The head of the Dubai Multi Commodities Center (DMCC) which is home to the Dubai Diamond Exchange said on Monday that the United Arab Emirates became the top trading hub for the rough diamonds in 2021, overtaking Belgium.
Rough diamonds were traded for more than $22.8 billion through the Gulf state in 2021. DMCC CEO and executive chairman, Ahmed Bin Sulayem said that the polished diamonds sector continues to grow.
Ahmed Bin Sulayem’s office announced that the diamond trade in UAE has grown up to 76% since 2015. Between 2020 and 2021, the total diamond trade for UAE has grown by 83%.
The DMCC now has a Tel Aviv office at the Israeli Diamond Exchange (IDE), and the IDE has a Dubai office at the Dubai Diamond Exchange.
The diamond industry in Dubai, home to the world’s busiest airport, has grown because of its proximity to Africa, where many diamonds are mined, and India, where 90% of the world’s diamonds are polished.
Dubai has added to trade through its opening up of diplomatic ties with Israel, the Middle East’s second-largest diamond market since relations were normalized in 2020.