Tuesday 9 August 2022

UAE diamond sector sparkles with $11bn trade in Q1

DUBAI, June 10, 2022

DMCC, a flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has announced that a total of $11 billion (AED40.4 billion) of rough and polished diamonds were traded in the UAE in Q1 this year, up 36% from the same period in 2021, reaffirming Dubai’s status as a world-leading diamond trade hub.
Polished growth
The significant growth was led by an 80% increase in the value of polished diamonds traded, which reached $4 billion for the quarter. As the UAE looks to become the largest diamond trade hub for rough and polished combined, growth in polished demonstrates Dubai’s ability to become a major polished distribution hub, a statement said. 
Following a record 2021 performance in which the UAE became the world’s leading hub for the rough diamond trade, the rough segment also saw strong growth in Q1, with a 20% year-on-year increase to $7 billion. Trade flows from Africa and Europe accounted for over 96% of the UAE’s rough trade in Q1.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “After announcing that the UAE became the world’s largest rough diamond trade hub at the Dubai Diamond Conference earlier this year, DMCC stated that it was swiftly growing in polished trade as well. The 80% increase in the value of polished diamonds traded in the UAE in the first quarter of 2022 clearly demonstrates that we are delivering against our target.  Through DMCC’s world-class facilities and services, along with a hyper-connected business environment, Dubai’s diamond industry is truly flourishing across the board.”
Connecting hubs
Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa, traders in Israel, and manufacturing centres in India, resulting in a connected supply chain with Dubai at its centre. Additionally, Dubai is home to the two Kimberly Process (KP) offices 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 drive new trade flows through Dubai, DMCC has played a vital role in establishing the emirate as a leading global hub for the diamond trade. DMCC’s Dubai Diamond Exchange is the largest diamond tender facility in the world 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, the statement said. - TradeArabia News Service


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