Dubai trades more than USD40b of diamonds in 2011

04 Apr 2012

(MENAFN) The Dubai Multi Commodities Centre’s (DMCC) director, Ahmed bin Sulayem, said that in 2011, the emirate traded over USD40 billion of diamonds, reported The National.

Bin Sulayem added that the estimated figure represented a notable growth from the USD35 billion recorded in 2010, and the USD20 billion recorded in 2009.

He also said that Dubai’s proximity to India transformed the emirate into a gateway to the GCC consumer market; moreover, it is also well positioned for Africa, where much of the world’s diamond mining takes place, in addition, the city was developed as a global transport and logistics center, which managed to strengthen its position in that sector.

It is worth noting that DMCC is the authority in charge of the free zone in Jumeirah Lakes Towers that houses the diamond trade.

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