth and this sentiment was heightened during the pandemic.

“The single use plastic ban in Abu Dhabi and the charges implemented in Dubai are in direct recognition of the nation’s alignment to doing what’s right by global standards, because eventually we are all global citizens.”

The lab-grown, also known as manmade, engineered and cultured, diamond market is growing 20 percent, year-on-year, according to recent figures.

Sustainable gems

All diamonds are of two types: type 1 is the most common and makes up 98 per cent of the global supply. The remainder are type 2, the most purest, carbon-only diamonds like the Kohinoor or the Millennium Star.

or a single carat of a mined diamond, 1,100 tonnes of rock are displaced, 126 gallons of water wasted and 125 pounds of gases pumped into the environment, according to a report by Frost & Sullivan.

Lab-grown diamonds have a much lower carbon footprint as they are engineered from just carbon, mimicking the process of diamond creation that takes place under the earth, making them chemically, physically and visually identical to natural diamonds.

Lab-grown diamond jewellery global sales are more than $4 billion. For the Middle East, the figure is in the region of around $50 million, according to a recent forum.

Evermore recently launched in Dubai, London and Bahrain under the aegis of Siroya ALTR, a joint venture between well-known UAE-based jewellery brand Siroya and New York based ALTR created diamonds.

Source Arabian Business