The trade in diamonds manufactured in Dubai grows 126% in 2022. The largest institution around the world to document it expands in “Dubai Commodities”.

5.5 billion dirhams trading volume
3 thousand companies in the center
Most of the “polished” passes through Dubai
100% occupancy rate in «Uptown Tower»

Dubai:

Ahmed bin Sulayem, CEO and Executive Director of the Dubai Multi Commodities Center, revealed that the volume of diamond trade manufactured in Dubai grew, during the past year 2022, by 126%.

Bin Sulayem stressed that Dubai has established its position today as a global center for the trade and manufacture of diamonds of all kinds and shapes, bypassing many countries in the world that work in the field such as the Belgian “Antwerp” and the Indian “Surat”, pointing out that many major international companies are heading today to Dubai Multi Commodities Center to open regional offices for it.

He pointed out that Dubai witnessed, during the past year, more than 5.5 billion dirhams ($1.5 billion) of laboratory-manufactured diamonds traded, after a rapid and direct rise in its laboratory use and applications, from jewelry to semiconductors to heat sinks.

Ibn Sulayem said in press statements on the sidelines of the center’s hosting, on Monday, of a symposium under the slogan “Building a promising future for laboratory-grown diamonds”: “The number of companies operating in the sector, and based in the center, is more than 3 thousand companies, 30 of which work in The field of manufactured diamonds, and there are factories in Abu Dhabi and Fujairah », pointing out that many major international companies are heading today to the center to open regional offices for them.

Dubai is a diamond station

He emphasized that most of the polished diamonds in India, Africa, China and neighboring countries are sent to Dubai for documentation from the international companies present there, and then make their way to different countries of the world for sale and trading.

He added: «The credit is due to attracting these companies for many reasons, most notably the strength of the diamond market in Dubai, and the strategic location that connects the emirate with the diamond trade coming from India to all countries of the world, in addition to the speed and ease of access to Dubai through daily trips that come from different countries of the world. With 0% of the tax imposed on companies operating in the free zones in the country.

American Institute

He continued, “The Gemological Institute of America (GIA) has recently moved to Dubai, which is the first in the world to document rare, colored and large diamonds,” stressing that the institute has reserved 4 floors in the “Uptown Tower”, and the size of the office is about 8 thousand meters. A private academy to teach the diamond industry.

Ibn Sulayem revealed that the Uptown Tower project will open its doors during the next year, as the occupancy rate in the office building has reached more than 100%, and it is in the final stage of its delivery, with many waiting lists to book offices for it.

The symposium, which is the first of its kind around the world, and was attended by more than 230 experts and stakeholders in the diamond industry, included a set of topics that dealt with many important aspects, including focusing on the importance of marketing and brand building, and their role in maintaining demand. continuous on lab-grown diamonds.

The seminar touched on the importance of sustainability and reputation factors in enhancing trust and credibility in laboratory-grown diamonds in the long term. It also dealt with the economic aspect of the industry, and how financial fundamentals and profitability can be improved in the long term, and thus meet the financing requirements of the supply chain.