The value of diamonds traded in Dubai rose 2 per cent year on year in 2023, with its polished goods segment continuing to grow from strength to strength.

According to the Dubai Multi Commodities Centre (DMCC), Dubai’s diamond trade reached US$38.3 billion last year, representing a five-year compound annual growth rate of 11 per cent.

Polished diamonds traded in the United Arab Emirates grew 32 per cent to US$16.9 billion compared to 2022, which means that Dubai is expanding its focus from predominantly rough diamonds to polished diamonds, which now account for 44 per cent of the total trade value. 

Dubai's rough diamond trade, meanwhile, dipped 13 per cent last year to US$21.3 billion amid declining rough diamond prices. Volume of traded goods remained strong, said DMCC. 

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, explained, “The polished segment now represents almost half of our diamond trade, consolidating our status as the world’s number one hub for rough and polished.”

Dubai’s lab-grown diamond trade, on the other hand, rose 10 per cent to US$1.6 billion in 2023.