Dubai diamond trade hits $2bn

Total trade in rough diamonds in the emirate touched $2.24 billion in first half of 2007.
Dubai diamond trade hits $2bn
By Safura Rahimi
Sun 15 Jul 2007 04:50 PM

The total trade in rough diamonds in Dubai reached $2.24 billion in the first half of 2007, a 17% boost from the same period last year, the Dubai Diamond Exchange (DDE) announced today.

Between January and June of this year, rough diamond imports into Dubai increased by 26% to $937 million, while exports exceeded $1.3 billion, marking a 12% increase.

The DDE - a subsidiary of the Dubai Multi Commodities Centre (DMCC) - stated that in terms of carat value a total of 43.6 million carats were traded in the first half of 2007, compared to 39.8 million carats during the same period in 2006,

"The local rough diamond market has continued to witness significant growth. We are also witnessing a considerable growth in direct imports from leading mining countries like Russia and Angola, which clearly point to Dubai's rapid emergence as a global centre for the trade in rough diamonds," Ahmed bin Sulayem, executive chairman of DMCC and deputy chairman of the DDE, said in a statement.

In a bid to offer faster turnaround time for traders dealing in rough diamonds, the cargo customs clearance office at Dubai International Airport has also expanded its service hours, the DDE confirmed.

 

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.