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The Dubai Multi Commodity Center (DMCC) reports that diamond trade will grow by 17% year-on-year in 2022, with a total value of $37.4 billion in rough and polished diamonds. The polished diamond category surged 42%, and the rough category continued its strong rise of 7%.
The soaring figures are further evidence of Dubai’s meteoric rise as the world’s leading center for rough and polished diamonds. Over the past three years, the UAE has witnessed skyrocketing growth in the sector, with a 72% increase in rough diamond trade and a 50% increase in polished diamond trade, for a combined increase of 64%.
DMCC made the announcement as it successfully kicked off the 2023 International Colored Gemstone Association (ICA) Congress at its Al Mas Convention Center in Dubai, bringing together key players and industry stakeholders to advance the global colored gemstone trade.
key opportunity
Themed “The Future of Colored Gemstones,” the 2023 ICA Congress will focus on key opportunities to unlock sustainable growth in the global colored gemstone industry. The event also marks the 15th anniversary of the last time DMCC hosted the ICA Conference.
With its growing status as the world’s leading trading center for rough and polished diamonds, Dubai is now looking to increasingly support and add value to the colored gemstone industry. This includes gemstones such as emeralds, rubies and sapphires that are mined, manufactured and sold around the world.
“We have chosen the perfect time to publish these figures, which are further evidence of Dubai’s tremendous growth in the diamond trade. DMCC is growing and maturing rapidly, and it goes without saying that we hope to replicate our success with diamonds to other gemstones and commodities,” said Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC. “The colored gemstone industry is very interesting given the strong growth in global demand and we want to position Dubai firmly at the center of that trajectory. We saw this firsthand at the emerald, ruby and sapphire tenders at the Dubai Diamond Bourse DMCC has a proven track record of growing merchandise trade from near zero to billions of dollars, so I believe the future of the colored gemstone industry is in and throughout Dubai.”
top industry body
The ICA is one of the top industry bodies for the global colored gemstone industry. It is made up of more than 500 gem industry leaders, including miners, manufacturers, suppliers, retailers, trade associations and others dedicated to promoting colored gemstones.
ICA Chairman Clement Sabbagh added: “We are delighted to be returning to Dubai after 15 years to discuss the future of colored gemstones. DMCC has played a key role Participants bring significant benefits. I look forward to working more closely with Ahmed Bin Sulayem and the wider DMCC team in the years to come.”
DMCC’s Dubai Diamond Exchange (DDE) regularly hosts tenders and auctions for colored gemstones in the global market. Recently, DDE has tendered with leading companies including Belmont Group, Bonas & Co, Fura Gems and Grizzley Mining Company. — trade arab news agency
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