Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC. Image Credit: Supplied

Dubai free zone DMCC reported a 17 per cent year-on-year increase in the value of diamond trade in 2022 at $37.4 billion.

This includes a 42 per cent rise in the polished category and a 7 per cent growth in the rough category.

The figures are further evidence of the rapid rise of Dubai as the world’s leading hub for rough and polished diamonds. The UAE has witnessed soaring growth in the sector over the past three years, with rough diamond trade rising by a total value of 72 per cent and polished by 50 per cent, representing a combined increase of 64 per cent.

DMCC made the announcement on Wednesday as it kicked off the International Coloured Gemstone Association (ICA) Congress 2023 in its Almas Conference Centre in Dubai, convening key players and industry stakeholders to advance the global trade of coloured gemstones.

“We could not have chosen a better moment to reveal these figures, which are further proof of Dubai’s monumental rise in the diamonds trade. DMCC is growing and maturing fast, and it goes without saying that we want to replicate our success with diamonds to other precious stones and commodities,” said Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC. “The coloured gemstone industry is very interesting given the strong growing global demand and we want to firmly position Dubai centrally in that trajectory. We have seen this first hand with the number of emerald, ruby and sapphire tenders held at our Dubai Diamond Exchange. DMCC has a proven track record of boosting commodities trade from nearly zero to multi-billion dollar figures, and as such, I am confident that the future of the coloured gemstones industry is in, and through, Dubai.”