The Dubai Diamond Exchange: Diamond trade up by 24.7% year on year in the first half of 2022.
The Dubai Diamond Exchange, part of the Dubai Multi Commodities Centre (DMCC), has announced that approximately USD 19.8 billion worth of diamonds have been traded through the United Arab Emirates in the first half of 2022.
DMCC Chief Executive Ahmed Bin Sulayem said, “business owners from all countries are welcome equally to conduct their business in what is one of the safest environments of its kind.”
The Dubai Diamond Exchange and increasing trade
Having established the Dubai Diamond Exchange in 2002, a combination of factors, including the emirate’s increasing popularity as a holiday destination, its growing expat population and DMCC’s tailored business environment helped to enhance its position as a center for trade and within just ten years, had grown its trade value to over USD 12.6 billion and USD 11.4 billion in polished and rough diamonds respectively, according to Bin Sulayem.
In the early 2000s, Dubai was neither a producer or destination for diamonds. As part of the UAE’s focus on commodity trading, Dubai has undertaken a strategy of expansion across a wide range of commodities and diamonds have played a key role. Dubai’s diamond industry has grown thanks to the state’s proximity to both Russia and Africa, where the majority of diamonds are sourced, and India, where 90% of the world’s diamonds are polished.
The Dubai Diamond Exchange has partnered with a range of leading organizations in the diamond industry, including HRD Antwerp, Europe’s leading authority in diamond certification, and IGI, a global leader in jewelry assessment. Locally, the Dubai Design Academy’s jewelry design courses are helping to support a new generation of local creators and improving the industry’s downstream capacity.
According to Bin Sulayem, “DMCC has become a multicultural hub, which is not only highly connected with direct flights to other diamond centers such as Tel Aviv and Surat but also where business owners from all countries are welcome equally to conduct their business in what is one of the safest environments of its kind.”
In July, the DMCC was ranked as the number two hub in the global commodities trade.