The Arabian Emirate of Dubai traded a record amount of diamonds in 2011, The National reported cited by Israelidiamond.co.il. The Dubai Multi Commodities Center, the authority for the zone in which the local diamond trade operates, estimated that the Persian Gulf state traded more than $40 billion in diamonds during the last year.
DMCC executive chairman Ahmed bin Sulayem noted that Dubai traded about $35 billion in diamonds in 2010 and $20 billion in diamonds in 2009. Bin Sulayem remarked that Dubai's moderate legal regime and low taxes have made it an ideal location for a local diamond industry to flourish, in addition to its logistical infrastructure and its proximity to both producers and markets.
Bin Sulayem said he believed that diamond trading in Dubai would continue to increase, expecting about 200 additional companies to participate in trading in 2012, which would raise the total number of companies operating in Dubai to 1,000.
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