By Ed Attwood
Rough and polished diamond trade soars in emirate, driven by India, Belgium and Switzerland
The value of the rough diamond trade in Dubai doubled to $1.43bn in the first half of 2010, marking the emirate’s place as one of the world’s fastest growing centres for trade in the commodity.
Total diamond trade volumes in the first six months reached a record 131m carats, a 122 percent rise on the same period last year, Dubai Diamond Exchange said in a statement on Wednesday.
Polished diamond imports grew by 116 percent to $6.44bn, while exports soared by 123 percent to $6.78bn.
Total rough diamond imports rose by 34 percent against the same period of last year, while exports grew by 96 percent.
Dubai Diamond Exchange is a subsidiary of the state-backed Dubai Multi Commodities Centre (DMCC).
“This significant achievement, despite the global economic challenges, is testimony to Dubai’s resilience, as it maintains its position as one of the top diamond trading centres in the world,” said Ahmed bin Sulayem, executive chairman of the DMCC.
Trade was mainly driven by demand from India, Belgium and Switzerland, although new markets such as Angola and the Democratic Republic of Congo also contributed to the strong figures, DDE said.For all the latest retail 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.
DMCC has the capacity to improve Dubai's role not only for diamond but for all commodities. DMCC has to focus / expand to various fields of commodities, which will help Dubai to expand in wide range biz, especially in this recess period, utilizing the existing infrastructure of Mid-east biz hub.