Dubai’s rough trade increases by 36 percent

Dubai’s rough diamond trade has increased by 36 percent during the first six months of 2008, amounting to $3.03bn. The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC) noted import of roughs scaled up by 23 percent to value at $1.15bn, from $937m in the same period in 2007. The growth in the total imports was mainly driven by high volumes imported from Angola (75 percent) and 138 percent rise in imports from China.

Exports of roughs during the six months increased by 44 percent to $1.88bn, as compared to $1.3bn in the same period of 2007. Of the total rough exports, more than 87 percent were towards countries of the European Commission (EC) and India. Exports to China increased by 950 percent. Dubai has also signed MoUs with People's Government of Panyu District, China, and Gems & Jewellery Trade Association of China (GAC), to promote its jewellery trade in both diamonds and coloured stones.

The increase in export value has been supported by the 10 percent hike in diamond rates. Dubai has been taking aggressive steps in steeping up its region as a global hub for diamond trading.