Dubai: Dubai's diamond trading reached 182 million carats for the 12 months ending December 31 — an increase of 22 per cent over 2008, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre Authority (DMCCA).
According to figures from the Dubai World Statistics Department, 80 million carats of polished diamonds were traded through the emirate in 2009, an increase of more than 150 per cent over 2008 when 32 million carats were traded.
The rough diamond trade increased by slightly more than three per cent to 97 million carats from 94 million carats in 2008.
The impact of lower global diamond prices was reflected in the reduced value of trade, which resulted in a 13 per cent decline to $18 billion (Dh66 billion) in 2009 compared to $20.76 billion in 2008.
Polished diamond imports grew by nearly five per cent in 2009 to $6.9 billion from $6.6 billion in 2008. Exports were up 30 per cent from $5.4 billion to $7 billion.
‘Economic challenges'
"Globally, the consumption of luxury goods has been impacted due to the prevailing economic challenges," Ahmad Bin Sul-ayem, executive chairman of the Dubai Multi Commodities Centre Authority, said.
"Despite such tough market conditions, these encouraging trade figures reflect the strong trade and consumer market in the region.
"The trend underlines the Middle East's growing significance as a flourishing diamond consumer market."
