Dubai and DMCC hosted a series of high-profile auctions all through last year. Image Credit: AFP

Dubai: UAE has become the world’s largest rough diamond hub with trade worth roughly $23 billion in 2021, according to DMCC’s top executive.

“This major milestone clearly demonstrates the determination of both Dubai and DMCC in advancing the global industry,” said Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC. “With $22.8 billion in rough trade last year, we are continuing to grow.”

It was last year that Dubai and DMCC held a series of auctions for rough diamonds, which drew in some heavy bidders. Since 2015, the UAE has increased its rough diamonds trade by 76 per cent, overtaking Belgium as the world’s leading hub. The total diamond trade in the UAE grew by 83 per cent between 2020 and 2021, demonstrating both the industry’s resilience and Dubai’s critical role in the global sector.

DMCC on Monday hosted its flagship Dubai Diamond Conference (DDC) held under the theme ‘The Future of Diamonds’.