DMCC Opens Doors to Lab-Grown Business

RAPAPORT... Synthetic-diamond firm Lumex will set up shop in the Dubai Multi Commodities Centre (DMCC), as the trading hub looks to expand its lab-grown sector. "In line with its mandate to attract, facilitate and drive new trade flows through Dubai, DMCC is positioning the emirate as a hub for both the natural and laboratory-grown diamond trade," the DMCC said Monday.Last year, DMCC held its first rough lab-grown diamond tender. The sale, which featured 50,000 carats of synthetic stones, was run by Hong Kong-based diamond-trading firm Tony's Auction World. The Dubai center plans to keep all lab-grown and natural diamond traders separate to ensure there is no mixing of stones. It will also require full disclosure of synthetic products, in both English and Arabic.Lumex was established in 2018 by the Mehta family, which owns Rosy Blue."[DMCC] has a solid track record of building the natural-diamond trade in Dubai," said Lumex CEO Vishal Mehta. "Through their support, we look forward to growing our laboratory-grown diamond operations across the Middle East and beyond."Image: Vishal Mehta (left) and DMCC CEO Ahmed Bin Sulayem (right) looking at lab-grown diamonds. (DMCC/Lumex)