The UAE has recorded a 36 percent annual increase in the value of rough and polished diamonds in the first three months of 2022 reaching $11 billion (AED40.4 billion).
The growth was underpinned by an 80 percent increase in the value of polished diamonds traded in the UAE, reaching $4 billion for the three months to the end of March, the Dubai Multi Commodities Centre said.
“As the UAE looks to become the largest diamond trade hub for rough and polished combined, growth in this key polished demonstrates Dubai’s ability to become a major polished distribution hub,” the DMCC said in a statement.
Following a record 2021 performance in which the UAE became the world’s leading hub for the rough diamond trade, the rough segment also saw strong growth in Q1, with a 20 percent year-on-year increase to $7 billion.
Trade flows from Africa and Europe accounted for over 96 percent of the UAE’s rough trade in Q1.
Executive Chairman and CEO of DMCC, Ahmed Bin Sulayem, said: “The 80 percent increase in the value of polished diamonds traded in the UAE in the first quarter of 2022 clearly demonstrates that we are delivering against our target.
“Through DMCC’s world-class facilities and services, along with a hyper-connected business environment, Dubai’s diamond industry is truly flourishing across the board.”
Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa, traders in Israel, and manufacturing centres in India, resulting in a connected supply chain with Dubai at its centre.
Additionally, Dubai is home to the two Kimberly Process (KP) offices in the UAE, making the emirate the only entry point for rough diamonds in the country.
In line with its mandate to attract, facilitate and drive new trade flows through Dubai, DMCC has played a vital role in establishing the emirate as a leading global hub for the diamond trade.
DMCC’s Dubai Diamond Exchange is the largest diamond tender facility in the world and home to over 1,150 diamond companies, providing members and industry professionals with state-of-the-art infrastructure, facilities and services to trade with confidence.
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