UAE breaks records with $19.8bln diamond trade in H1

UAE breaks records with $19.8bln diamond trade in H1

The UAE is not only the official rough diamond capital of the world, but the largest and fastest growing hub, having increased its polished trade by 52.5% and its H1 2022 gross trade to $19.8 billion, a year-on-year jump of 24.7%.

“Almost twenty years since DMCC began its journey into the diamond industry, I look back at how we have evolved and what gives Dubai its appeal in a sector that was once upon a time non-existent,” wrote Ahmed Bin Sulayem, the Executive Chairman and Chief Executive Officer of DMCC (Dubai Multi Commodities Centre), in a blog.

When inspecting the quality of diamonds, it is widely acknowledged to be aware of three key characteristics: cut, clarity and carat. In becoming a global centre, there are another three ‘c’s which have played an equally important role in Dubai’s meteoric growth and resilience in the sector: community, collaboration, and climate.

Nascent industry

As a nascent industry in the early 2000s, Dubai was neither a producer nor a known destination for diamonds. It was, however, at the beginning of a long-term strategy that would see its relevance steadily increase across a broad range of commodities, with diamonds strategically positioned at the heart of them.

By acknowledging the challenges