The UAE has now taken the top spot globally for trading rough diamonds, with over $22.8 billion (£16.8 billion) worth of rough diamonds traded in 2021.
This is according to Ahmed Bin Sulayem, executive chairman and chief executive officer, Dubai Multi Commodities Centre (DMCC) said on Monday.
Since 2015, the UAE has grown its rough diamonds trade by 76%, overtaking Belgium as the world’s leading rough diamond trade hub.
Total diamond trade has also grown significantly, increasing by 83% between 2020 and 2021.
#UAE becomes world's top hub for rough diamond trading, as @DMCCAuthority hosts its flagship #Dubai Diamond Conference (DDC) held under the theme “The Future of Diamonds”. @DDE_by_DMCC pic.twitter.com/MZai6A0jyS
— Dubai Media Office (@DXBMediaOffice) February 21, 2022
Bin Sulayem said at the Dubai Diamond Conference (DDC): “I am humbled to share that in 2021, Dubai, UAE, became the number one rough diamond trading hub in the world.
“With $22.8bn 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 – 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 – 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.”
The DMCC Dubai Diamond Exchange is the largest diamond tender facility in the world, and is home to other 1,100 diamond companies.