DMCC has reported a 17 per cent year-on-year increase in the value of diamond trade in 2022, totalling $37.4 billion combined for rough and polished diamonds, including a 42 percent rise in the polished category and a consistently strong 7 per cent rise in rough.

The soaring figures are further evidence of the rapid rise of Dubai as the world’s leading hub for rough and polished diamonds. The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 per cent and polished by 50 per cent, representing a combined increase of 64 per cent.

The announcements were made on Wednesday at the International Coloured Gemstone Association (ICA) Congress 2023 at Almas Conference Centre in Dubai, convening key players and industry stakeholders to advance the global trade of coloured gemstones.

Held under the theme “The Future of Coloured Gemstones,” the ICA Congress 2023 focused on the key opportunities to unlock sustainable growth in the global coloured gemstone industry. This event also marked 15 years since DMCC last hosted the ICA Congress.

Dubai is now looking to increase support and add further value to the coloured gemstone industry. This includes gemstones like emeralds, rubies, and sapphires mined, manufactured, and sold worldwide.

“We could not have chosen a better moment to reveal these figures, which further proves Dubai’s monumental rise in the diamond trade,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.