Today's Edition
DUBAI (ALETIHAD)
The Dubai Multi Commodities Centre (DMCC), the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, announced Dubai’s diamond trade figures for 2023, headlined by 2 percent year-on-year growth in the value of rough and polished diamonds traded to reach $38.3 billion.
Notably, this represents a five-year compound annual growth rate of 11 percent.
Highlighting the UAE’s status as one of the world’s largest diamond trading hubs, the value of polished diamonds traded in the UAE grew 32% year-on-year to reach $16.9 billion.
The emirate’s diamond industry has historically centred on rough diamonds, becoming the world’s largest rough diamond trade hub in 2021. However, the rapid growth of the UAE’s polished segment means that it now accounts for 44% of the total trade value.
This will be further buoyed in 2024 following the Gemological Institute of America, a global leader in diamond grading, opening a key laboratory in Dubai in February.
Regarding the trade of rough diamonds, a total worth $21.3 billion was traded in the UAE in 2023.
Even though the global price of rough diamonds decreasing by approximately 20 percent in 2023, the UAE’s rough diamond trade only decreased by 13 percent year-on-year by value whilst maintaining strong trading volumes.
Executive Chairman and Chief Executive Officer of DMCC, Ahmed Bin Sulayem, said: “At $38.3 billion in rough and polished trade last year, these figures are further proof of Dubai’s meteoric rise as a global diamond trade hub. Our appeal to diamond industry segments across the world is exemplified by our ability to maintain strong trade volumes in rough whilst rapidly advancing polished and lab-grown diamonds."
He continued, "The polished segment now represents almost half of our diamond trade, consolidating our status as the world’s number one hub for rough and polished and, with major industry players continuing to be drawn to Dubai away from the old hubs of yesterday, DMCC will continue to set the benchmark for the services and value that diamond traders need to grow and prosper.”
Dubai has also bolstered the support it provides for traders of lab-grown diamonds (LGDs) as it looks to replicate the success it has seen in the natural diamond industry. The value of LGDs traded in 2023 rose 10 percent year-on-year, reaching a total of $1.6 billion.
The UAE recently 0has become one of the key drivers of trade growth and sector development for the global diamond industry.
Representing the UAE, Ahmed Bin Sulayem assumed the role of Chair of the Kimberley Process for 2024 late last year, focusing on a ‘year of delivery’ to ensure the KP operates efficiently and autonomously. Notably, this is his second term as Chair of the KP following his chairmanship in 2016.
The entire diamond industry will descend on Dubai from 11-15 November 2024 for Dubai Diamond Week, with the KP Plenary Session, the JGT Dubai trade show, and DMCC’s flagship Dubai Diamond Conference taking place on 11 November to chart the future growth of the industry.
