DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has announced Dubai’s diamond trade figures for 2023, headlined by 2% year-on-year growth in the value of rough and polished diamonds traded to reach USD 38.3 billion. This represents a five-year compound annual growth rate of 11%.
Reflecting the UAE’s status as one of the world’s largest diamond trading hubs, the value of polished diamonds traded in the UAE grew 32% year-on-year to reach USD 16.9 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 Gemological Institute of America, a global leader in diamond grading, opening a key laboratory in Dubai in February.
A total of USD 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 USD 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. The polished segment now represents almost half of our diamond trade, consolidating our status as the world’s number one hub for rough and polished and, with major industry players continuing to be drawn to Dubai away from the old hubs of yesterday, DMCC will continue to set the benchmark for the services and value that diamond traders need to grow and prosper.”
Dubai has intensified its support for lab-grown diamond (LGD) traders, aiming to emulate the success witnessed in the natural diamond sector. LGD trade value surged by 10% in 2023, reaching a notable USD 1.6 billion. The UAE has emerged as a significant force in driving global diamond trade and sector advancement. Ahmed Bin Sulayem, representing the UAE, leads the Kimberley Process as Chair for 2024, focusing on operational efficiency. Dubai Diamond Week, scheduled from 11-15 November 2024, will gather the diamond industry, hosting the KP Plenary Session, JGT Dubai trade show, and DMCC's Dubai Diamond Conference to strategize future industry growth.
News Source: Emirates News Agency
