The Dubai Multi Commodities Center (DMCC) has released its annual trade report for 2023, showing a 2% increase in the value of diamond trading, totaling $38.3 billion. Over the past five years, there has been a compound annual growth rate of 11%, Rough & Polished reports.
While Dubai’s diamond sector historically focused on rough trade, the polished segment saw remarkable growth last year, soaring by 32% year-on-year to $16.9 billion; this constitutes 44% of the total trade value. The value of rough diamond trade declined by 13% year-on-year to $21.3 billion
Despite a 20% drop in the global price of rough diamonds in 2023, Dubai sustained robust trading volumes in this segment, according to DMCC. Lab-grown diamond (LGD) trade increased by 10% year-on-year to $1.6 billion.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “Our appeal to diamond industry segments across the world is exemplified by our ability to maintain strong trade volumes in rough whilst rapidly advancing polished and lab-grown diamonds. The polished segment now represents almost half of our diamond trade, consolidating our status as the world’s number one hub for rough and polished.”
