Diamond industry growth in Dubai
DMCC, the world’s leading free zone and the Dubai government’s trade and enterprise body, announced that rough and polished diamonds worth USD 11 billion (AED 40.4 billion) were sold in the UAE in the first quarter of this year, a 36% increase over the same period in 2021, confirming Dubai’s status as the world’s leading diamond trading hub.
The significant growth was driven by an 80% increase in the value of diamonds sold, which reached USD 4 billion (AED 14.7 billion) during the quarter. As the UAE seeks to become a major diamond trading hub for rough and polished diamonds, the growth in this key type of diamond demonstrates Dubai’s ability to become a major diamond distribution hub.
Following a record year in 2021, when the UAE became the world’s leading diamond trading hub, the rough diamond segment also demonstrated strong growth in the first quarter, rising 20 percent year on year to USD 7 billion (AED 25.7 billion). Trade flows from Africa and Europe accounted for more than 96% of the UAE’s rough diamond trade in the first quarter.
Dubai boasts of direct flights to other diamond centres around the world, including mining countries in Africa, traders in Israel and manufacturing centres in India, resulting in an interconnected supply chain with Dubai at the centre. Dubai is also home to two offices of the Kimberley Process (KP) in the UAE, making the emirate the only entry point for rough diamonds in the country.
In line with its mandate to attract, facilitate and encourage new trade flows through Dubai, DMCC plays a vital role in establishing the emirate as a leading global diamond trading hub. The DMCC Dubai Diamond Exchange is the world’s largest diamond trading venue and home to over 1,150 diamond companies, providing members and industry professionals with state-of-the-art infrastructure, facilities and services to trade with confidence.
Source: Government of Dubai Media Office
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