Dubai will host what it claims to be the world’s first symposium on lab-grown diamonds, with the event scheduled to take place this July.

The state-owned Dubai Multi Commodities Centre (DMCC) will welcome leaders in the lab-grown and technology markets “in a bid to drive consensus and actions for the long-term success of the sector,” it said Thursday.

The one-day Lab-Grown Diamond Symposium will take place on July 10. It will focus on provoking conversation about financing, regulation, marketing, sustainability, and reputation, the DMCC explained.

“Since the arrival of farmed pearls from Japan in the 1930s, the UAE [United Arab Emirates] has recognized the potency, challenges and benefits of disruptive industries,” said Ahmed Bin Sulayem, executive chairman and CEO of the DMCC. “This symposium shows we are ahead of the curve in driving crucial industry conversation for lasting and positive outcomes, not just in Dubai but at the global level.”