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Dubai second in the world in the diamond trade

2019-09-26T22:06:59.886Z

According to the Dubai Multi Commodities Center (DMCC), the emirate is aiming to become the largest diamond trading center in the world by 2023, pointing out that it is currently ranked second globally in the diamond trade.



According to the Dubai Multi Commodities Center (DMCC), the emirate is aiming to become the largest diamond trading center in the world by 2023.

The volume of trading in the diamond sector in Dubai reached $ 25 billion (about 92 billion dirhams) last year, compared to about $ 3.5 billion (more than 11 billion dirhams) in 2004, following the establishment of the Dubai Multi Commodities Center (DMCC). Growth of 614%.

1000 companies

Ahmed Bin Sulayem, Chief Executive Officer and Chief Executive Officer of Dubai Multi Commodities Center (DMCC), said Dubai is home to 1,000 diamond companies in the diamond tower, adding that the new design and upgrades of the Dubai Diamond Exchange Tender Hall have become the world's largest trading floor. It will greatly benefit the local and international diamond market, especially traders from major regions of the world, especially Mumbai, Belgium, Africa and the United States.

Bin Sulayem said yesterday, on the sidelines of the fourth edition of the Dubai Diamond Conference organized by the Dubai Multi Commodities Center, that Dubai is aiming to become the largest diamond trading center in the world by 2023, noting that it is currently ranked second in the world in the diamond trade with Several competitors.

He added that the emirate has many competitive advantages that qualify it to occupy the first position in the near future, such as its strategic geographical location that mediates the producing and consuming countries, as well as the development of infrastructure and logistics, such as ports and airports, in addition to the absence of taxes and the level of safety enjoyed by the state. UAE, the presence of a large domestic market.

Ambitious plans

Bin Sulayem said that the DMCC has ambitious plans to attract international companies, especially from the US market and global centers such as Antwerp in Belgium and Hong Kong, pointing out that most of Dubai's diamond imports come from Africa, in addition to Canada and Brazil. Angola, Botswana and South Africa are the emirate's main export destinations.

He expected the number of companies in the center to reach 30 thousand by 2025, a growth of up to 50% compared to the number of companies currently exceeded 16 thousand companies, 90% of which are new companies on the UAE market.

Bin Sulayem said that the Dubai Diamond Exchange (DIFX) has taken important steps in recent years to reach its current global position, including joining the World Federation of Diamond Exchanges (WFE), chairing the UN Kimberley Process Office and opening a Dubai headquarters.

Trading Volume

Sanjeev Dutta, executive director of commodities and financial services at the Dubai Multi Commodities Center (DMCC), said the volume of trading in the diamond sector in Dubai reached $ 25 billion (about AED 92 billion) last year, compared to about $ 3.5 billion (more than AED 11 billion). Only in 2004, after the DMCC was established with a growth rate of 614%.

He stressed that Dubai is the middle producer and consumer countries, as African countries are the largest producers, while India comes at the forefront of consumer countries, followed by China, which are countries with strong and growing trade relations with the UAE.

Dutta said Dubai could also become one of the most important diamond polishing centers in the world, especially as DMCC is keen to see and apply the latest technologies and innovations in the diamond industry.

He added that technological advancement and innovation will help Dubai to excel and lead the world's diamond industry, pointing out that direct flights linking Dubai to the city of Surat in India, where most of the world's jewelery refinement takes place, will greatly help Dubai lead the global scene.

Unveiled the largest polished diamond stone in the world

Dubai-based diamond trading company Nemesis International has unveiled the world's largest D-colored diamond stone. The company, based in the Dubai Diamond Tower in the region, said that the new stone of the most valuable rough diamonds in the world known as (The Constellation) «Constellation». She explained that the caliber of the new diamond stone is 812.77 carats, and sold at a record price of $ 63 million (about 232 million dirhams), adding that the process of evaluation, formation and refinement took more than 18 months, using the latest equipment. She pointed out that the processing of stone and the completion of the work was done in the UAE by «Diamond Diamond Services».

Source: emara

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