From correspondents in Maharashtra, India, 08:50 PM IST
During the first six months of 2008, rough diamond imports to the emirate grew by 23% to reach $1.15bn from $937m, during the same period in 2007. This was mainlydriven by high volumes imported from Angola (75%) and 138% rise in imports from China.
Exports in the first half of 2008 rose by 44% to reach a total of $1.88bn from $1.3bn, during the same period in 2007. Over 87% of Dubai's rough diamond exports were to the countries of the European Commission (EC) and India, while Dubai's exports to China increased by 950%.
Ahmed Bin Sulayem, Executive Chairman, DMCC and Deputy Chairman of DDE said, “The continued surge in diamond trade is a testament to Dubai's success in attracting traders from around the world. We have witnessed healthy growth in bilateral trade with various countries, reflecting the growing confidence in the trading infrastructure and opportunities offered by Dubai."
He highlighted that earlier this year, DMCC inked significant MoUs with People's Government of Panyu District, China, and Gems & Jewellery Trade Association of China (GAC) for promotion of jewellery trade between both the countries, with a special focus on diamonds and coloured stones.
In addition, DMCC assisted HSBC establish a diamond banking unit to enable access to finance for the local and regional diamond trade.
Youri Steverlynck, Chief Executive Officer, Dubai Diamond Exchange, said, “While exports in terms of carats grew marginally in the first half of 2008, the price of diamond rose by 10% and helped push the overall trade to high levels.”
The DDE is the only exchange in the region to service the diamond trade from mining to retail.
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