Dubai’s DMCC sees 17% rise in diamond trade in 2022

DMCC – the Government of Dubai Authority on commodities trade and enterprise – has announced a 17 per cent year-on-year increase in the value of its diamond trade in 2022.

According to the free zone, trade totalled $37.4bn combined for rough and polished diamonds, including a 42 per cent rise in the polished category and a consistently strong 7 per cent rise in the rough diamonds segment.

Dubai’s status as a leading hub for rough and polished diamonds has been on the rise. The country witnessed dynamic growth in the sector over the past three years, with the rough diamond trade expanding by a total value of 72 per cent and polished by 50 per cent, representing a combined increase of 64 per cent.

Read: UAE becomes world’s largest rough diamond trading hub

DMCC announced these figures at the International Coloured Gemstone Association (ICA) Congress 2023, held at its Almas Conference Centre in Dubai. It last hosted the ICA Congress 15 years ago.

One of the top industry bodies for the global coloured gemstone industry, ICA consists of more than 500 gem industry leaders including miners, manufacturers, suppliers, retailers and trade associations.

Held under the theme ‘The Future of Coloured Gemstones’, the ICA Congress showcased the key opportunities to unlock sustainable growth in the global coloured gemstone industry.

DMCC has announced a 17% increase in #diamondtrade in 2022, totalling USD 37.4 billion for rough & polished #diamonds at the #ICACongress2023. Read more about how the growth further cements #Dubai’s position as the world’s leading diamond trading hub: https://t.co/Ghj1kA7wW4 pic.twitter.com/NnBVZU87i9

— DMCC (@DMCCAuthority) February 16, 2023

DMCC to support coloured gemstone sector

Dubai is looking to increase support and add further value to the coloured gemstone industry. This includes gemstones like emeralds, rubies and sapphires mined, manufactured and sold across the world.

“We could not have chosen a better moment to reveal these figures, which are further proof of Dubai’s monumental rise in the diamonds trade. DMCC is growing and maturing fast, and it goes without saying that we want to replicate our success with diamonds to other precious stones and commodities,” said Ahmed Bin Sulayem, executive chairman and CEO, DMCC.

“The coloured gemstone industry is very interesting given the strong growing global demand and we want to firmly position Dubai centrally in that trajectory. We have seen this first hand with the number of emerald, ruby and sapphire tenders held at our Dubai Diamond Exchange. DMCC has a proven track record of boosting commodities trade from nearly zero to multi-billion dollar figures, and as such, I am confident that the future of the coloured gemstones industry is in, and through, Dubai.”

Clement Sabbagh, President of the ICA, added: “We are delighted to be back in Dubai after 15 years to discuss the future of coloured gemstones. DMCC has played a key role in building Dubai’s diamond industry, and we are confident that their efforts in the coloured gemstone space will be of major benefit to all global players.”

DMCC’s Dubai Diamond Exchange (DDE) regularly holds tenders and auctions for coloured gemstones from across global markets.