Around $19.8 billion worth of diamonds have been traded through the United Arab Emirates in the first half of 2022, the head of the Dubai Multi Commodities Centre (DMCC) said on Monday, a 24.7% increase year-on-year.
Dubai has grown its diamond industry by leveraging its proximity to Africa and Russia, where many diamonds are mined, and India, where 90% of the world’s diamonds are polished.
DMCC Chief Executive Ahmed Bin Sulayem said, “business owners from all countries are welcome equally to conduct their business in what is one of the safest environments of its kind.”
The polished diamond trade in the Gulf state increased 52.5% from a year ago, with a gross trade of $6.7 billion, while the value of rough diamonds traded in the first half of 2022 was $13 billion, he said.
Since its establishment in 2012, 90 billion carats of polished diamonds and 120 billion carats of rough diamonds have been traded through the Dubai Diamond Exchange, housed in the DMCC.
(By Aya Nader; Editing by Bill Berkrot)