Other BriefingsDubai Becomes Global Hub For Rough & Polished Diamond Trade
Dubai, through its Dubai Multi Commodities Centre (DMCC), a Free Trade Zone in the Emirate, has reported a 17% year-on-year increase in the value of diamond trade in 2022, worth a total of US$37.4 billion combined for rough and polished diamonds. This included a 42% rise in polished diamonds and a 7% rise in rough diamonds.
These soaring figures are evidence of the rapid rise of Dubai as the world’s leading hub for rough and polished diamonds, according to media statements made at the International Colored Gemstone Association (ICA) Congress 2023 at Almas Conference Centre in Dubai. The ICA is one of the top industry bodies for the global colored gemstone industry. It comprises over 500 gem industry leaders, including miners, manufacturers, suppliers, retailers, trade associations, and others committed to promoting coloured gemstones.
Dubai is now looking to increase support and add further value to the colored gemstone industry. This includes gemstones like emeralds, rubies, and sapphires mined, manufactured, and sold worldwide.
Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC stated “We could not have chosen a better moment to reveal these figures, which further proves Dubai’s monumental rise in the diamond trade. DMCC is growing and maturing fast, and it goes without saying that we want to replicate our success with diamonds to other precious stones and commodities.
The colored gemstone industry is exciting given the strong growing global demand, and we want to firmly position Dubai centrally in that trajectory. We have seen this first hand with the number of emerald, ruby, and sapphire tenders held at our Dubai Diamond Exchange. DMCC has a proven track record of boosting commodities trade from nearly zero to multi-billion dollar figures, and as such, I am confident that the future of the coloured gemstones industry is in, and through, Dubai.”
Dezan Shira & Associates maintain an office in Dubai and can assist foreign investors into the local market. For assistance, please contact dubai@dezshira.com
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Middle East Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Dubai (UAE), China, India, Vietnam, Singapore, Indonesia, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
For support with establishing a business in the Middle East, or for assistance in analyzing and entering markets elsewhere in Asia, please contact us at dubai@dezshira.com or visit us at www.dezshira.com. To subscribe for content products from the Middle East Briefing, please click here.
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