Around $19.8 billion worth of diamonds have been traded through the United Arab Emirates (UAE) in the first half of 2022, the head of the Dubai Multi Commodities Centre (DMCC) said on Monday, a 24.7% increase year-on-year.
Dubai has grown its diamond industry by leveraging its proximity to Africa and Russia, where many diamonds are mined, and India, where 90% of the world’s diamonds are polished.
DMCC Chief Executive Ahmed bin Sulayem said, “business owners from all countries are welcome equally to conduct their business in what is one of the safest environments of its kind.” The polished diamond trade in the Gulf state increased 52.5% from a year ago, with a gross trade of $6.7 billion.
Published in The Express Tribune, August 30th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ