Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dubai's rough diamond trade reaches $3b in H1
Published in The Saudi Gazette on 17 - 08 - 2008

Dubai's total trade of rough diamonds increased by 36 percent to reach $3.03 billion at the end of the first six months of 2008, Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Center(DMCC), said on Saturday.
During the first six months of 2008, rough diamond imports to the Emirate grew by 23 percent to reach $1.15 billion from $937 million, during the same period in 2007. This was mainly driven by high volumes imported from Angola (75 percent), and a 138 percent rise in imports from China.
Exports in the first half of 2008 rose by 44 percent to reach a total of $1.88 billion from $1.3 billion, during the same period in 2007. Over 87 percent 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 percent.
Angola, India, EC and China were the top diamond trade partners for Dubai, and jointly accounted for around 85 percent of total trade volumes.
Ahmed Bin Sulayem, executive chairman, DMCC, and deputy chairman of DDE, said: “The continued surge in diamond trade is 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.”
Sulayem highlighted that earlier this year, DMCC signed significant MoUs with People's Government of Panyu District, China, and Gems & Jewelry Trade Association of China (GAC), for promotion of jewelry trade between both countries, with a special focus on diamonds and colored 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 percent and helped push the overall trade to high levels. We have also been witnessing a sharp increase in rough diamond inventories held in Dubai, which underlines Dubai's status as a major distribution conduit for leading manufacturing markets. To further such initiatives, DDE plans to hold rough diamond sales weeks every month, starting Aug. 24, 2008. Diamonds traded via the DDE during the proposed sales weeks will include production from various mines across the world.”
The DDE remains the only exchange in the region to service the diamond trade from mining to retail. The DDE is also one of the few diamond bourses worldwide to conduct B2B diamond tenders, enabling sellers to reach a wider market. The UAE is a member of the Kimberly Process Certification Scheme, which ensures that the rough diamonds imported to and exported from the UAE have been mined in a legitimate manner. __


Clic here to read the story from its source.