Located in the heart of a rapidly growing consumer market, Dubai has developed into an integral hub for the import and export of rough and polished diamonds. During the last decade, the Emirate has successfully joined the ranks of leading international diamond centres such as Antwerp, New York and Mumbai, and has been recognised as one of the world’s top four diamond trading centres.

While an overwhelming majority of diamonds today are cut and polished in India, more than a third of all diamonds worldwide are sold in Asia and the Middle East, a market share that continues to grow. The Dubai Multi Commodities Centre Authority (DMCC), established to facilitate the flow of commodity trade through Dubai, is uniquely positioned to serve as an interface between the traders and manufacturers of diamonds, as well as the buyers and retailers of the finished goods.

With its business friendly environment, including seamless company licensing processes, zero taxation, first-class infrastructure and facilities, and strong regulation, DMCC provides one of the most attractive and beneficial environments for international diamantaires.

DMCC accommodates every facet of the diamond industry, from manufacturing facilities and trading platforms to diamond boiling and certification, and vaulting solutions. By forming alliances with other industry players, such as financial organisations, government institutions, and international organisations, DMCC plays a leading role in supporting the growth of the global diamond industry.

Since the inception of the Dubai Diamond Exchange (DDE) in 2004, Dubai’s diamond trade has grown from a small regional operation to the fourth largest diamond trading centre in the world. Both the volumes of rough diamonds coming directly from producing countries as well as the volumes of polished diamonds coming from established diamond centres like Antwerp and Mumbai being marketed in Dubai, have shown significant growth.

Today, diamonds represent over 50% of the jewellery trade in Dubai. In 2010, total diamond trade volumes in Dubai reached a record value of US$35 billion. The increased growth in the volumes of diamonds traded through Dubai was mainly driven by demand from India, Belgium and Switzerland, as well as new markets such as Angola and the Democratic Republic of Congo.

In January 2011, polished diamonds valued at US$7.2 million were offered at auction on the DDE, the first sales event of its kind in the Middle East.