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Consolidation seen for vibrant diamond sector
DUBAI — Dubai's vibrant diamond sector will soon undergo major consolidation with the purpose-built Almas Tower becoming the hub of 300 global and regional players when it opens in April 2008.
The Chief Executive Officer of the Dubai Diamond Exchange Youri Steverlynck said the 65-floor Almas (Arabic for diamond) Tower, part of the Dubai Multi Commodities Centre's (DMCC) 300-hectare development, is poised to emerge as the nerve-centre for diamond trading in the Middle East, a region accounting for nearly half of the global trade in polished diamond outside the US.
Steverlynck, who was speaking at the launch of International Diamond Laboratories (IDL), said while the US diamond market accounted for nearly $7.5 billion of the global demand of $15 billion for polished diamonds, the Middle East region recorded consumption of over $3 billion.
"The region, particularly the Gulf, is one of the fastest growing markets registering 10 to 15 per cent annual demand growth. Last year, demand for polished diamonds in Saudi Arabia rose to 41.3 billion, the UAE $600 million and Turkey $800 million. The outlook is bullish with the pace of growth continuing to surpass the global growth rate of 4-6 per cent," he said.
Last year, the total trade in rough diamonds in Dubai reached $3.93 billion, up from $3.73 billion in 2005. A total of 84.6 million carats were traded in 2006, up from 71.2 million carats in 2005. Exported carats increased by 23 per cent last year, while the number of carats imported into Dubai increased by 15 per cent.
IDL, an initiative of the DMCC, provides high-quality diamond certification services from its headquarters in the UAE and at branch offices in Antwerp, Belgium, and Mumbai, India. This Dubai Government-backed initiative is a direct result of the Diamond Master Plan that DMCC adopted earlier this year to further develop services for the diamond trade.
Employing proprietary technology and with a focus on research and development, IDL is transforming the traditional art of diamond grading into a science, ensuring the highest possible level grading standards along with the greatest level of consumer confidence. IDL's services are additionally customised to best meet the needs of its clients in the region.
The company is the only service provider worldwide to issue not only English but also Arabic-language diamond certificates.
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