The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), has announced that the total trade in rough diamonds in Dubai reached $2.24 billion in the first half of 2007.

This was overall 17 per cent higher than the $1.91 billion traded during the same period in 2006, it said.

Between January and June of this year, rough diamond imports into Dubai increased by 26 per cent, to $937 million, while exports exceeded $1.3 billion, marking a 12 per cent increase. In terms of carat value, a total of 43.6 million carats were traded in the first half of 2007, compared to 39.8 million during the same period in 2006.

Ahmed bin Sulayem, executive chairman of DMCC, and deputy chairman of the DDE, said: “The local rough diamond market has continued to witness significant growth. We are also witnessing a considerable growth in direct imports from leading mining countries like Russia and Angola, which clearly point to Dubai’s rapid emergence as a global centre for the trade in rough diamonds.”

Youri Steverlynck, chief executive officer of DDE said: “The DDE’s efforts to revitalise the diamond trade through value-added initiatives have begun to pay off, and we are seeing a significant movement from transit trade through Dubai to local trade in the emirate. In keeping with our mandate to grow the trade further, the DDE is continuously on the lookout for opportunities to facilitate the trade.”

The DDE confirmed that the valuable cargo customs clearance office at Dubai International Airport has expanded its service hours from five days to six days a week, and from 7:00 am to midnight, previously only until 3 pm. This new and unique service will offer faster turnaround time for traders dealing in rough diamonds.

The DDE enhances the diamond trade industry in the region through a wide range of services, such as conducting B2B diamond tenders, providing a secure trading environment and world-class arbitration facilities. -TradeArabia News Service