Dubai polished diamond trade shows exponential growth

Dubai: Dubai's total trade of polished diamonds reached $5.29 billion at the end of the first six months of 2008, the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced on Saturday.

Polished diamond imports grew by 99 per cent during the first six months of 2008, to reach $2.94 billion from $1.48 billion during the same period in 2007.

Exports rose by 153 per cent to reach $2.35 billion from $929 million during the same period in 2007.

Building on this robust growth of the polished diamond trade, DMCC recently announced the first Middle East-China Diamond and Jewellery Summit (MECDJS), to further consolidate Dubai's role in the value chain of the global diamond and jewellery industry.

The summit, to be held on November 8-9, 2008 at the Atlantis Hotel, Dubai, will focus on the consumer markets of the 21st century and enhance trade relationships between the Middle East and China.

It also aims to reinforce Dubai's position as the gateway to the significant emerging markets in the Middle East, Asia and Africa.

Peter Meeus, Executive Director, Diamond Division, DMCC: "China, India and the Middle East are home to vibrant and fast-growing jewellery industry, and there are several success stories that need to be told. The forthcoming MECDJ Summit will put the spotlight on China and the Middle East, and bring together the new titans of the jewellery industry. By focusing on these new markets, the summit will reaffirm the industry's shift towards emerging economies."

Business opportunities

Over 600 diamond traders and retailers are expected to converge in Dubai for this two-day summit. Focusing on finding ways to create valuable trade partnerships between the Middle East and China, the summit will feature leading brands in the jewellery industry such as Damas International, Joy Alukkas, Chow Tai Fook, Chow Sang Sang and Luk Fook.

Youri Steverlynck, chief executive, Dubai Diamond Exchange, said: "Driven by the emergence of the huge consumer markets in the region, the emirate's strategic location at the cross roads of the global diamond trade flows, and its business friendly policies, Dubai's diamond trade has shown a steady rise over the years. Diamantaires wishing to target the emerging markets in the greater Middle East have increasingly begun to view Dubai as the destination of choice and an important hub for the physical diamond trade."

The recent exponential growth in Dubai's polished diamond trade was mainly driven by India, Belgium and Hong Kong, which were the top polished diamond trade partners for Dubai, and jointly accounted for $4.62 billion in total trade volumes.

Dubai's exports to India increased 242 per cent to reach $1.62 billion, followed by Belgium ($2.3 million) and the United States ($1.39 million).

Imports from India amounted to $1.96 billion in the first half of 2008, followed by Belgium ($4.93 million) and Hong Kong ($1.88 million).