UAE reached the top spot globally as a rough diamond hub, trading over $22.8 billion worth of rough diamonds in 2021.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, announced this at the Dubai Diamond Conference, local media reported.
The conference was held at Dubai Multi Commodities Center (DMCC) under the theme “The Future of Diamonds”.
The country’s polished segment continues to grow at pace, closing in on the current market leader, he added.
Since 2015, the UAE has increased its rough diamonds trade by 76 percent, overtaking Belgium as the world’s leading rough trade hub, he noted.
The total diamond trade in the UAE grew by 83 percent between 2020 and 2021.
Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centers in India.
It results in a connected supply chain with Dubai at its center, Sulayem remarked.
Additionally, Dubai is home to the two Kimberly Process (KP) offices in the UAE, making the emirate the only entry point for rough diamonds in the country.
The fifth edition of the conference convened 550 government officials, trade association members, and leaders of businesses across the supply chain.
It also included miners and manufacturers to financiers and retailers.
DMCC’s Dubai Diamond Exchange is the largest diamond tender facility in the world and home to over 1,100 diamond companies, said reports.
This provides members and industry professionals with state-of-the-art infrastructure, facilities and services to trade with confidence.