Dubai among top 3 diamond trade centres

Dubai — Dubai has emerged as top three diamond centres in  the world as its trade value is estimated at $30 billion today compared to $5 million at the inception of the Dubai Multi Commodities Centre (DMCC) in 2002, its top official said.

Ahmed bin Sulayem, executive chairman of the DMCC, highlighted the growth in the Dubai diamond trade at the opening day of the Dubai Diamond Conference on Tuesday and attended by more than 500 delegates.   

“We are pleased to welcome so many important ministers from Africa, diamantaires, traders and experts to the Dubai Diamond Conference to discuss the growing importance of the trading routes between Africa, Dubai and Asia,” Bin Sulayem said. He said the event is the highlight of the global diamond calendar, which befits Dubai’s position among the top three diamond centres in the world.

Dr Ahmed Albanna, director of African Affairs, Ministry of Foreign Affairs, highlighted the increasing importance of economic and diplomatic ties between the UAE and the nations of Africa. Among the key points discussed were the $18 billion of non-oil trade between the UAE and Sub Saharan Africa; the UAE’s membership of the African Union; and the growing diamond trade.

The two-day conference brought together international leaders of the diamond industry from a host of African ministers and traders, to financiers and world-renowned jewelers. The programme will draw upon the delegates’ vast range of experience and perspective to fuel dynamic discussions and stimulate innovation and growth in the diamond industry in Africa, the Middle East and Asia.

— muzaffarrizvi@khaleejtimes.com