Dubai’s diamond trade surges
Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre Authority (DMCC) reported new record total trading volumes in diamonds; guaranteeing diamonds are one of the top traded commodities in Dubai.
The total volume of diamonds traded in Dubai reached 206.1 million carats in the first half of 2011 alone, a 57 per cent increase on the 131 million carats traded in H1 2010; with values increasing to $25.3bn from $16.3bn, an increase of more than 55 per cent.
Ahmed Bin Sulayem, Executive Chairman of DMCC, commented: “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. DDE and DMCC are fully committed to promoting diamond trade through our specialised facilities, regulatory framework and value added services.”
The rough diamonds trade in Dubai in the first six months of 2011 nearly doubled to 108 million carats whilst also exceeding 2010’s full year trade of 105.1 million carats.
Dubai's export of polished diamonds was 46.8 million carats ($9.7bn), a 40 per cent rise from H1 2010’s 33.3 million carats ($6.7bn); whilst net imports rose to 51.3 million carats ($9.7bn), up 17 per cent from 43.8 million carats ($6.4bn). Together, polished diamonds traded 98.1 million carats at a value of $19.4bn in H1 2011.
“In less than 10 years Dubai has become a top trading centre for rough diamonds,” said Peter Meeus, Chairman of the Dubai Diamond Exchange. “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.”
“The Dubai precious gems market has 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,” added Amit Dhamani, CEO and Managing Director of Dhamani Jewels Group.
“In addition to a stellar infrastructure, trade is driven by increasing visitor numbers thanks to Dubai’s tourist initiatives, exhibitions and trade shows. And not last, its strategic location has benefited trade from Africa and Russia to create a winning offering for traders, retailers and consumers.”
Dubai’s diamond trade was 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.
The data used to calculate these numbers are provided by the Dubai Customs Strategy & Corporate Excellence Department Statistics Section for import and export data.
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