Retail Look to lab-grown diamonds, says Bollywood’s Vivek Oberoi By Shruthi Nair February 14, 2024, 3:43 AM When you google the word “lab”, among the top three predictions in the search bar is likely to be “lab-grown diamonds”. Gen Z are driving the sales and demand of lab-grown diamonds, which are surging as the fastest growing segment within the jewellery sector. Being 40 to 50 percent cheaper than natural diamonds, the gems are not just more cost-effective, but are also more sustainable and ethical. Diamonds (from a lab) are the Gulf’s best friend UAE’s centre stage in Bollywood blockbusters These factors drive the more purpose-driven and conscious youth to buy synthetic man-made jewels, according to Bollywood actor Vivek Oberoi, who also owns the lab-grown diamond company Solitario. “The lie that’s been sold is that jewellery is a good investment. Gold is a real investment, but beyond that, jewellery is not a good investment,” he said. “So why are you spending so much, when you can get the same thing lab-grown for much cheaper? “We have moved from what was perceived to be a stigma in the youth to be a unique selling point. You’re eliminating the manipulative and exploitative nature of natural gemstones.” Solitario, has a presence in 25 cities across five countries and is set to open its first store in Dubai this month. The emirate is emerging as a key player in lab-grown diamonds trade with total imports and exports amounting to $1.5 billion in 2022. To find out how lab-grown diamonds are made and priced, watch the full video
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 4 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 4 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 5 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 6 hours ago
