The UAE is the largest and fastest growing diamond hub, having increased its H1 2022 gross diamond trade (rough and polished) to $19.8 billion, marking a year-on-year increase of 24.7%, according to a blog post by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC and Chairman, Dubai Diamond Exchange.
From January to June 2022, UAE’s polished diamond trade jumped 52.5% to $6.73 billion and its rough diamond trade increased 14% to $13.05 billion.
Bin Sulayem wrote, “Almost twenty years since DMCC began its journey into the diamond industry, I look back at how we have evolved and what gives Dubai its appeal in a sector that was once upon a time non-existent.”
Value Of Rough And Polished Diamonds Traded In The UAE (Import & Export):
| H1 2021 (US$) | H1 2022 (US$) | YoY change (%) | |
| Rough Diamonds | 11,458,583,067 | 13,052,367,411 | 13.9 |
| Polished Diamonds | 4,414,533,706 | 6,734,050,805 | 52.5 |
| Rough and Polished Diamonds | 15,873,116,773 | 19,786,418,216 | 24.7 |
“Having established the Dubai Diamond Exchange in 2002, a combination of factors, including the emirate’s increasing popularity as a holiday destination, its growing expat population and DMCC’s tailored business environment helped to enhance its position as a centre for trade and within just ten years, had grown its trade value to over $12.6 billion and $11.4 billion in polished and rough diamonds respectively,” he noted.
“The second and more recent landmark collaboration came shortly after the signing of the Abraham Accords, which saw reciprocal offices opened in Tel Aviv and Dubai, respectively, with the Israel Diamond Exchange opening its representative office at the Dubai Diamond Exchange during the opening of the Dubai Diamond Conference. As a result, both countries have been able to enjoy greater ease of doing business while providing a more convenient location for trade, being within just a short distance of the diamond-producing regions of continental Africa and Russia, as well as other important consumer and manufacturing markets such as India.”
“With the landscape of trade set to become increasingly competitive, the UAE has already signed a closer economic partnership arrangement with India in 2022 and aims to sign a further 35 similar agreements to double the economy and boost trade and foreign direct investment in the near future,” Bin Sulayem said.