Saudi Press

Saudi Arabia and the world
Thursday, Feb 22, 2024

Dubai cements status as diamond trade hub, as DMCC announces 17 pct growth in 2022

Dubai cements status as diamond trade hub, as DMCC announces 17 pct growth in 2022

DMCC has reported a 17 percent year-on-year increase in the value of diamond trade in 2022, totaling $37.4 billion combined for rough and polished diamonds, including a 42 percent rise in the polished category and a consistently strong 7 percent rise in rough.

The soaring figures are further evidence of the rapid rise of Dubai as the world’s leading hub for rough and polished diamonds, according to the official Emirates News Agency (WAM).

The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 percent and polished by 50 percent, representing a combined increase of 64 percent.

The announcements were made on Wednesday at the International Colored Gemstone Association (ICA) Congress 2023 at Almas Conference Centre in Dubai, convening key players and industry stakeholders to advance the global trade of coloured gemstones.

Held under the theme ‘The Future of Coloured Gemstones,’ the ICA Congress 2023 focused on the key opportunities to unlock sustainable growth in the global colored gemstone industry. This event also marked 15 years since DMCC last hosted the ICA Congress.


Adding further value


Dubai is now looking to increase support and add further value to the colored gemstone industry. This includes gemstones like emeralds, rubies, and sapphires mined, manufactured, and sold worldwide.

“We could not have chosen a better moment to reveal these figures, which further proves Dubai’s monumental rise in the diamond trade. DMCC is growing and maturing fast, and it goes without saying that we want to replicate our success with diamonds to other precious stones and commodities,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.

“The colored gemstone industry is exciting given the strong growing global demand, and we want to firmly position Dubai centrally in that trajectory. We have seen this first hand with the number of emerald, ruby, and sapphire tenders held at our Dubai Diamond Exchange. DMCC has a proven track record of boosting commodities trade from nearly zero to multi-billion dollar figures, and as such, I am confident that the future of the coloured gemstones industry is in, and through, Dubai.”

The ICA is one of the top industry bodies for the global colored gemstone industry. It comprises over 500 gem industry leaders, including miners, manufacturers, suppliers, retailers, trade associations, and others committed to promoting coloured gemstones.

Clement Sabbagh, President of the ICA, added, “We are delighted to be back in Dubai after 15 years to discuss the future of colored gemstones. DMCC has played a key role in building Dubai’s diamond industry, and we are confident that their efforts in the colored gemstone space will benefit all global players. I look forward to working with Ahmed Bin Sulayem and the wider DMCC team more closely over the coming years.”

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh
×