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

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

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 hyper-connected business environment, Dubai’s diamond industry is truly flourishing across the board,” added Sulayem.

Growth in polished diamonds demonstrates Dubai’s ability to become a major polished diamonds distribution hub. The rough segment also saw strong growth in Q1, with a 20 per cent year-on-year increase to $7 billion (Dh25.7 billion). Trade flows from Africa and Europe accounted for over 96 per cent of the UAE’s rough trade in Q1.

Karim Merchant, chief executive officer and managing director of Pure Gold Jewellers, said: “Dubai’s diamond is flourishing owing to its leadership’s vision, proactive steps and stringent compliance of the