UAE Business: UAE diamond sector sparkles with $11bn trade in Q1 – Gulf Digital News

UAE Business: UAE diamond sector sparkles with $11bn trade in Q1 – Gulf Digital News

DMCC, a flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has announced that a total of $11 billion (AED40.4 billion) of rough and polished diamonds were traded in the UAE in Q1 this year, up 36% from the same period in 2021, reaffirming Dubai’s status as a world-leading diamond trade hub.

Polished growth

The significant growth was led by an 80% increase in the value of polished diamonds traded, which reached $4 billion for the quarter. As the UAE looks to become the largest diamond trade hub for rough and polished combined, growth in polished demonstrates Dubai’s ability to become a major polished distribution hub, a statement said.

Following a record 2021 performance in which the UAE became the world’s leading hub for the rough diamond trade, the rough segment also saw strong growth in Q1, with a 20% year-on-year increase to $7 billion. Trade flows from Africa and Europe accounted for over 96% of the UAE’s rough trade in Q1.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “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