Dubai Rough Turnover Hits $2.24 Billion in First Half of 2007

From January to June 2007, Dubai traded $2.24 billion in rough diamonds, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC).

This was an increase of 17 percent year-over-year. During the same period in 2006, Dubai traded $1.91 billion in rough.

Rough imports for the year-to-date total $937 million, an increase of 26 percent over last year, while exports came in at more than $1.3 billion, an increase of 12 percent. In terms of volume, 43.6 million carats have been traded in 2007, compared to 39.8 million during the same period in 2006.

Ahmed bin Sulayem, the DMCC’s Executive Chairman 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.”

The DDE has confirmed that the valuable customs clearance office at Dubai Airport has expanded its service hours from five days to six days per week and from 7 AM to midnight (previously only until 3 PM). This service will offer faster turnaround time for traders dealing in rough diamonds.