In his opening remarks, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, announced that the UAE reached the top spot globally as a rough diamond hub, trading over $22.8 bn worth of rough diamonds in 2021. The country’s polished segment continues to grow at pace, closing in on the current market leader.
Since 2015, the UAE has increased its rough diamonds trade by 76%, overtaking Belgium as the world’s leading rough trade hub. The total diamond trade in the UAE grew by 83% between 2020 and 2021, demonstrating both the industry’s resilience and Dubai’s critical role in the global sector.
Image credit: DMCC
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, and Chairman, Dubai Diamond Exchange said: “I am humbled to share that in 2021, Dubai, UAE, became the number one rough diamond trading hub in the world. With $22.8 bn in rough trade last year, we are continuing to grow thanks to the trust and support received from so many of our guests here today – we accomplished this together. This major milestone clearly demonstrates the determination of both Dubai and DMCC in advancing the global industry. Having grown to become the rough diamond capital of the world, we understand the importance of listening to the market, adapting, and taking action – which is why the Dubai Diamond Conference is such a critical event for the sector. Through this same method, we will continue to work towards becoming the capital for polished diamonds as well.”
The fifth edition of DDC convened 550 government officials, trade association members, and leaders of businesses across the supply chain – from miners and manufacturers to financiers and retailers.
The DDC offered attendees a busy agenda that included four main panels titled: “Why did diamonds do so well during COVID?”, “The New Consumer and Changing Demands”, “Rethinking the Diamond Supply Chain” and “Perspectives from the trade associations”.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
