Dubai diamond trade value dazzles at $38.3bn in 2023

Dubai diamond trade value dazzles at $38.3bn in 2023

Image: Getty Images Dubai’s diamond industry continues its meteoric rise, solidifying its position as a global leader in both the rough and polished diamond trade. According to the Dubai Multi Commodities Centre (DMCC), the total value of rough and polished diamonds traded in the emirate reached Dhs38.3bn in 2023, marking a 2 per cent year-on-year increase, and a five-year compound annual growth rate of 11 per cent. This impressive growth comes despite a global decline in rough diamond prices, highlighting the strength and resilience of Dubai’s diamond market. Polished diamonds in the spotlight One of the most significant trends in Dubai’s diamond trade is the surging popularity of polished diamonds. In 2023, the value of polished diamonds traded in the UAE skyrocketed by 32 per cent year-on-year to a staggering Dhs16.9bn. This surge has seen polished diamonds account for 44 per cent of the total trade value, nearly matching the traditionally dominant rough diamond segment. This shift is further bolstered by the recent opening of a key laboratory by the Gemological Institute of America (GIA) in Dubai. Robust rough diamond  trade While the polished diamond segment experienced explosive growth, Dubai’s rough diamond trade remained robust. In 2023,