UAE becomes world’s largest rough diamond trading hub

UAE becomes world’s largest rough diamond trading hub

The UAE has emerged as the world’s largest rough diamond trading hub as it traded $22.8 billion worth of rough diamonds last year, latest data shows.

Industry leaders and top executives at Dubai Diamond Conference said the country’s polished segment continues to grow at pace, closing in on the current market leader.

DMCC — the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, on Monday hosted its flagship Dubai Diamond Conference held under the theme ‘The Future of Diamonds’.

In his opening remarks, Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, announced that the UAE reached the top spot globally as a rough diamond hub, trading over $22.8 billion worth of rough diamonds in 2021.

Since 2015, the UAE has increased its rough diamonds trade by 76 per cent, overtaking Belgium as the world’s leading rough trade hub. The total diamond trade in the UAE grew by 83 per cent between 2020 and 2021, demonstrating both the industry’s resilience and Dubai’s critical role in the global sector.

Sergey Ivanov, CEO of Alrosa, addressing the conference. — Supplied photo

Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centres in