Dubai, UAE— Dubai Multi Commodities Centre has reported a 17 percent year-on-year increase in the value of diamond trade in 2022 to $37.4 billion for rough and polished diamonds, including a 42 percent rise in the polished category and a 7 percent rise in rough.
The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 percent and polished by 50 percent, representing a combined increase of 64 percent.
These figures were announced on Wednesday at the International Coloured Gemstone Association (ICA) Congress 2023 at Almas Conference Centre in Dubai, convening key players and industry stakeholders to advance the global trade of colored gemstones.
Held under the theme “The Future of Coloured Gemstones,” the ICA Congress 2023 focused on the key opportunities to unlock sustainable growth in the global coloured gemstone industry. This event also marked 15 years since DMCC last hosted the ICA Congress.
DMCC said 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.
“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,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.
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 colored gemstones.
Clement Sabbagh, President of the ICA, added, “We are delighted to be back in Dubai after 15 years to discuss the future of colored gemstones. DMCC has played a key role in building Dubai’s diamond industry, and we are confident that their efforts in the colored gemstone space will benefit all global players.”