17 May 2024

Dubai’s wealthy are taking a shine to lab-grown diamonds

By Fzami Diamonds, Dubai, United Arab Emirates

        

The diamond industry ‘completely misunderstood itself,’ says Dubai jeweller who saw a massive spike in demand for lab-grown in 2023 following the release of Netflix documentary ‘Nothing Lasts Forever’

    High-end clientele including Premier League footballers, wealthy families, and influencers are now buying more lab-grown diamonds, a Dubai-based jeweller revealed to Arabian Business, as natural diamonds continue to lose importance.

    When lab-grown diamonds first emerged on the market a few years ago, the diamond industry did not anticipate the consumer profile that would embrace them. Major players like De Beers attempted to steer demand towards specific demographics like teenagers or eco-conscious shoppers through branding exercises.

    However, Fergus James, the founder of luxury Dubai-based jeweller Fergus James, says he witnessed demand for lab-grown diamonds surge across all customer profiles following the release of the popular Netflix documentary “Nothing Lasts Forever.”