Ask the expert: Youri Steverlynck

Dubai Diamond Exchange is the first diamond bourse within the Arab region, in addition to being the first Arab member of the World Federation of Diamond Bourses (WFDB). The diamond trade has experienced phenomenal growth over the past decade.

In fact, diamonds were practically non-existent in the local gold markets ten years ago, whereas the situation is completely different today. Given the right support, this market will continue to flourish in the future too, and that's exactly why Dubai Diamond Exchange was created.

We were established to regulate the market and provide an opportunity for traders and customers to interact and conduct business in a secure environment. Boosting the lifespan

Dubai's share of the international diamond market continues to grow and the exchange is set to provide a major impetus to the diamond trade. Dubai accounts for between 15% to 20% of the diamond retail business in the Gulf.

From the global perspective, a number of successful diamond centres have been established in different parts of the world. New York has become a gateway to the United States, Antwerp serves the European market, whilst Hong Kong serves China and Mumbai overlooks the Indian subcontinent.

However, in the Middle East, nothing previously existed. We have therefore engaged some of the world's leading diamond representatives to be members of the board giving a massive vote of confidence to the exchange. Transporting treasure

The cost of diamonds is high, which increases the importance of speedy transportation. Although airfreight is generally considered expensive, it's ideal for a product of this scale. Diamonds are high in value and low in volume, which helps to reduce the cost of air transportation.

However, there is a limited supply of airlines that provide cargo services for diamonds. Only carriers with developed expertise and valuable handling divisions are suitable, including the likes of British Airways, Lufthansa and Emirates.