Dubai makes world top four in trade of diamonds

Dubai's diamond trade doubled in value to US$35.1 billion (Dh128.9bn) last year as demand surged after the global downturn.

The emirate emerged as one of the top four diamond trading centres in the world.

"To facilitate the import and export of over $35bn of diamonds through Dubai is an amazing achievement, especially under the challenging economic environment," said Ahmed bin Sulayem, executive chairman of the Dubai Multi Commodities Authority (DMCC).

The Dubai Diamond Exchange (DDE) is a subsidiary of DMCC.

Dubai will today and tomorrow host leading business people and politicians for a meeting aimed at reviving Zimbabwe's role in international diamond trade. The country is striving to comply with diamond trading standards after previously being accused of mining illegally.

Obert Mpofu, the Zimbabwean minister of mines, will be among officials at the World Federation of Diamond Bourses (WFDB) annual presidents' meeting.

Last year, a record number of diamonds were traded in Dubai. Volume rose 50 per cent compared with 2009 to 268.7 million carats. Their value doubled.

Dubai's diamond trade was mainly driven by India, Belgium, Hong Kong and Switzerland. New markets included Angola and the Democratic Republic of Congo.

Polished diamond imports during the year rose 88 per cent to 90 million carats, and exports increased 128 per cent to 73.6 million carats.

Rough diamond imports rose by 13 per cent to 50.4 million carats. Exports rose by 3 per cent to 54.7 million carats

But rising prices of rough diamonds meant the value of imports rose 83 per cent to $3.3bn and export values increased 81 per cent to $3.8bn.

"From the beginning, our strategy has been to focus on providing the legal framework, purpose-built facilities and value-added services to facilitate the trade of diamonds through Dubai," said Mr bin Sulayem.

"As a result … we are now one of the fastest growing diamond centres in the world, and service over 300 regional and international precious gem clients under one roof."

tarnold@thenational.ae