The objective of our inaugural symposium was to bring together LGD industry leaders and stakeholders to identify concrete initiatives and create value for all supply chain stakeholders.
This event was explicitly not about LGDs versus natural diamonds.
The LGD Symposium gathered stakeholders active in the LGD value chain and those interested in exploring it. This event welcomed a representative and balanced set of participants (growers, manufacturers, retailers, and financial institutions) to ensure all perspectives were included. Participants were the main driving force behind the event’s conversations, outcomes and the LGD industry’s destiny.
Retailers were particularly important to this gathering. Given the abundant supply of LGDs, the challenge is to build product value without relying on scarcity. Retailers are at the forefront of creating value through product design, branding, and long-term positioning. This has been especially true in the US market.
The symposium debated and answered the following questions with concrete and actionable elements through a joint and collaborative effort.
- What are the drivers and required elements to guarantee long term success of the LGD industry?
- How can a technology product, which is relatively cheap and easy to replicate, succeed in the luxury space?
The following topics were addressed:
- Marketing and Branding: How can we ensure and grow sustained demand for lab-grown diamonds?
- Sustainability, Provenance and Reputation: What can be done to secure the long-term reputational strength of lab-grown diamonds?
- Industry Economics and the Journey to Bankability: What can we do to improve the long-term fundamentals and profitability of the industry, as well meeting supply chain funding requirements?
PANEL ONE: INDUSTRY ECONOMICS
This session addressed the following question: What can we do to improve the long-term fundamentals and profitability of the industry, as well as meet supply chain funding requirements?
We examined the current supply chain's economic viability; the potential impact of declining prices and how this might be mitigated; industry financing; and how changing technology impacts economics.
PANEL TWO: MARKETING AND BRANDING
This session addressed the following question: How do we ensure and grow sustained demand for lab-grown diamonds?
We looked at consumers, pricing, unique LGD elements, possible multi-tier markets, narrative and story building, and the role of stakeholders.
PANEL THREE: REPUTATION AND SUSTAINABILITY
This session addressed the following question: What can be done to secure the long-term reputational strength of lab-grown diamonds?
We looked at what sustainability and provenance practically means, as well as its impact and the role stakeholders need to play in it; what are the long-term opportunities; and the role of technology in reputational initiatives.
The LGD Symposium was hosted at the iconic Atlantis Hotel on The Palm.
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First Ever Rough Laboratory-Grown Diamond Tender to be held on DMCC's Dubai Diamond Exchange (DDE)
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DMCC Receives Senior Angolan Diamond Delegation at Almas Tower
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