Dubai’s diamond trade volumes surge 22pc
Dubai, March 30, 2010
Dubai’s total trade of diamond volumes reached 182 million carats in 2009, an increase of 22 per cent over 2008, said the Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA).
According to figures from the Dubai World Statistics Department, a total of 80 million carats of polished diamonds were traded through the emirate in 2009, an increase of more than 150 per cent from 2008 when 32 million carats were traded.
Rough diamond trade increased marginally by a little over 3 per cent and reached 97 million carats in comparison to 94 million carats in 2008.
The impact of lower global diamond prices was reflected in the reduced value of trade, which saw a 13 per cent decline, reaching $18 billion in 2009, compared to $20.76 billion in 2008.
Polished diamonds imports to the emirate grew by nearly five per cent during 2009, to reach $6.9 billion from $6.6 billion during the same period in 2008. Exports in the same period were up 30 per cent from $5.4 billion to $7 billion.
“Globally, the consumption of luxury goods has been impacted due to the prevailing economic challenges,” said Ahmed bin Sulayem, executive chairman, Dubai Multi Commodities Centre Authority.
“Despite such tough market conditions, these encouraging trade figures reflect the strong trade and consumer market in the region. The trend underlines the Middle East's growing significance as a flourishing diamond consumer market, and more importantly, Dubai's established role as the trade hub through which this market can be accessed.”
Dubai’s diamond trade was mainly driven by India, Belgium and Hong Kong, which were the top trade partners for Dubai with growing trade from new markets such as Angola, Switzerland and the USA.-TradeArabia News Service