UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) announced that Dubai’s value of rough and polished diamonds trade increased by 2% year-on-year (YoY) to $38.30 billion in 2023.
This represents a five-year compound annual growth rate of 11%, according to a press release.
The value of polished diamonds traded in the UAE grew 32% YoY to $16.90 billion in 2023.
Dubai’s diamond industry focused on rough diamonds, becoming the world’s largest rough diamond trade hub in 2021. Nonetheless, the rapid growth of the UAE’s polished segment currently accounts for 44% of the total trade value.
A total of $21.30 billion worth of rough diamonds were traded in the UAE in 2023.
Although the global price of rough diamonds fell by nearly 20% in 2023, the UAE’s rough diamond trade dropped by 13% YoY by value whilst maintaining strong trading volumes.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, said: “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.”
Furthermore, Dubai has bolstered the support it provides for traders of lab-grown diamonds (LGDs) as it looks to replicate the success it has seen in the natural diamond industry. The value of LGDs traded in 2023 surged by 10% YoY, reaching $1.60 billion.
