Dubai’s Polished Diamonds Trade Up 99%

Dubai’s total trade of polished diamonds reached $5.29 billion at the end of the first six months of 2008, the Dubai Diamond Exchange, a subsidiary of the Dubai Multi Commodities Centre, reported.

Polished diamond imports to the emirate grew by 99 percent during the first six months of 2008, year-over-year, to reach $2.94 billion. Exports rose by 153 percent to reach $2.35 billion during the same period.

The exponential growth in Dubai’s polished diamond trade was mainly driven by India, Belgium, and Hong Kong, which were the top polished diamond trade partners for Dubai, and jointly accounted for $4.62 billion in total trade volumes.

Dubai’s exports to India increased 242 percent to reach $1.62 billion, followed by Belgium ($2.3 million) and the United States ($1.39 million).

Imports from India amounted to $1.96 billion in the first half of 2008, followed by Belgium ($4.93 million) and Hong Kong ($1.88 million). In addition, a 322 percent rise in imports from Japan and 152 percent increase in imports from South Africa and Thailand were also reported

Building on this robust growth of the polished diamond trade, DMCC recently announced the first Middle East-China Diamond and Jewellery Summit, to further consolidate Dubai’s role in the value chain of the global diamond and jewelry industry. The summit, to be held on Nov. 8-9 at the Atlantis Hotel, Dubai, will focus on the consumer markets of the 21st century and enhance trade relationships between the Middle East and China. It also aims to reinforce Dubai’s position as the gateway to the significant emerging markets in the Middle East, Asia and Africa.

“China, India, and the Middle East are home to vibrant and fast-growing jewelry industry, and there are several success stories that need to be told,” said Peter Meeus, executive director, Diamond Division, DMCC. “The forthcoming MECDJ Summit will put the spotlight on China and the Middle East, and bring together the new titans of the jewellery industry. By focusing on these new markets, the summit will reaffirm the industry’s shift towards emerging economies.”