Dubai’s diamond trade grows 2% to $38bn in 2023

Dubai’s diamond trade grows 2% to $38bn in 2023

Dubai’s trade in rough and polished diamonds rose 2 percent year on year to $38 billion, making the emirate one of the world’s largest trading hubs for the precious gems. The free zone registered a five-year compound annual growth rate of 11 percent, Dubai Media Office reported, citing a statement from the Dubai Multi-Commodities Centre […]Dubai’s trade in rough and polished diamonds rose 2 percent year on year to $38 billion, making the emirate one of the world’s largest trading hubs for the precious gems.

The free zone registered a five-year compound annual growth rate of 11 percent, Dubai Media Office reported, citing a statement from the Dubai Multi-Commodities Centre (DMCC).

The value of polished diamonds traded in the UAE in 2023 grew 32 percent year on year to just under $17 billion, with the emirate accounting for 44 percent of the total trade value. This will be further buoyed in 2024 following the Gemological Institute of America, a diamond grading, opening a laboratory last month.

A total of $21 billion worth of rough diamonds were traded in the UAE in the same year.

Despite the global price of rough diamonds decreasing by 20 percent in 2023, the rough diamond trade only fell