Dubai Multi Commodities Center (DMCC) has published its annual trade statistics for 2023 and revealed that the value of the diamond trading increased by 2% to $38.3 billion. The five-year compound annual growth rate amounted to 11%.
The organization said that, although in recent Dubai diamond sector was mostly centered around rough diamond trade, the polished segment increased substantially last year. Polished diamond trade was up 32% year-on-year to $16.9 billion, accounting for 44% of the total trade value and consolidating UAE’s status as the world’s leading diamond trade hub for rough and polished diamonds.
Meanwhile, rough diamond trade value decreased 13% year-on-year to $21.3 billion. According to DMCC, despite the global price of rough diamonds decreasing approximately 20% in 2023, Dubai managed to maintain its strong rough trading volumes.
Dubai has also supported lab-grown diamonds (LGD) trade last year which increased 10% year-on-year to $1.6 billion.
"Our appeal to diamond industry segments across the world is exemplified by our ability to maintain strong trade volumes in rough whilst rapidly advancing polished and lab-grown diamonds. 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," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
