Dubai's Diamond Trade $25.3 Bln in H1 2011

(IDEX Online News) – Trade of diamonds through Dubai keeps growing, rising by more than 55 percent in the first half of 2011, according to local authorities.

Polished diamond exports by Dubai was 46.8 million carats worth $9.7 billion in the period, up 40 percent by volume and 44.8 percent by value compared to the first half of 2010, the Dubai Diamond Exchange reported, based on data provided by the Dubai Customs Strategy & Corporate Excellence Department Statistics Section.

Net imports rose 17 percent to 51.3 million carats worth $9.7 billion.

The DDE did not provide a breakdown of rough diamond imports and exports, only stating that the volume of trade nearly doubled to 108 million carats, exceeding 2010′s full year trade of 105.1 million carats.

The total value of Dubai's diamond trade in the first half of 2011 totaled $25.3 billion, up 55.4 percent year-over-year. The volume of diamond trade was 206.1 million carats, a 57 percent increase.

Dubai’s diamond trade was mainly driven by India, Belgium, Hong Kong and Switzerland. Dubai is also witnessing continued growth in volumes traded from newer markets such as Angola and the Democratic Republic of Congo.

The data used to calculate these numbers are provided by the Dubai Customs Strategy & Corporate Excellence Department Statistics Section for import and export data.