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Dubai's rough diamond trade touched $3.734 billion in '05 |
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4/8/2006 10:13:50 AM |
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DUBAI — The UAE is one of the largest trading centres in the world for rough diamonds and the total trade in rough diamonds in Dubai grew by a record 46.25 per cent in 2005, to $3.734 billion — up from $2.553 billion in 2004, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). Last year, Dubai exported diamonds valued at $2.248 billion while imports for the same period touched $1.484 billion.
The UAE is the first country in the Arab World to be a signatory to the Kimberly Process Certification Scheme (KPCS), thus ensuring that all rough diamonds imported to the UAE have been mined in a legitimate manner.
“The AGCC countries are the world's third largest consumer of diamond jewellery after the US and Japan. The considerable growth in Dubai's diamond trade assumes greater significance because diamonds are a scarce commodity with falling supply unable to cater to the growing global demand. The price of rough diamonds rose by 25 per cent in 2005," said Dr David Rutledge, Chairman of Dubai Diamond Exchange.
In terms of carat value, imports of rough diamonds stood at almost 37 million carats in 2005, while exports from Dubai reached over 34 million carats, bringing the total volume traded to more than 71 million carats.
Dubai's major trading partners for rough diamonds include India, Europe, China, and Russia.
A leading retailer of diamond jewellery in Bur Dubai told Khaleej Times: “The increase in Dubai's rough diamond trade has been enhanced as the demand for diamond jewellery has increased tremendously in the last few years. Alongwith gold, diamond is also in fashion among all age groups. Moreover, Dubai Diamond Exchange promotes tranparency in diamond industry."
At present, the diamond jewellery available in Dubai offers quality, creative designs, wide range of choice and exchangeability options which has also boosted the demand of rough diamonds as more and more jewellers are venturing into diamond jewellery business which is in huge demand in the UAE and region.
According to Karim Merchant, Chairman of Pure Gold, one of the retailer of gold and diamond jewellery:“Pure Gold launched Pure Sparkle diamond jewellery for the woman of today. The Pure Sparkle collection makes diamond jewellery accessible to women of all walks of life. Glamorous diamonds have become more fashionable among younger women, who until recently preferred discreet silver and white gold. The collection is affordable and has three different segments with full value exchange facility."
Noora Jamsheer, chief executive officer of DDE, said: "We are only one of three diamond bourses internationally that conduct B-2-B diamond tenders, enabling sellers to reach a wider market. In 2005 alone, approximately $66 million worth of rough diamonds were tendered at the Dubai Diamond Exchange."
Dubai Diamond Exchange's greatest contribution to the industry however, has been in its effort to implement international best practice in the local diamond industry by creating transparent policies, a well established legal framework and a strong regulatory environment.
As the government body in the UAE in charge of implementing the Kimberly Process Certification Scheme (KPCS), the DDE has cleared 1362 import certificates for diamonds 2005 and the KP Office in the UAE also issued 1911 certificates for diamonds in 2005 certifying their legitimacy. The Kimberly Process certification scheme is a global initiative from the United Nations. It comprises the issuance of a certificate by the diamond office at the source, to certify that diamonds have been mined under legitimate conditions.
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