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Dubai rough trade up 17 percent

July 18, 2007

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Dubai, United Arab Emirates—Signaling its growth as a diamond trading center, the Dubai Diamond Exchange (DDE), announced that total trade in rough diamonds was up 17 percent to $2.24 billion for the first half of 2007, versus $1.91 billion in 2006.

From January to June 2007, rough diamond imports for DDE, a subsidiary of the Dubai Multi Commodities Centre (DMCC), were up 26 percent, to $937 million. Exports climbed 12 percent, topping $1.3 billion. A total of 43.6 million carats were traded in the first six months of 2007, versus 39.8 million carats in the same period in 2006.

"The local rough diamond market has continued to witness significant growth," said Ahmed bin Sulayem, executive chairman of DMCC and deputy chairman of the DDE, in a statement issued earlier this week.

He said Dubai was also seeing considerable growth in direct imports from mining countries such as Russia and Angola, a sign that Dubai is emerging as a global center for the rough diamond trade.

"The DDE's efforts to revitalize the diamond trade through value-added initiatives have begun to pay off, and we are seeing a significant movement from transit trade through Dubai to local trade in the emirate," said Youri Steverlynck, chief executive officer of DDE.

Steverlynck said the DDE would continue to look for opportunities to facilitate trade.

For instance, the DDE said the valuable customs clearance office at Dubai International Airport has expanded its service hours from five days to six days a week. It will be open from 7 a.m. to midnight. Previously, the office closed at 3 p.m. The new service is expected to enable faster turnaround times for traders dealing in rough diamonds.

Other services offered by the DDE include business-to-business diamond tenders, a secure trading environment, and arbitration facilities.
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