Starting from zero in the 1990s, today, the diamond industry is growing at rocket speed in Dubai.
This is home to the largest diamond trading platform in the world with huge diamond auctions up to several tens of millions of dollars.
The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Commodity Center (DMCC), announced that they held one of the largest diamond auctions ever to take place in Dubai.
According to statistics, the auction has more than 200 international buyers participating, more than 577,000 carats of rough diamonds are viewed on 41 boards of DDE. The total value of diamonds sold is up to 50 million USD.
Rough diamonds that are displayed and sold at auction are native to Africa. According to the statement, more than 500,000 carats of diamonds originated from the SACIM mine of the Democratic Republic of Congo.
In the first half of 2019, the transaction value of gold, diamonds and jewelry in Dubai reached $ 50 million, up three percent from the same period last year.
With the value of diamonds traded in excess of $ 25 billion in 2018, Dubai is rising to become the world’s leading diamond trading center. Therefore, “DMCC has a very important role in promoting diamond business in the city, contributing to diversifying the economy of the United Arab Emirates (UAE)”, Feryal Ahmadi, DMCC executive director said.
DMCC recently reopened the refurbished DDE. Currently, DDE is the largest diamond auction in the world and the only one recognized by the World Diamond Federation (WFDB) in the Middle East.
In the first half of 2019, the transaction value of gold, diamonds and jewelry in Dubai reached $ 50 billion, up 3% from the same period in 2018. In October, the UAE Cabinet approved an empowering policy. of this country as a global hub for gold and jewelry trade. At the same time, the country also offers a range of initiatives and tools to support implementation.