Laboratory-grown diamond firm Lumex sets up base in DMCC

Staff Report/Dubai
Filed on July 6, 2020 | Last updated on July 6, 2020 at 12.33 pm
DMCC, Lumex, diamond trade

The move further strengthens the emirate's position as a hub for natural and lab-grown diamond trade.

DMCC on Monday announced that Lumex, a laboratory-grown diamond business, has set up its base at the centre.

This is in line with the DMCC's mandate to attract, facilitate and drive new trade flows through Dubai, and position the emirate as a hub for both the natural and laboratory-grown diamond trade.

"Since its inception in 2002, DMCC has attracted, facilitated and promoted diamond trade to and through Dubai. The emirate is fast becoming the world's leading diamond trading hub, and DMCC will continue to support the industry through this challenging period," said Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC.

"Looking ahead, there is cause for optimism. Dubai has always been a destination for pioneers. The city attracts those who are motivated by new discovery and want to push the boundaries of what is possible. Lumex is a case in point, and so too is the laboratory-grown diamond space. We welcome Vishal and his team to DMCC, and look forward to seeing their enterprise grow from right here in Dubai," he added.

In 2003, just one year after DMCC was established, the annual total trade of rough and cut natural diamonds was worth Dh13.2 billion ($3.6 billion). In 2018, this figure rose to Dh91.8 billion ($25 billion), ranking the emirate among the top three natural diamond trading hubs in the world.

Vishal Mehta, co-founder and CEO, Lumex, added: "We are proud to be joining DMCC, an entity that has a solid track record of building the natural diamond trade in Dubai. Through their support, we look forward to growing our laboratory-grown diamond operations across the Middle East and beyond."

DMCC launched the Dubai Diamond Exchange (DDE) in 2004 which has welcomed over 1000 companies from across the entire diamond supply chain since. In line with recent shifts to the traditional trade, DMCC has also actively sought to attract laboratory-grown diamonds to Dubai. In May 2019, DMCC held the first ever laboratory-grown diamond tender at the DDE, with over 50,000 carats of laboratory-grown diamonds on offer.

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