Dubai on course for another record year of rough, polished diamonds

Dubai: Dubai is on track to retain its status as the world’s leading hub for rough diamond trade, with the first three months of 2022 yielding Dh25.7 billion ($7 billion). That’s a 20 per cent greater sparkle than the numbers for Q1-2021, with Africa and Europe accounting for more than 96 per cent of this.

In all, including polished diamonds, Dubai oversaw Dh40.4 billion in trade for these precious stones, a gain of 36 per cent over same period 2021. The growth was led by an 80 per cent increase in the value of polished diamonds traded, which reached Dh14.7 billion for the quarter. “As the UAE looks to become the largest diamond trade hub for rough and polished combined, growth in this key polished demonstrates Dubai’s ability to become a major polished distribution hub,” said a statement issued by DMCC.

Ahmed Bin Sulayem, Executive Chairman and CEO, 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 growing in polished trade as well. The 80 per cent increase in the value of polished diamonds traded in the UAE in the first quarter of 2022 clearly demonstrates that we are delivering against our target.”

Dubai is home to the two Kimberly Process (KP) offices in the UAE, making the emirate the only entry point for rough diamonds in the country. The Dubai Diamond Exchange is the largest diamond tender facility in the world and is home to over 1,150 diamond companies. In recent months, a handful of high-profile auctions had taken place there.