The UAE reached the top spot globally as a rough diamond hub, trading over $22.8 billion-worth of rough diamonds in 2021, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, and Chairman, Dubai Diamond Exchange, said in his opening remarks at the Dubai Diamond Conference (DDC) held under the theme \u201cThe Future of Diamonds\u201d, on 21st February. The country\u2019s polished segment continues to grow at pace, closing in on the current market leader, he noted.<\/p>\n\n\n\n
Since 2015, the UAE has increased its rough diamonds trade by 76%, overtaking Belgium as the world\u2019s leading rough trade hub. The total diamond trade in the UAE grew by 83% between 2020 and 2021, demonstrating both the industry\u2019s resilience and Dubai\u2019s critical role in the global sector, DMCC added.<\/p>\n\n\n\n
Bin Sulayem said: \u201cI am humbled to share that in 2021, Dubai, UAE, became the number one rough diamond trading hub in the world. With $22.8 billion in rough trade last year, we are continuing to grow thanks to the trust and support received from so many of our guests here today \u2013 we accomplished this together. This major milestone clearly demonstrates the determination of both Dubai and DMCC in advancing the global industry. Having grown to become the rough diamond capital of the world, we understand the importance of listening to the market, adapting, and taking action \u2013 which is why the Dubai Diamond Conference is such a critical event for the sector. Through this same method, we will continue to work towards becoming the capital for polished diamonds as well.\u201d<\/p>\n\n\n\n
DMCC stated that Dubai is at the centre of a connected diamond supply chain owing to direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centres in India. Additionally, Dubai is home to the two Kimberly Process (KP) offices in the UAE, making the emirate the only entry point for rough diamonds in the country.<\/p>\n\n\n\n