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Dubai diamond trade in 2023 up 2%:DMCC

DMCC reported that total rough and polished diamond trade in Dubai reached $38.3 billion in 2023, up 2% year-on-year and representing a five-year compound annual growth rate of 11%.

Polished diamond trade was up 32% year-on-year to $16.9 billion, consolidating UAE’s status as the world’s leading diamond trade hub for rough and polished, DMCC said.

The value of lab-grown diamonds traded in the UAE rose 10% year-on-year, reaching $1.6 billion.

Dubai’s diamond industry has historically centred on rough diamonds, becoming the world’s largest rough diamond trade hub in 2021; however, the rapid growth of the UAE’s polished segment means that it now accounts for 44% of the total trade value. This will be further buoyed in 2024 following the GIA opening a laboratory in Dubai in February, it noted.

A total of $21.3 billion-worth of rough diamonds were traded in the UAE in 2023. Despite the global price of rough diamonds decreasing approximately 20% in 2023, the UAE’s rough diamond trade only decreased 13% year-on-year by value whilst maintaining strong trading volumes.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “At $38.3 billion in rough and polished trade last year, these figures are further proof of Dubai’s meteoric rise as a global diamond trade hub. Our appeal to diamond industry segments across the world is exemplified by our ability to maintain strong trade volumes in rough whilst rapidly advancing polished and lab-grown diamonds.”

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