The Dubai Diamond Exchange (DDE) will benefit from solid growth in the diamond trade in 2023, with initial figures already showing promising results, the Dubai Multi Commodities Centre (DMCC) said.

UAE-based DMCC operates the more than 1,000-strong diamond bourse, which saw over 100 new diamond companies joining in 2022. While the group is yet to release its full-year figures, DMCC said first-half data already showed a 50 per cent rise in total polished diamond trade and over 20 per cent increase in the rough diamond business at DDE.

“We expect to see further growth in the natural diamond trade,” DMCC said. “We are also going to increase our work in building new trade ecosystems for coloured gemstones like emeralds, rubies and sapphires, and lab-grown diamonds as well.”

The UAE was also nominated as Kimberley Process chair in 2024, providing support as vice chair in 2023. DMCC is also the official partner of the second edition of the Jewellery, Gems & Technology Dubai scheduled for February 12 to 14. It is likewise hosting the International Colored Gemstone Association Congress in February 2023.

DMCC earlier reported that DDE saw strong demand from companies hosting tenders and auctions of diamonds and precious stones in 2022. 

Overall, the group attracted 3,049 businesses to Dubai last year, equating to a 23 per cent jump in annual company registrations. The total number of companies in DMCC’s business district is now 22,000.