Dubai Rough Diamond Trade Increases by Record 46.25% in ‘05

The total trade in rough diamonds in Dubai grew by a record 46.25 percent in 2005, to $3.734 billion, up from $2.553 billion in 2004. According to the Dubai Diamond Exchange (DDE), Dubai exported diamonds valued at $2.248 billion in 2005, imports for the year reached $1.484 billion.

By carat, imports of rough diamonds reached almost 37 million carats. Exports were over 34 million carats, bringing the total volume traded to more than 71 million carats. Dubai’s major trading partners for rough diamonds include India, Europe, China, and Russia.

According to Dr David Rutledge, chairman of DDE, the GCC region, is the third largest consumer of diamond jewelry in the world, after the US and Japan.

 “We are only one of three diamond bourses internationally that conduct B2B diamond tenders,” adds Noora Jamsheer, CEO of the DDE. In 2005 alone, approximately $66 million worth of rough diamonds were tendered at the DDE”.

As the government body in the UAE in charge of implementing the Kimberley Process Certification Scheme (KPCS), the DDE cleared 1362 import certificates during the year, compared to 867 certificates in 2004. The KP Office in the UAE also issued 1911 certificates for diamonds in 2005 certifying their legitimacy, in comparison to 1275 certificates issued in 2004.