Rising Indian imports spur Dubai diamond trade

DUBAI: Dubai's total diamond trade rose by 53 per cent last year to reach $11.23 billion, as a result of increased imports from Belgium and India, currently the largest trading and diamond manufacturing centres in the world.

Polished diamond imports from India touched $2.33 billion in 2007, an increase of 88 per cent from 1.24 billion in 2006, while imports from Belgium rose by 50 per cent to $630 million, up from $420 million the previous year.

In the same period, exports of polished diamonds rose by 115 per cent to $2.73 billion. In 2006, Dubai's rough trade amounted to $3.93 billion while total polished trade was $3.39 billion, said a report by Dubai Diamond Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC).

"2007 has been a year of record growth for the UAE diamond trade which has crossed the psychological mark of $1 billion," said Ahmed Bin Sulayem, Executive Chairman, DMCC.

In 2007, polished diamond imports to the emirate increased by 73 per cent to $3.68 billion, up from $2.12 billion in 2006, confirming Dubai's role as a gateway to the rapidly growing markets of the Middle East.

Rough diamond imports to Dubai reached $2 billion in 2007, an increase of 28 per cent, while exports stood at $2.82 billion for the same period, up 19 percent.

"It is encouraging to see more rough diamonds coming directly from producing countries and more polished diamonds coming from established diamond centres like Antwerp and Mumbai being marketed in Dubai," said Youri Steverlynck, CEO, Dubai Diamond Exchange.