Dubai Diamond Trade Sees Further Growth

Dubai’s diamond shipments increased 17% to $37.4 billion in 2022, continuing the Middle East hub’s momentum, according to government data.

Polished goods moving into and out of the emirate jumped 42% by value, while rough imports and exports gained 7%, the state-owned Dubai Multi Commodities Centre (DMCC) said last week.

Over the past three years, the value of rough shipments has risen 72%, with polished climbing 50%, it added. The total increase for the period came to 64%.

The 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, its executive chairman and CEO, at the opening of the 2023 International Colored Gemstone Association (ICA) Congress. The event ran from Tuesday to Friday at the Almas Conference Centre in Dubai.

The DMCC did not provide a breakdown of imports and exports.

Image: The Jumeirah Lake Towers development in Dubai, where the DMCC is located. (DMCC)