40% of world’s gold passing through Dubai

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The value of gold passing through Dubai last year increased to $75bn from $70bn in 2012, with 40 percent of the world’s physical gold now passing through the emirate.

In the first five months of the year, trade volumes of rough diamonds also increased by 13 percent to 63 million carats, according to official figures released this week.

The Dubai Diamond Exchange (DDE) hosted the first tender of Zimbabwe rough diamonds in Dubai in March, demonstrating a trend of commodities reaching buyers directly from mines via tender and auction processes.

The exchange hosted a further 11 diamond tenders featuring polished and rough diamonds during the year up until June 30.

Rough diamond tenders included goods from most major producing countries, including Zimbabwe, Angola, South Africa, Guyana, Russia and DRC.

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