Thursday 21 March 2019

Dubai H1 diamond trade surges 57pc

Dubai, November 14, 2011

The Dubai Diamond Exchange (DDE) said the volume of diamonds traded during the first half in the emirate rose 57 per cent to hit 206.1 million carats compared to 131 million carats last year.

DDE, a subsidiary of Dubai Multi Commodities Centre Authority (DMCC), is aimed at facilitating the development of the diamond and coloured gems market to establish logistical efficiencies, and provide a secure trading environment.

Announcing the record results, DMCC executive chairman Ahmed Bin Sulayem, said the rough diamonds trade in Dubai during the period nearly doubled to 108 million carats while also exceeding 2010′s full year trade of 105.1 million carats.

The value of the trading too increased to $25.3 billion from $16.3 billion, Bin Sulayem added.

Dubai’s export of polished diamonds surged 40 per cent to hit 46.8 million carats (valued at $9.7 billion) from last year′s 33.3 million carats ($6.7 billion).

The net imports too rose 17 per cent to 51.3 million carats ($9.7 billion) from 43.8 million carats ($6.4 billion). Together, polished diamonds traded 98.1 million carats at a value of $19.4 billion in the first half, said the official.

Dubai’s diamond trade is mainly driven by India, Belgium, Hong Kong and Switzerland, highlighting the emirate’s position as a trade hub connecting the consumer markets with the producer markets.

Dubai is also witnessing continued growth in volumes traded from newer markets such as Angola and the Democratic Republic of Congo.

Commenting on the results, Bin Sulayem said, “This year’s record diamond trading volumes are testimony to Dubai’s global standing in the diamond industry. DMCC is proud to have cemented Dubai’s place amongst the top three diamond centres in the world.”

'Earlier this year we hosted the first ever World Federation of Diamond Bourses Presidents’ Meeting in the Arab world. As the UAE’s only entry and exit point for rough diamonds, we also continue to be strong advocates of the Kimberley Process,' Sulayem noted.

DDE and DMCC, he said, are fully committed to promoting diamond trade through its specialised facilities, regulatory framework and value added services.

Peter Meeus, the DDE chairman said in less than 10 years Dubai had become a top trading centre for rough diamonds.

'This is an achievement never seen before in the world diamond trade. With the growing importance of Africa, Dubai, thanks to its excellent location and logistics networks, is rapidly becoming the unique distribution hub for African rough diamonds,' he remarked.

Amit Dhamani, CEO and managing director of Dhamani Jewels Group pointed out that the Dubai precious gems market had gone from strength to strength despite the economic slowdown of 2008/9, thanks to a unique environment created for the precious gems trade by the DMCC.

'In addition to a stellar infrastructure, trade is driven by increasing visitor numbers thanks to Dubai’s tourist initiatives, exhibitions and trade shows such as Gitex and the Motor Show,' Dhamani said.

'Its strategic location too has benefited trade from Africa and Russia to create a winning offering for traders, retailers and consumers,' he added.-TradeArabia News Service

Tags: Dubai | diamond | Dubai Diamond Exchange | coloured gems | carat |

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