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Gem Dubai Dubai rough diamond trade reaches US$3.93 billion in 2006 - 11th March, 2007

Confirms Dubai as upcoming rough diamond trading centre

DMCC to develop programmes for mining companies to market their goods through Dubai

The total trade in rough diamonds in Dubai reached US$3.93 billion in 2006, up from US$3.73 billion in 2005, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). Rough diamond imports to the emirate reached US$1.56 billion in 2006, while exports stood  at US$2.37 billion for the same period.

In terms of carat value, a total of 84.6 million carats were traded in 2006, compared to 71.2 million in 2005. Carat imports increased by 15 per cent in 2006, while exports registered a significant increase of 23 per cent during the same period.

Ahmed bin Sulayem, Chief Operating Officer of DMCC and Deputy Chairman of the DDE said: “In the short span of four years since the establishment of the DMCC, Dubai has emerged as a significant rough diamond trading centre, as it offers an excellent value proposition to all stakeholders of the diamond industry. The emirate’s position at the cross roads between Africa, Russia and the Asian Subcontinent enables it to offer fast and cost efficient marketing of the rough between these major diamond producing and manufacturing countries.”

Youri Steverlynck, the newly appointed Chief Executive Officer of the Dubai Diamond Exchange, said: “DMCC is taking steps to boost the rough diamond trade in the emirate. Our recently announced Master Plan for the diamond sector commits to developing special programmes for mining companies, which will facilitate diamond producers to market their goods through Dubai. We will also further tighten the co-operation with diamond producing  countries and look for partnerships to the benefit of all .”

The DDE remains the only exchange in the region to service the diamond trade from mining to retail. The DDE is also one of the few  diamond bourses worldwide to conduct B2B diamond tenders, enabling sellers to reach a wider market. The UAE is a member of the Kimberly Process Certification Scheme, which ensures that the rough diamonds imported to and exported from the UAE have been mined in a legitimate manner.

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