Dubai's rough diamond trade hits 3.93 bln USD in 2006

The volume of rough diamond trade in Dubai, the second largest emirate of the United Arab Emirates (UAE), hit 3.93 billion U.S. dollars in 2006, compared to 3.73 billion dollars in 2005, the local newspaper Gulf News reported on Sunday.

Statistics released by the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Center (DMCC), showed that rough diamond imports to Dubai reached 1.56 billion dollars in 2006 while exports from the emirate hit 2.37 billion in the same period.

In terms of carat value, a total of 84.6 million carats were traded in 2006, up 19 percent from 71.2 million in 2005.

"The emirate's position at the cross roads between Africa, Russia and the Asian Subcontinent enables it to offer fast and cost- efficient marketing of the rough between these major diamond producing and manufacturing countries," Ahmad Bin Sulayem, chief operating officer of DMCC and deputy chairman of the DDE, was quoted as saying.

The DDE will further enhance the cooperation with diamond producing countries and has announced a plan facilitating diamond producers to market their goods through Dubai, the DDE's CEO Youri Steverlynck said.

Source: Xinhua