Dubai Diamond Trade Surges to 129m Carats in H1
August 14, 24
(IDEX Online) - Rough and polished trade in the UAE surged in the first half of this year to a total of 129m carats despite downward pressures on global diamond prices.
The Dubai Diamond Exchange (DDE) says it traded 113.1m carats of natural rough and 6.3m carats of natural polished diamonds (a total of 119.4m carats) during the period, a year-on-year rise of almost 12 per cent by volume. It did not, however, provide a dollar value on the transactions.
Last February it said the total rough and polished trade for the full year 2022 was $37.4bn, a 17 per cent increase on the previous year.
Trade in rough and polished lab growns at DDE increased 51 per cent year-on-year to 15.9m carats in H1, taking the overall; total for rough and polished, natural and lab grown to 129m carats. The DDE said trade in rough lab growns had increased by 62 per cent.
It has, in the past, claimed to have overtaken Antwerp as the top trading hub globally for rough diamonds and predicted it would do so for polished as well. Antwerp no longer publishes its data so it is not possible to make direct comparisons.
In an update issued this week the Dubai Multi Commodities Centre (DMCC), the free-trade zone under which the DDE operates, said: "Through these growth figures, DMCC continues to reinforce Dubai's status as the world's leading trade hub for diamonds and precious stones."
DMCC says it now accounts for 15 per cent of all foreign direct investment (FDI) in Dubai, up from 11 per cent last year, as well as 7 per cent of the emirate's GDP.
Pic shows DMCC, home to DDE.