The Dubai Diamond Exchange, a subsidiary of Dubai Multi Commodities Centre said Wednesday that the total trade in rough diamonds in Dubai reached $1.08 billion in the third quarter of 2007, a 31 percent increase year-over-year.

During the period, rough diamond imports into Dubai reached $447.6 million, up 32 percent year-over-year. Exports reached $640.2 million, a 30 per cent increase year-over-year.

“DMCC adopted the Master Plan for the diamond trade earlier this year to further develop a service economy supporting the diamond trade,” Ahmed bin Sulayem, DMCC executive chairman and DDE deputy chairman. “Under this plan, DMCC launched International Diamond Laboratories, which provides high-quality diamond certification services, and appointed Jean van der Donckt as Special Advisor – Diamond Banking to foster the growth of diamond banking in Dubai.”

He added: “Such proactive initiatives undertaken by DMCC to develop the physical infrastructure and ancillary services are poised to further enhance confidence in the regional diamond trade.”

Youri Steverlynck, DDE chief executive officer, added: “The DDE’s efforts to enhance the diamond trade through value-added initiatives are clearly paying off. Today, Dubai has grown from being a transit point for rough diamonds to a center that provides comprehensive range of services, from mining to retail to the recently launched certification services.”

A total of 646 Kimberley Process certificates were issued by DDE in the third quarter of 2007.

JCK