DMCC announces $38.3 billion in 2023 diamond trade
Despite a global 20 per cent drop in rough diamond prices, the UAE’s rough diamond trade only decreased by 13 per cent year-on-year in 2023, maintaining robust volumes, DMCC reported. A total of $21.3 billion of rough diamonds were traded in the UAE in 2023.
Historically focused on rough diamonds, Dubai’s diamond industry now sees polished diamonds contributing 44 per cent to the total trade value. The Gemological Institute of America’s new laboratory in Dubai, opened in February 2024, is expected to boost the sector further.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said. “Our appeal to…