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

UAE becomes world’s largest rough diamond trading hub

Over $22.8bn worth of rough diamonds were traded in the country last year

Diamonds

In 2021, the UAE became the world’s largest rough diamond trading hub, with over $22.8bn worth of the commodity traded last year.

The figures were shared by Ahmed Bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre (DMCC) in his opening remarks at the Dubai Diamond Conference (DDC) which was held on Monday, February 21, under the theme The Future of Diamonds.

Bin Sulayem added that the country’s polished segment continues to grow, closing in on the current market leader.

Since 2015, the UAE has increased its rough diamonds trade by 76 per cent, overtaking Belgium as the world’s leading rough diamond trade hub.

The total diamond trade in the UAE grew by 83 per cent between 2020 and 2021.

The presence of direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centres in India, have given rise to connected supply chains with Dubai at its centre.

Additionally, there are two Kimberly Process (KP) offices in the Dubai, making the emirate the only entry point for rough diamonds in the country.

DMCC’s Dubai Diamond Exchange is reportedly the largest diamond tender facility in the world and hosts over 1,100 diamond companies.

The fifth edition the DDC convened 550 government officials, trade association members, and leaders of businesses across the supply chain – from miners and manufacturers to financiers and retailers. The speakers at this year year’s conference included Dr Diamantino Azevedo, Minister of Mineral Resources, Petroleum and Gas, Republic of Angola; Bruce Cleaver, CEO of De Beers; Sergey Ivanov, CEO of Alrosa; Yoram Dvash, president of the World Federation of Diamond Bourses; and Ronnie van der Linden, president of the International Diamond Manufacturers Association.

“Having grown to become the rough diamond capital of the world, we understand the importance of listening to the market, adapting, and taking action – which is why the Dubai Diamond Conference is such a critical event for the sector. Through this same method, we will continue to work towards becoming the capital for polished diamonds as well,” said Bin Sulayem.

Dubai’s non-oil external trade in the first half of 2021 reached Dhs722.3bn. While gold and telecoms topped the list, diamonds came in third with Dhs57.3bn of the commodity traded accounting for 8 per cent of the overall trade.

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