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DMCC posts 25% jump in diamond trade in H1-22

DMCC posts 25% jump in diamond trade in H1-22
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UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) has posted a 24.70% year-on-year (YoY) hike in diamonds trade to $19.80 billion during the first half (H1) of 2022, according to Reuters.

The polished diamond trade in the UAE surged by 52.50% YoY to $6.70 billion in H1-22, while the trade value of rough diamonds amounted to $13 billion.

The leap in Dubai’s diamond trade came as it leveraged its proximity to Africa and Russia, where many diamonds are mined, as well as India, where 90% of the world's diamonds are polished. 

Since its incorporation in 2012, a total of 90 billion carats of polished diamonds and 120 billion carats of rough diamonds have been traded through the Dubai Diamond Exchange at DMCC.

Chief Executive of DMCC, Ahmed Bin Sulayem, commented: "Business owners from all countries are welcome equally to conduct their business in what is one of the safest environments of its kind."