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.”