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Khaleej Times
01-03-2025
- Business
- Khaleej Times
Dubai: Would you propose with a lab grown diamond?
Lab-grown diamonds are taking Dubai's luxury jewellery market by storm, with experts predicting they could overtake natural diamond sales within five years as consumers opt for identical quality at up to 80 per cent lower costs. From Elizabeth Taylor's dazzling collection to Audrey Hepburn gazing into Tiffany's windows and Marilyn Monroe singing Diamonds Are a Girl's Best Friend — just imagine if Hollywood's most iconic jewels had been lab-grown, offering the same sparkle at a fraction of the price. In Dubai's competitive diamond market, retailers are witnessing a dramatic shift in consumer preferences, says Fergus James, owner of a bespoke diamond retailer in Dubai. 'From our experience, if you line up 10 customers who have not purchased a diamond before buying an engagement ring, and then you give them equal neutral information, seven out of 10 will buy a lab-grown diamond over a mined natural one.' The price differential is the primary driver, he said. 'With three-carat mined diamonds, you're probably looking at around $30,000-$35,000 (Dh110,177-Dh128,540) plus, and, depending on the spec, you can go all the way up to $50,000-$60,000. But with lab-grown diamonds, with the same specification or quality, you are probably looking at about $4,000-$4,500. Lab-grown diamonds are chemically identical to mined diamonds and certified by the same organisations, such as GIA and IGI, said James. 'It is like an IVF child and a child that was conceived naturally. I mean, obviously, it's a different process. But the point is, you've got two kids at the end, each with their own DNA. With diamonds, a lab-grown diamond artificially created is not a natural product, but chemically, it is classified as a diamond… a diamond that is facially identical.' James said that two primary methods are used in producing lab diamonds. The first, HPHT (high pressure, high temperature), involves placing a carbon seed in a sophisticated oven under extreme conditions for several weeks. The technique produces a similar effect to that of natural diamonds, when carbon is exposed to intense pressure and heat of up to 1300 ° C, and crystallises over billions of years up to 120km underground. The second method, CVD (chemical vapour deposition), involves similar processes with additional chemical treatments. Despite their different origins, both lab-grown and natural diamonds undergo identical cutting and finishing processes, requiring the same level of expert craftsmanship. 'When you get a rough diamond, obviously out of the ground as Mother Nature has delivered it, it could be amazing quality, it could be a perfect shape, it could be a really difficult shape to cut. Like how this cut is predominantly determined by, you know, how nature has formed that natural piece of rough.' 'Once you get to that point where you've got the rough diamond, or the rough natural or the rough piece of lab grown, the same process happens, like they plot how they're going to cut them. Then it's handed over to the cutter, who with the same tools and the same cutting wheel, cuts the lab run, or natural, diamond into shape.' This commitment to craftsmanship remains consistent regardless of the diamond's origin. 'We don't put any more or less effort into lab or mined diamonds. We put effort into creating really beautiful pieces of jewellery and delivering to the customer what is right for them,' says James. Dubai's diverse clientele Contrary to initial expectations, the appeal of lab-grown diamonds crosses all demographic and socioeconomic boundaries. 'I thought it would be like your classic Gen Z-millennial, an eco-warrior who may be short of a bit of cash,' James says. 'But it really isn't... it's not limited to one demographic or another, or even a certain nationality. You could say, fine, people from the UK, for example, could be more open to it (lab diamonds) because they're not as educated as people from Egypt, for example, when it comes to diamonds; it's not as much part of the culture as in Egypt.' James finds all those rules just don't apply. 'It's like someone ripped up the rulebook and said, 'Anyone from any walk of life, any culture, people just don't care if a diamond is lab made anymore.'' It's like someone ripped up the rulebook and said, 'Anyone from any walk of life, any culture, people just don't care if a diamond is lab made anymore" Fergus James Even ultra-wealthy customers are choosing lab-grown diamonds. 'We had a customer who spent three quarters of a million dollars on a bespoke ring. And then the next purchase she made were matching earrings that were lab grown,' said James. 'We've got a group of Saudi ladies who buy lab-grown diamonds. They tell me not to tell their sisters or cousins that they buy lab-grown. They don't care, as long as it looks good.' Arnaud Fambeau, executive chairman of Dubai-based 2DOT4, has also noted a significant shift in consumer awareness. 'Five years ago, most people didn't even know about lab-grown diamonds. Today, consumers are asking for them,' he says. 'It's not about age or wealth anymore. Everyone loves diamonds. And here in Dubai, where consumption of luxury jewellery is higher than in Europe, the demand for lab-grown diamonds is booming. GCC populations are younger than in Europe, and lab-grown diamonds clearly appeal to younger buyers. They're beautiful, reasonably priced, and have a much smaller environmental impact.' But it's not just about affordability or ethics—it's about luxury. Lab-grown diamonds are real diamonds, identical in chemical composition to their mined counterparts. Fambeau says that consumers should not view them as an inferior product: 'A diamond is a diamond. The only difference is how it's made.' The significant price difference between lab-grown and mined diamonds is reshaping purchasing decisions and having a significant impact on the wider market, with lab-grown diamonds costing up to 80 per cent less than traditional mined diamonds, says Fambeau. The ability to purchase larger, higher-quality diamonds at the same price point as a smaller mined diamond is a game-changer for Dubai's price-conscious luxury shoppers, he said. 'For the same budget, you can have a two-carat lab-grown diamond instead of a one-carat mined diamond. Why choose something smaller when you can have something bigger — something that makes you feel proud every time you wear it?' Yet, this affordability doesn't come at the expense of luxury. In fact, lab-grown diamonds often surpass mined diamonds in quality, he said. It would appear the price of luxury is becoming more accessible than ever, with the perfect diamond ring now tantalisingly close without a compromise in quality. Fambeau says only the top one per cent of mined diamonds are high-in-resaleable value and of notable quality. 'Yet the average quality of lab-grown diamonds is much higher than that of mined diamonds because we can control the process from start to finish.' While lab-grown diamonds typically cost significantly less than mined diamonds, this hasn't diminished their luxury appeal. Instead, it's allowed consumers to focus on quality and size. 'The sweet spot in lab-grown is $3,200, which is not bad at all. It's a luxury product,' says Fambeau. James says that customers are increasingly redirecting their savings: 'People are even coming in like, I want a natural (diamond) that's my budget, whatever it is. Now they're going out spending Dh25,000 or Dh30,000 instead on a lab-grown diamond and then buying themselves a watch or a bag with whatever they have saved.' Spotting a good quality lab-grown diamond For the untrained eye, it can be challenging to differentiate between a good lab-grown diamond and an exceptional one. Fambeau offers guidance for shoppers looking for the best quality, saying firstly, it has to shine. 'You should see all the hues of light — red, blue, green — when you move the diamond. That's what I call the life inside.' It should also be certified as a Triple Excellent Cut. 'A high-quality diamond will have a cut certified as 'excellent' in symmetry, polish, and proportion.' Most importantly, he said, consumers should be looking for the absence of 'milkiness. 'Some lab-grown diamonds can have a milky or cloudy appearance, which diminishes their brilliance. Milkiness isn't listed in certification reports, so you have to rely on the sparkle you see.' The US market already shows lab-grown diamonds accounting for 60-70 per cent of diamond sales by volume, says Fambeau, who predicts similar trends in the UAE within five years. James notes that his business saw an immediate shift when they began offering lab-grown options: 'We flipped about from maybe five per cent lab grown as a percentage of our total volume, probably to like 80 per cent in a month.' Resale value While lab-grown diamonds typically have lower resale value, James argues this should be viewed in context: 'You definitely lose more money on a lab-grown for sure. And you know, with natural diamonds, people tend to spend more, so if they tend to spend more, the overall loss is probably greater on a natural than it would be on a lab.' Dubai's position as a global diamond trading centre provides unique advantages. Fambeau highlights the emirate's infrastructure through DMCC, competitive electricity costs, and ability to attract top talent as key factors in its success. 'The attractiveness of the lifestyle in Dubai... makes the place extremely attractive for top-end engineers and people like that,' says Fambeau. Environmental consciousness adds another dimension to the luxury appeal. 2DOT4's advanced technology consumes less energy than traditional mining, with water consumption reduced by 99.99 per cent. This sustainability aspect particularly resonates with younger luxury consumers. Consumer appeal 'I've always wanted to buy myself a diamond ring but could never justify the price point,' says Tala Michel Issa, 29, a Dubai resident who recently made her dream purchase possible through lab-grown diamonds. 'I chose lab-grown diamonds because they're a lot cheaper,' she explains. Her decision came after thorough market research. 'I wanted to understand why they were cheaper and it is basically the same as a mined diamond, the only difference is that it is created in a lab under the same circumstances.' The choice proved financially rewarding. 'I bought a lab-grown diamond ring that would have cost me more than double the price if I had settled for a mined diamond instead,' Issa reveals, adding that these laboratory-created stones 'are clearer and more crisply cut than regular diamonds'. For Issa, the growing availability of lab-grown diamonds represents a significant shift in the jewellery market. 'With lab-grown diamonds being more available, it sort of democratises peoples' access to beautiful jewellery,' she says.
Khaleej Times
28-02-2025
- Automotive
- Khaleej Times
Inside Pearl 82: Sleek, stylish mini superyacht with many amenities
Imagine venturing deep into the ocean, surrounded by dark waters and embraced by crisp air… or being docked at Dubai Marina, hosting a soirée. The Pearl 82 offers both experiences, making it a must-consider yacht. It's well-equipped with balconies, five cabins, a hot tub, and a tender garage spacious enough for a RIB and jet ski. Often called a 'scaled-down superyacht', this yacht deserves a closer look. Pricing It starts at $5 million-plus (excluding VAT) with the largest 2,000 hp engines, while a mid-spec model with a passerelle, air conditioning, and essential extras costs around $7 million-plus (excluding VAT). For more accurate pricing, contact the representatives directly. Driving The Pearl 82 measures 25.3 metres long, with a 6.34-metre beam. Despite weighing 78.4 tonnes, it moves effortlessly, thanks to the twin 2,000 hp MAN V12 engines – the most powerful option. At just 2,000 rpm, it reaches 20 knots with ease and tops out at around 33 knots. Even at 25 knots, it's barely working, consuming approximately 700 litres per hour. However, most cruising will likely be at 10-12 knots with Sleipner fin stabilisers for efficiency. The steering is also light and responsive. But where it shines is its ability to cover ground, especially in a straight line. The helm station is superb — comfortable, with a double bench for company and high windscreen for protection. Thrusters and throttles are easily reachable, the wheel is adjustable, and two large Garmin screens provide clear navigation and engine data. The flybridge and lower helm are also seamlessly connected, making transitions easy. Flybridge The flybridge has a scaled-down superyacht feel, with an optional hot tub for added luxury and a standard sunshade. Further in, there's an area with cooling, cooking space, and storage, opposite a dinette, all under a standard hardtop. The sunroof, also standard, has tilt vanes for adjustable shade. A retractable TV is an option for movie nights. One notable characteristic is the easy access to the cockpit, raised pilot house, and port side deck. A signature Pearl touch is the windscreen extending back to the flybridge, bringing in extra natural light. The front deck, atop the owner's cabin, offers a broad, flat space with a split layout: a dining area with a twist-opening table and a sunbathing section with popup backrests, a cooler, cup holders, and popup lights. Canopy slots provide optional shade. On the deck At the waterline, there's a hydraulic bathing platform and a wide tender garage. It can fit a Williams SportJet 395 and a Sea-Doo Spark jet ski side by side, with a large sunpad above. Moving up the steps past the deck shower and mooring gear, you find a key feature — optional balconies, which are a great space to relax with a bean bag. The cockpit features a clear starboard-side walkway to the foredeck. The layout is well planned — starboard is for guests, while port is for crew, with direct access to the galley. There are various cockpit layout options. The 'Riviera' layout has a large sunpad and split tables — joinable for dining. Alternatively, the 'Terrace' layout has benches, a centre table, and a glass transom — ideal for those who dine outdoors. There's also a large servery and top-loading cooler. Interior Entry into the saloon is through fancy sliding doors. The Kelly Hoppen interior stands out — modern and refreshing for seasoned boaters, though not for everyone. The space is flooded with natural light from large windows, with a mirrored ceiling amplifying the effect. The aft seating area includes comfortable sofas and armchairs, with a large TV and centrally, there's a beautiful Minotti dining table. Down the starboard side, you have access to the owner's cabin. On the port side, there's a crew door leading to the functional, but not necessarily sociable, galley with a big cooktop, concealed refrigerated spaces, etc. Owner's stateroom Drop down a couple of steps into the truly incredible owner's stateroom with excellent lighting and headroom. The flat floor and beautiful underlighting add to the luxury. It also has a spacious bathroom. Then there's direct access to what feels like your private terrace. When stationary, you can step out of bed, walk up the steps, and enjoy a morning coffee in the sun. Accommodation The lower deck has four guest cabins. The lobby area features storage, Kelly Hoppen design elements, and space for a conveniently located washer/dryer setup. The two twin cabins have two single beds that electrically slide together to form a double, plus a Pullman berth, for a third. Each has a private ensuite. Amidships, there are two identical VIP suites. The décor is dark, but underlighting creates a pleasant ambience. Each VIP bathroom has a separate shower cubicle. Verdict In this segment, there are yachts that offer some of what the Pearl 82 provides: the Azimut Grande 26M has a raised pilot house and main deck master, the Riva 82' Diva features balconies, and the Galeon 800 Fly has a tender garage. However, none combine all as seamlessly as the Pearl 82. It also offers a large flybridge. The Pearl 82 isn't just a floating vessel — it's a sleek and stylish mini superyacht, equipped with many of the amenities found on larger superyachts. It comes well-packaged with an industry-leading five-year warranty, making it an indulgence that can also be seen as an 'investment'.
