Dubai's diamond trade reached US$11.23 billion in 2007

Dubai's total diamond trade increased by 53 per cent in 2007 to reach US$11.23 billion, as demonstrated by statistics released today by the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).

The Emirate's rough diamond trade recorded a 29 per cent increase from 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, said.

In 2007, polished diamond imports to the emirate increased by 73 per cent to US$ 3.68 billion, up from US$2.12 billion in 2006, confirming Dubai's role as a gateway to the rapidly growing markets of the Middle East. This was mainly due to sharp increased imports from Belgium and India, currently the largest trading and diamond manufacturing centres in the world.

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.

Youri Steverlynck, Chief Executive Officer, Dubai Diamond Exchange said "It is encouraging to see more rough diamonds coming directly from producing countries and more polished diamonds coming from established diamond centres like Antwerp and Mumbai being marketed in Dubai." He said the trend underlines the Middle East's growing significance as a flourishing diamond consumer market and more importantly, Dubai's emerging role as the trade hub through which this potential market can be accessed. "We anticipate this trend to further increase once the new infrastructure of Almas tower becomes fully operational within a few months," he added.

Dubai has witnessed healthy growth in bilateral diamond trade with various countries, reflecting the growing confidence in the Dubai market and its infrastructure provided by the Dubai Government through the DDE. DMCC's Master Plan for the diamond sector, which was launched last year, has also contributed to enhancing the emirate's status among members of the trade. (WAM)