The UAE has reached the top spot globally as a rough diamond hub, trading over $22.8 billion worth of rough diamonds in 2021, said the Executive Chairman and CEO of DMCC, one of the world’s leading Free Zone.

The country’s polished segment continues to grow at pace, closing in on the current market leader, added Ahmed Bin Sulayem as DMCC hosted its Dubai Diamond Conference (DDC) held under the theme “The Future of Diamonds”.

Since 2015, the UAE has increased its rough diamonds trade by 76 per cent, overtaking Belgium as the world’s leading rough trade hub. The total diamond trade in the UAE grew by 83 per cent between 2020 and 2021, demonstrating both the industry’s resilience and Dubai’s critical role in the global sector.

Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centres in India, resulting in a connected supply chain with Dubai at its centre. Additionally, Dubai is home to the two Kimberly Process (KP) offices in the UAE, making the emirate the only entry point for rough diamonds in the country.

Ahmed Bin Sulayem, also Chairman of Dubai Diamond Exchange, said: “I am humbled to share that in 2021, Dubai, UAE, became the number one rough diamond trading hub in the world. With USD 22.8 billion in rough trade last year, we are continuing to grow thanks to the trust and support received from so many of our guests here today – we accomplished this together.

 “This major milestone clearly demonstrates the determination of both Dubai and DMCC in advancing the global industry. Having grown to become the rough diamond capital of the world, we understand the importance of listening to the market, adapting, and taking action – which is why the Dubai Diamond Conference is such a critical event for the sector. Through this same method, we will continue to work towards becoming the capital for polished diamonds as well.”

The fifth edition of the conference convened 550 officials, trade association members, and leaders of businesses across the supply chain – from miners and manufacturers to financiers and retailers.

DMCC’s Dubai Diamond Exchange is the largest diamond tender facility in the world and home to over 1,100 diamond companies.