About 120 million carats of rough and polished diamonds were traded through Dubai in the first half of 2024, a United Arab Emirates (UAE) official has said.
Chief Trade Negotiator for the UAE and Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy Juma Al Kait told the Dubai Diamond Conference that this shows year-on-year volume growth and trade resilience.
He also said the volumes solidify Dubai’s position as the world's largest diamond trade hub.
Meanwhile, Al Kait said that although there are opportunities to capitalise on it should be acknowledged that the diamond industry is currently facing some unique challenges.
“In this regard, the Dubai Diamond Conference provides an invaluable platform for industry leaders to address these challenges and seek solutions,” he said.
“Key to achieving this will be the ongoing efforts Dubai is making to collaborate with other global diamond centres around the world to support and sustain the industry in the long term."
Dubai’s diamond trade reached $38.3 billion in 2023, according to the Dubai Multi Commodities Centre (DMCC).
Polished diamonds traded in the UAE were $16.9 billion, a growth of 32% compared to 2022, which shows that Dubai is expanding its focus from rough diamonds to polished diamonds.
Rough diamonds accounted for 44% of the total trade value in 2023, which translates to $21.3 billion.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished, from Dubai, United Arab Emirates
