Dubai diamonds shine bright as first-quarter records $11b trade

Dubai diamonds shine bright as first-quarter records $11b trade

UAE takes top spot globally as the world’s largest rough diamond trading hub recorded $22.8b trade in 2021.

Published: Fri 10 Jun 2022, 11:49 PM Last updated: Fri 10 Jun 2022, 11:52 PM

Dubai’s diamond industry is truly flourishing as the first-quarter ended on robust note making it evident that the emirate continues to maintain its leading position as a world-leading diamond trade hub.

DMCC announced on Friday that a total of $11 billion (Dh40.4 billion) of rough and polished diamonds were traded in the UAE in Q1 this year, up 36 per cent from the same period in 2021.

The significant growth was led by an 80 per cent increase in the value of polished diamonds traded, which reached $4 billion (Dh14.7 billion) for the quarter.

“After announcing that the UAE became the world’s largest rough diamond trade hub at the Dubai Diamond Conference earlier this year, DMCC stated that it was swiftly growing in polished trade as well,” said Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC.

“The 80 per cent increase in the value of polished diamonds traded in the UAE in the first quarter of 2022 clearly demonstrates robust market conditions. Through DMCC’s world-class facilities and services, along with a