As much as $19.8 billion in diamonds were traded through the UAE in the first half of 2022, representing a 24.7 percent increase year on year, according to the head of the Dubai Multi Commodities Center (DMCC).Â
Dubai’s diamond industry has grown as a result of its proximity to Africa and Russia – where many diamonds are mined – as well as India, where 90 percent of the world’s diamonds are polished.
The Dubai Diamond Exchange (DDE), according to Ahmed Bin Sulayem, CEO of DMCC, welcomes business owners from all countries to conduct their activities in one of the safest environments of its kind.
He added that polished diamond trading in the country increased 52.5 percent from a year ago, with trades totaling $6.7 billion, while rough diamond trading totaled $13 billion in H1 2022.
Since its inception in 2012, DDE, which is housed in the DMCC, has traded 90 billion carats of polished diamonds and 120 carats of rough diamonds.
