Wednesday 17 February 2021
Silicon Valley’s Diamond Foundry has set up in Dubai Multi Commodities Center (DMCC), part of the growing community of laboratory-grown diamond (LGD) companies.
Diamond Foundry has chosen DMCC as its international base for sales and distribution keeping in mind Dubai’s strategically important location, providing direct access to some of the world’s most important diamond markets such as India, Israel, and Europe.
Using a high-density plasma reactor, Diamond Foundry produces LGDs of quality levels unseen in mining and are the fastest scaling diamond grower in the world.
The company is also the first zero-carbon-footprint producer of diamonds, with all their LGDs created sustainably using hydropower. LGDs are used in both diamond jewelry and technological applications.
The company has chosen DMCC for its proven expertise in the sector. DMCC is positioning Dubai as a hub for the natural and laboratory-grown diamond trade. In 2003, the total value of rough and polished diamonds traded in the city was AED 13.2 billion (USD 3.6 billion), a figure that rose significantly in 2019 to AED 84 billion (USD 23 billion).
Diamond Foundry is among several LGD companies that have chosen to set up in DMCC’s business district, including integrated LGD firm Lumex.
DMCC launched the Dubai Diamond Exchange (DDE) in 2004, which has since welcomed over 1,000 companies from across the entire diamond supply chain. Today, the DDE is the world’s largest diamond tender facility. In line with the sector’s growing interest with consumers, 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.