Dubai Polished Diamond Trade Soars in H1

Dubai’s polished diamond imports nearly doubled (99%) in the first six months of 2008, totaling $2.94 billion, according to data released on Saturday by the Dubai Diamond Exchange (DDE).

Exports from Dubai rose to $2.35 billion from $929 million during the same period in 2007, soaring 153 percent.

This brought Dubai’s total trade in polished diamonds to $5.29 billion in the six month period.

Dubai’s exports to India increased 242 percent to $1.62 billion, followed by Belgium ($2.3 million) and the U.S. ($1.39 million).

Imports from India amounted to $1.96 billion in the first half of 2008, followed by Belgium ($4.93 million) and Hong Kong ($1.88 million). In addition, a 322 percent rise in imports from Japan and 152 percent increase in imports from South Africa and Thailand were reported.

“Driven by the emergence of the huge consumer markets in the region, the emirate’s strategic location at the cross roads of the global diamond trade flows, and its business friendly policies, Dubai’s diamond trade has shown a steady rise over the years,” said DDE Chief Executive Youri Steverlynck.

The DMCC recently announced the first Middle East-China Diamond and Jewellery Summit (MECDJS), to further consolidate Dubai’s role in the global diamond and jewelry industry.

The summit, to be held on November 8-9, will focus on the consumer markets of the 21st century and enhance trade relationships between the Middle East and China. According to Peter Meeus, executive director of DMCC’s Diamond Division, “China, India and the Middle East are home to a vibrant and fast-growing jewelry industry, and there are several success stories that need to be told. By focusing on these new markets, the summit will reaffirm the industry’s shift towards emerging economies.”