In a dazzling display of economic growth, DMCC (Dubai Multi Commodities Centre) has announced a significant increase in Dubai’s diamond trade for the year 2023. The total value of both rough and polished diamonds traded reached an impressive $38.3 billion, marking a 2% year-on-year growth. This remarkable figure also represents a compound annual growth rate of 11% over the past five years, further cementing Dubai’s position as a leading global center for diamond trading.
The value of polished diamonds traded in the UAE experienced a notable surge of 32% from the previous year, totaling $16.9 billion in 2023. This surge is particularly significant as Dubai, historically a major hub for rough diamonds, has expanded its reach into the polished diamond sector. In fact, polished diamonds now account for 44% of Dubai’s total diamond trade value. The Gemological Institute of America, a globally respected authority in diamond grading, is also contributing to this growth trajectory by opening a major laboratory in Dubai in February.
Although the global price of rough diamonds saw a decrease of approximately 20% in 2023, Dubai’s trade in rough diamonds declined only by 13% in value, showcasing the emirate’s resilience and strong trade volumes in this sector. Dubai’s rough diamond trade amounted to $21.3 billion in 2023.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, expressed his pride in these achievements. “These figures are further proof of Dubai’s meteoric rise as a global diamond trade hub,” he stated. He emphasized Dubai’s appeal to various segments of the diamond industry, highlighting the emirate’s ability to maintain robust trade volumes in rough diamonds while also advancing in polished and lab-grown diamonds.
Dubai’s commitment to the diamond trade extends beyond natural diamonds to lab-grown diamonds (LGDs). The emirate has been focusing on replicating its success from the natural diamond industry in the LGD sector. In 2023, the value of LGD trade rose by 10% year-on-year, reaching $1.6 billion.
Underlining the UAE’s influential role in the global diamond industry, Ahmed Bin Sulayem will serve as Chair of the Kimberley Process (KP) for 2024, focusing on efficient and autonomous operation. This will be his second term as KP Chair, following his first in 2016.
The diamond industry will converge in Dubai from November 11-15 for the Dubai Diamond Week, an event featuring the KP Plenary Session, the JGT Dubai trade show, and DMCC’s flagship Dubai Diamond Conference. These events will play a pivotal role in shaping the future of the diamond industry, showcasing Dubai’s growing influence and commitment to this sparkling sector.
