Dubai 'well-positioned' to claim top spot as world's largest rough diamond trading hub: DMCC chief
The UAE added one more feather to its illustrious cap last year. It emerged as the top trading hub for rough diamonds, overtaking Belgium, according to Ahmed Sultan bin Sulayem, the head of the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.
Over $22.8 (Dh83.74) billion of rough diamonds were traded through the Arabian Gulf country last year, said bin Sulayem, DMCC chief executive officer (CEO) and executive chairman. The polished diamond sector continues to grow.
Data shows that the UAE's rough diamond trade has grown by 76 per cent since 2015. There has been an 83 per cent spike in the diamond trade over the past two years, despite the Covid-19 challenge.
Now, DMCC has an office in the Israeli Diamond Exchange (IDE) in Tel Aviv, and the IDE has an office in the Dubai Diamond Exchange since the opening of diplomatic and trading ties with Israel, the Middle East's second-largest diamond centre, after relations were normalised in 2020.
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