Business | Markets
Dubai diamond trade touches $11.23b
Dubai's total diamond trade increased by 53 per cent in 2007 to $11.23 billion, as demonstrated by statistics released on Sunday by the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).
- WAM
- Published: 00:47 March 3, 2008
Dubai: Dubai's total diamond trade increased by 53 per cent in 2007 to $11.23 billion, as demonstrated by statistics released on Sunday by the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).
The Emirate's rough diamond trade recorded a 29 per cent increase from 2006 to $4.82 billion, while trade in polished diamonds increased by a massive 88 per cent to $6.41 billion.
In 2006, Dubai's total rough trade amounted to $3.93 billion while total polished trade was $3.39 billion.
"2007 was a year of record growth for the UAE diamond trade which has crossed the psychological mark of $10 billion. Dubai has become now a mature diamond centre, combining its role as an international hub, a regional distribution centre and a local consumer market," Ahmad Bin Sulayem, Executive Chairman, DMCC, said.
In 2007, polished diamond imports to the emirate increased by 73 per cent to $3.68 billion, up from $2.12 billion in 2006, confirming Dubai's role as a gateway to the rapidly growing markets of the Middle East.
This was mainly due to sharp increased imports from Belgium and India, he largest trading and diamond manufacturing centres in the world.
Polished diamond imports from India reached 2.33 billion in 2007, an increase of 88 per cent from 1.24 billion in 2006.
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