Dubai Rough Diamond Trade Hits $2.24 billion in first half of 2007

The Dubai Diamond Exchange, a subsidiary of the Dubai Multi Commodities Centre, said Sunday that total trade in rough diamonds in Dubai reached $2.24 billion in the first half of 2007—a 17 percent increase from the same period in 2006.

Between January and June of this year, rough diamond imports into Dubai increased by 26 percent, to $937 million, while exports exceeded $1.3 billion, marking a 12 percent increase. A total of 43.6 million carats were traded in the first half of 2007, compared to 39.8 million during the same period in 2006.

“The local rough diamond market has continued to witness significant growth,” said Ahmed bin Sulayem, DMCC executive chairman of DMCC, and DDE deputy chairman. “We are also witnessing a considerable growth in direct imports from leading mining countries like Russia and Angola, which clearly point to Dubai’s rapid emergence as a global centre for the trade in rough diamonds.”

Added, Youri Steverlynck, DDE chief executive officer: “The DDE’s efforts to revitalize the diamond trade through value-added initiatives have begun to pay off … we are seeing a significant movement from transit trade through Dubai to local trade in the emirate.”

The DDE also said that the valuable cargo customs clearance office at Dubai International Airport has expanded service from five days to six days a week, and from 7:00 a.m. till midnight, up from 3 p.m. This will allow faster turnaround time for traders dealing in rough diamonds, DDE said.