The UAE is a global leader in diamond trading. Now, it wants to grow them, too
CNNEditor’s Note: This series is, or was, CNN — Diamonds are the hardest material on Earth — and finding one in nature is comparably tough. “Instead of having diamonds flying all around the world, the diamond is produced and sold locally.” Mohamed Sabeg, co-founder of Dubai-based company 2DOT4, checking a lab-grown diamond. “The mined diamond, you don’t control it, the Earth is doing it.” To grow a diamond, you start with a diamond, either lab-grown or mined, explains Sabeg. Given the UAE’s status as a top diamond trading hub and its diversification efforts away from oil, expanding into the lab-grown diamonds industry could be an important move for its economy, says Ahmed Bin Sulayem, CEO and executive chairman of the Dubai Multi Commodities Center, a global trade hub that held the very first Lab-Grown Diamond Symposium. “The key message we are giving to the lab-grown diamond industry is, don’t waste your time on selling the diamonds: focus on the final art,” says Bin Sulayem.
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