UAE overtakes Belgium as world's biggest rough diamond trading hub

The Dubai Multi Commodities Centre has confirmed that UAE has emerged as the world’s biggest rough diamond trading hub. 

In his opening remarks at the Dubai Diamond Conference, Ahmed Bin Sulayem, executive chairman and CEO of DMCC announced that the UAE has reached the top spot as it surpassed Belgium — and its city of Antwerp — by trading over $22.8 billion worth of rough diamonds in 2021. 

The total diamond trade in the UAE grew by 83 percent between 2020 and 2021, demonstrating both the industry’s resilience and Dubai’s critical role in the global sector, according to DMCC. 

“Having grown to become the rough diamond capital of the world, we understand the importance of listening to the market, adapting, and taking action – which is why the Dubai Diamond Conference is such a critical event for the sector,” added Bin Sulayem. 

Sulayem added that DMCC will soon become the capital for polished diamonds as well. 

Last year, Dubai and DMCC held a series of auctions for rough diamonds. The auctions drew in some heavy bidders, and it has also played a crucial role in UAE’s growth in rough diamond trading.