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Dubai’s Damas And The Story Of Lab-Grown Diamonds

Damas CEO definitely believes so, particularly among first-time and younger diamond buyers.

Looking for a diamond ring for your engagement? But are they too expensive? This is where 'lab-grown' diamonds may make a difference, and it is just this method that Dubai jeweller Damas is employing to woo clients.

"Lab-grown diamonds are gradually gaining customer acceptability, particularly among younger and fresher diamond purchasers," stated Luc Perramond, Chairman and CEO of Damas Jewellery. "If they have a lesser budget but still want a 1-carat diamond for their engagement, they may have one if they pick a lab-developed solitaire rather a mined one."

"Because they can acquire it for less than Dh10,000 from the collection we introduced last month, as opposed to Dh30,000 or Dh40,000 on a natural." In the last two years, a few UAE jewellers have been testing customer demand for precious stones created to a remarkably high grade previously solely associated with mined stones. Damas has been a pioneer in this area, with a specialised collection centred on what can be supplied from the lab.

Perramond has been key in Damas' decision to pursue this alternative since assuming the top posts little over two years ago. He recognises that gaining a sizable buyer base in the UAE and other Gulf countries, where the term "precious" is inextricably linked to gold and natural diamonds, will be difficult. "Lab-grown diamonds are highly developed in the United States, and while the Middle East shopper is still at an early level of acceptability, we are willing to wait the 5- or 10-year wait," he added.

"Lab-grown diamonds are highly developed in the United States, and while the Middle East shopper is still at an early level of acceptability, we are willing to wait the 5- or 10-year wait," he added. "I, for one, am convinced that this will grow into a significant category, that it will be a huge disruptor, and that we will continue to have two major collection releases per year."

Damas began their collection by establishing sourcing agreements with a few labs in California. The sourcing was then moved to India. "We will source from here in the UAE next year, with a handful of laboratories commencing operations," the CEO added. "We will not delve into the procedure on our own; it is better left to the specialists."

"The processes are quite particular, difficult, and include a large number of rejections." It takes 4-8 hours on average to make the 'rough' in the lab, with additional time spent on getting the cut correct and polishing. 3-4 months in total. We're not talking about mass production here.

The younger customer, who is less bound by history in their choices, would be drawn to lab created stones. Is it more harder to get through to certain customer demographics? "In fact, we are seeing acceptance across all client categories - there is extremely significant demand from South Asians to complement the enthusiasm from Arabs," he added. "With Western clientele, the procedure may be easier since they have been exposed to it." The most popular size is 1-2 carats, and they must have a lot of shine. The Damas collection of lab-grown stones has values that exceed Dh500,000.

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Billionaire Laurence Graff paid a record-breaking $46.1 million for a magnificent vivid pink diamond weighing 24.78 carats. Originally owned by his competitor Harry Winston, it now carries graff’s name and is a part of the legendary collection of rare diamonds.

We usually advise brilliant round diamonds with a cut grade of very good, ideal, or super ideal for engagement rings (also known as hearts and arrows). A high cut grade maximises a diamond’s beauty for a given carat weight.

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It’s crucial to have a concept of what you might prefer before starting your search because it will enable you to focus on fewer of the many engagement ring possibilities that are now available. Also, when you initially start browsing, it helps to have a few distinct design concepts and the overall budget because the variety can be overwhelming.

Here are Engagement Ring Trends 2023:

1. Modern Art-Deco
2. Colored Stones
3. Lab-Grown Diamonds
4. East-West Settings
5. Multiple Large Stones

The traditional round diamond form, which is the most common, may come to mind when you think of diamonds. But if you want something different, a tonne of alternative forms may be found to suit your unique taste and style. Each diamond shape has its own fire and brilliance because they are cut to different standards, altering how they reflect light.

The most popular kinds of diamonds are listed below:

1. Round Brilliant Cut Diamonds
2. Princess-Cut Diamonds
3. Marquise-Cut Diamonds
4. Cushion-Cut Diamonds
5. Emerald-Cut Diamonds
6. Radiant-Cut Diamonds
7. Pear-Shaped Diamonds
8. Oval Diamonds
9. Asscher-Cut Diamonds