Dubai's rough diamond trade reaches US$3.03bn in first half

Dubai's total trade of rough diamonds increased by 36% to reach US$3.03bn at the end of the first six months of 2008, according to Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).
During the first six months , rough diamond imports to the Emirate grew by 23% to reach US$1.15bn from US$937m, during the same period . This was mainly driven by high volumes imported from Angola (75%), and a 138% rise in imports from China. Exports in the first half of 2008 rose by 44% to reach a total of US$1.88bn from US$1.3bn, during the same period .
Over 87% of Dubai's rough diamond exports were to the countries of the European Commission (EC) and India, while Dubai's exports to China increased by 950%.
Angola, India, EC and China were the top diamond trade partners for Dubai, and jointly accounted for around 85% of total trade volumes.
Ahmed Bin Sulayem, Executive Chairman, DMCC, and Deputy Chairman of DDE, said: "The continued surge in diamond trade is testament to Dubai's success in attracting traders from around the world. We have witnessed healthy growth in bilateral trade with various countries, reflecting the growing confidence in the trading infrastructure and opportunities offered by Dubai." Sulayem noted that earlier this year, DMCC signed significant MoUs with People's Government of Panyu District, China, and Gems and Jewellery Trade Association of China (GAC), for promotion of jewellery trade between both countries, with a special focus on diamonds and coloured stones.
In addition, DMCC assisted HSBC establish a diamond banking unit to enable access to finance for the local and regional diamond trade. Youri Steverlynck, Chief Executive Officer, Dubai Diamond Exchange, said: "While exports in terms of carats grew marginally in the first half of 2008, the price of diamond rose by 10% and helped push the overall trade to high levels. We have also been witnessing a sharp increase in rough diamond inventories held in Dubai, which underlines Dubai's status as a major distribution conduit for leading manufacturing markets.
To further such initiatives, DDE plans to hold rough diamond sales weeks every month, starting from August 24, 2008. Diamonds traded via the DDE during the proposed sales weeks will include production from various mines across the world." The DDE remains the only exchange in the region to service the diamond trade from mining to retail. It is also one of the few diamond bourses worldwide to conduct B2B diamond tenders, enabling sellers to reach a wider market.
The UAE is a member of the Kimberly Process Certification Scheme, which ensures that the rough diamonds imported to and exported from the UAE have been mined in a legitimate manner.