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Dubai diamond trade rises on high imports

Dubai diamond trade rises on high imports
PTI
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First Published: Mon, Mar 03 2008. 11 27 PM IST
Updated: Mon, Mar 03 2008. 11 27 PM IST
Dubai: Dubai’s total diamond trade rose by 53% last year to reach $11.23 billion (Rs45,257 crore), as a result of increased imports from Belgium and India, currently the largest trading and diamond cutting centres in the world.
Polished diamond imports from India touched $2.33 billion in 2007—an increase of 88% from $1.24 billion in 2006, while imports from Belgium rose by 50% to $630 million, up from $420 million the previous year.
In the same period, exports of polished diamonds rose by 115% 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. The Centre’s executive chairperson Ahmed Bin Sulayem said, “2007 has been a year of record growth for the United Arab Emirates diamond trade, which has crossed the psychological mark of $1 billion.”
Rough diamond imports to Dubai reached $2 billion in 2007, an increase of 28%, while exports stood at $2.82 billion for the same period, up 19%.
“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, chief executive, Dubai Diamond Exchange.
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First Published: Mon, Mar 03 2008. 11 27 PM IST
More Topics: Diamond | Imports | Money Matters | Commodities |