DMCC announces 17% diamond trade growth in 2022

Dubai rises rapidly as the world’s leading hub for rough and polished diamonds

By WAM

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The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 per cent and polished by 50 per cent. - KT file

Published: Thu 16 Feb 2023, 2:14 PM

Last updated: Thu 16 Feb 2023, 3:16 PM

DMCC has reported a 17 per cent year-on-year increase in the value of diamond trade in 2022, totalling $37.4 billion combined for rough and polished diamonds, including a 42 per cent rise in the polished category and a consistently strong 7 per cent rise in rough.

The soaring figures are further evidence of the rapid rise of Dubai as the world’s leading hub for rough and polished diamonds. The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 per cent and polished by 50 per cent, representing a combined increase of 64 per cent.

The announcements were made on Wednesday at the International Coloured Gemstone Association (ICA) Congress 2023 at Almas Conference Centre in Dubai, convening key players and industry stakeholders to advance the global trade of coloured gemstones.

Held under the theme “The Future of Coloured Gemstones,” the ICA Congress 2023 focused on the key opportunities to unlock sustainable growth in the global coloured gemstone industry. This event also marked 15 years since DMCC last hosted the ICA Congress.

Dubai is now looking to increase support and add further value to the coloured gemstone industry. This includes gemstones like emeralds, rubies, and sapphires mined, manufactured, and sold worldwide.

Ahmed Bin Sulayem, executive chairman and chief executive officer at DMCC.

“We could not have chosen a better moment to reveal these figures, which further proves Dubai’s monumental rise in the diamond trade. DMCC is growing and maturing fast, and it goes without saying that we want to replicate our success with diamonds to other precious stones and commodities,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. “The coloured gemstone industry is exciting given the strong growing global demand, and we want to firmly position Dubai centrally in that trajectory. We have seen this first hand with the number of emerald, ruby, and sapphire tenders held at our Dubai Diamond Exchange. DMCC has a proven track record of boosting commodities trade from nearly zero to multi-billion dollar figures, and as such, I am confident that the future of the coloured gemstones industry is in, and through, Dubai.”

The ICA is one of the top industry bodies for the global coloured gemstone industry. It comprises over 500 gem industry leaders, including miners, manufacturers, suppliers, retailers, trade associations and others committed to promoting coloured gemstones.

Clement Sabbagh, President of the ICA, added: “We are delighted to be back in Dubai after 15 years to discuss the future of coloured gemstones. DMCC has played a key role in building Dubai’s diamond industry, and we are confident that their efforts in the coloured gemstone space will benefit all global players. I look forward to working with Ahmed Bin Sulayem and the wider DMCC team more closely over the coming years.”