It topped the list of its trade centers worldwide

83.6 billion dirhams traded in the rough diamond sector in the UAE during 2021

Ahmed bin Sulayem: "The UAE has become the capital of the rough diamond trade, and we are working for the country to also become the capital of polished diamonds globally."

Yesterday, the Dubai Multi Commodities Center hosted the fifth edition of the Dubai Diamond Conference, which was held this year under the slogan “The Future of Diamonds”.

In his opening speech, Ahmed bin Sulayem, CEO and CEO of DMCC, Chairman of the Board of Directors of the Dubai Diamond Exchange, said, “The UAE topped the list of rough diamond centers in the world, as the volume of transactions in the rough diamond sector in the UAE exceeded 22.8 billion. $ (83.6 billion dirhams) during 2021. The polished diamond sector in the UAE continued to grow at an accelerating pace, until it approached the top ranking of countries around the world.”

Since 2015, the value of rough diamond trade in the UAE has increased by 76%, surpassing Belgium, which is the leading center for rough diamond trade in the world.

The diamond trade in the UAE has grown by 83% between 2020 and 2021, which reflects the resilience of the sector in the country and Dubai's firm role in the sector globally.

Direct flights between the UAE and other diamond centers around the world, including African countries that host diamond mines and diamond manufacturing centers in India, have contributed to the presence of a connected supply chain with Dubai right in the middle.

Dubai also hosts the two offices of the Kimberley Process (KP) in the country, making the emirate the only gateway for rough diamonds to enter the country.

Bin Sulayem added: “With the volume of trade in the rough diamond sector exceeding $22.8 billion over the past year, we continue our journey of growth thanks to the trust and support we receive from many of our guests who are here today, to achieve this great achievement together, which is proof of the commitment of both Dubai and the Center Dubai Multi Commodities to upgrade the global diamond industry.

After the UAE has become the capital of the rough diamond trade in the world, we are aware of the importance of following the global trends of the sector, taking the required steps, and following the best practices.

Here comes the importance of the Dubai Diamond Conference, which represents a major event for this sector, and we will continue to work for the country to become the capital of polished diamonds in the world.”

The fifth edition of the conference was attended by 550 high-ranking government officials, trade union members and sector leaders from various categories of supply chains ranging from mine operators and diamond processors, to finance companies and traders.

The conference discussed the most difficult challenges facing the sector and opportunities for growth in it. The conference agenda included four main discussion sessions with the titles: “Why did diamonds perform so well during the Covid pandemic?”, “New consumers and changing requirements”, and “Reconsidering the diamond supply chain”, And «the sector from the point of view of trade unions».

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