DMCC said that a total of $11 billion of rough and polished diamonds were traded in the UAE in Q1 this year, up 36% from the same period in 2021, reaffirming Dubai’s status as a world-leading diamond trade hub.
The significant growth was led by an 80% increase in the value of polished diamonds traded, which reached $4 billion for the quarter. As the UAE looks to become the largest diamond trade hub for rough and polished combined, growth in this key polished demonstrates Dubai’s ability to become a major polished distribution hub.
Following a record 2021 performance in which the UAE became the world’s leading hub for the rough diamond trade, the rough segment also saw strong growth in Q1, with a 20% year-on-year increase to $7 billion. Trade flows from Africa and Europe accounted for over 96% of the UAE’s rough trade in Q1.
Value Of Rough And Polished Diamonds Traded In The UAE (Import & Export)
| Q1 2021 (US$) | Q1 2022 (US$) | YoY change (%) | |
| Rough Diamonds | 5,852,206,031 | 7,007,337,764 | 19.74 |
| Polished Diamonds | 2,239,728,350 | 4,028,036,814 | 79.84 |
| Rough and Polished Diamonds | 8,091,934,381 | 11,035,374,578 | 36.37 |
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “After announcing that the UAE became the world’s largest rough diamond trade hub at the Dubai Diamond Conference earlier this year, DMCC stated that it was swiftly growing in polished trade as well. The 80% increase in the value of polished diamonds traded in the UAE in the first quarter of 2022 clearly demonstrates that we are delivering against our target. Through DMCC’s world-class facilities and services, along with a hyper-connected business environment, Dubai’s diamond industry is truly flourishing across the board.”