Business | Markets

Diamond trade crosses the $10 billion mark

Dubai's diamond trade has witnessed a record growth in 2007, increasing by 53 per cent to reach $11.23 billion and confirming the Emirate's role as an international diamond hub.

  • Staff Report
  • Published: 14:08 July 7, 2008
  • Gulf News

Dubai's diamond trade has witnessed a record growth in 2007, increasing by 53 per cent to reach $11.23 billion and confirming the Emirate's role as an international diamond hub.

According to the Dubai Diamond Exchange (DDE), the Emirate's rough diamond trade saw a 29 per cent increase from 2006 to reach 4.82 billion, with trade in polished diamonds rising a massive 88 per cent to hit $6.41 billion.

Mr. Ahmed Bin Sulayem, the executive chairman of Dubai Multi Commodities Centre (DMCC), the parent group of DDE, reconfirmed Dubai's new global standing in the global diamond market.

“2007 has been a year of record growth for the UAE diamond trade which has crossed the psychological mark of $10 billion. Dubai has now become a mature diamond centre, combining its role as an international hub, a regional distribution centre and a local consumer market'' said Mr. Sulayem, justifying the increased focus on diamonds at Jewellery Trade Dubai.

“The special focus on diamonds at Jewellery Trade Dubai will play a key role in supporting and promoting the industry'' said Ms. Trixee Loh, Senior VP, Exhibitions and Events Management, Dubai World Trade Centre.

“We are in the midst of an unprecedented boom, and providing a niche platform for the biggest players in the industry to meet, interact and establish new relationships will go a long way in complementing this upswing'' she added.

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