Dubai Diamond Trade Topped $3 Billion Last Year

Trade in rough diamonds in Dubai, United Arab Emirates, grew by a record 46.25 percent in 2005, according to figures from the Dubai Diamond Exchange. Exports totaled $3.73 billion, up from $2.55 billion in 2004. Imports for the same period were $1.48 billion.

Almost 37 million carats of rough diamonds were imported in 2005, with exports totaling more than 34 million carats, bringing the total diamond trade in Dubai to more than 71 million carats. Dubai’s top trading partners for rough diamonds include India, Europe, China, and Russia.

DDE, a subsidiary of the Dubai Multi Commodities Centre, also is the UAE government body in charge of implementing the Kimberley Process in Dubai. The UAE is the first country in the Arab world to be a signatory to the Kimberley Process.