Dubai: Diamond trade booming
Dubai's total diamond trade rose by 53 per cent last year to hit US$11.23 billion, indicated statistics released by the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).
According to WAM, the Emirate's rough diamond trade posted a 29 per cent rise compared to 2006 to reach US$4.82 billion, while trade in polished diamonds increased by a massive 88 percent to reach US$6.41billion. In 2006, Dubai's total rough trade amounted to US$3.93 billion while total polished trade was US$ 3.39 billion. "2007 has been a year of record growth for the UAE diamond trade which has crossed the psychological mark of USD 10 billion. Dubai has become now a mature diamond centre, combining its role as an international hub, a regional distribution centre and a local consumer market," Ahmed Bin Sulayem, Executive Chairman, DMCC, was quoted as saying.
In 2007, polished diamond imports to the emirate went up by 73 per cent to US$ 3.68 billion, up from US$2.12 billion in 2006. Polished diamond imports from India reached 2.33 billion in 2007, an increase of 88 per cent from 1.24 billion in 2006, while imports from Belgium rose by 50 per cent to US$ 630 million, up from US$ 420 million the previous year. In the same period, exports of polished diamonds rose by 115 per cent to US$ $2.73 billion.
Rough diamond imports to Dubai reached US$2 billion in 2007, an increase of 28 per cent, while exports stood at US$2.82 billion for the same period, up 19 per cent. The sharpest increase in rough import came from Russia (89 per cent), South Africa (133 per cent) and Angola (78 per cent), three leading diamond producing countries.