Dubai's rough diamond trade hits US$3.93b

The total trade in rough diamonds in Dubai reached US$3.93 billion (Dh14.42 billion) in 2006, up from US$3.73 billion (Dh13.69 billion) in 2005, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).

Rough diamond imports to the emirate reached US$1.56 billion (Dh5.732 billion) in 2006, while exports stood at US$2.37 billion (Dh8.7 billion) for the same period.

In terms of carat value, a total of 84.6 million carats were traded in 2006, compared to 71.2 million in 2005. Carat imports increased by 15 per cent in 2006, while exports registered a significant increase of 23 per cent during the same period.

Ahmad Bin Sulayem, chief operating officer of DMCC and deputy chairman of the DDE, said: "In the short span of four years since the establishment of the DMCC, Dubai has emerged as a significant rough diamond trading centre, as it offers an excellent value proposition to all stakeholders of the diamond industry. The emirate's position at the cross roads between Africa, Russia and the Asian Subcontinent enables it to offer fast and cost efficient marketing of the rough between these major diamond producing and manufacturing countries.".

Youri Steverlynck, the newly appointed CEO of the Dubai Diamond Exchange, said: "DMCC is taking steps to boost the rough diamond trade in the emirate. Our recently announced master plan for the diamond sector commits to developing special programmes for mining companies, which will facilitate diamond producers to market their goods through Dubai." "We will also further tighten the co-operation with diamond producing countries and look for partnerships to the benefit of all," he added.