Dubai is solidifying its position as a central node in the global diamond trade, with new figures from Dubai Customs showing the emirate’s trade reached a record-breaking $41.7 billion. The data, released by the DMCC (Dubai Multi Commodities Centre), underscores Dubai’s growing influence in connecting diamond producers, manufacturers, and consumer markets worldwide.
Quick Facts
- Record $41.7 billion in total diamond trade.
- Record 359.5 million carats traded by volume.
- 139% increase in trade value since 2020.
A Record Year in Both Value and Volume
The latest performance marks a significant milestone, surpassing the previous high of $40.9 billion set in 2011. For the first time, Dubai achieved record highs in both trade value and physical volume in the same year. The emirate traded 359.5 million carats, a sharp 42.5% increase year-on-year.
This represents a 16.2% increase from the $35.8 billion traded in the previous year. The data also highlights sustained growth since 2020, with Dubai’s diamond trade climbing 139% in value and 100% in volume over the past four years.
A Long-Term Strategy Pays Off
The impressive figures are the result of a deliberate, long-term strategy to develop Dubai into a leading global trading hub through sustained investment in infrastructure, logistics, and market connectivity.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented on the achievement, stating, “Dubai’s latest diamond trade figures demonstrate the success of a long-term strategy to build the world’s most connected, transparent, and efficient precious stones ecosystem. Since the Covid-19 pandemic in 2020, we have seen trade through Dubai double in physical volume and grow by almost 140% in value. For natural polished diamonds alone, value has grown by 246%.”
He added, “We are the partner of choice for producers, manufacturers, traders, and retailers across the global industry. Through world-class infrastructure, regulatory certainty, access to finance, and one of the world’s most sophisticated ecosystems for precious stones, we will continue to provide the platform the industry needs to grow.”
Natural Diamonds Dominate as Coloured Gemstones Gain Ground
Natural diamonds continue to be the primary driver of the sector, accounting for 95.8% of the total trade value at $39.9 billion. The trade in natural polished diamonds saw a significant increase of nearly 25% year-on-year, reaching $18.7 billion.
Concurrently, Dubai’s precious stones ecosystem is diversifying. The trade in coloured gemstones has also hit a new milestone, rising 48% to $1.1 billion, indicating growing momentum in this sub-sector.
About DMCC
The Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. As the UAE’s largest free zone, DMCC provides the physical, market, and financial infrastructure required to establish and operate a thriving commodities marketplace.
Source: Fast Company Middle East
