Diamond

DMCC announces $38.3 billion in 2023 diamond trade

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Despite a global 20 per cent drop in rough diamond prices, the UAE’s rough diamond trade only decreased by 13 per cent year-on-year in 2023, maintaining robust volumes, DMCC reported. A total of $21.3 billion of rough diamonds were traded in the UAE in 2023.

Historically focused on rough diamonds, Dubai’s diamond industry now sees polished diamonds contributing 44 per cent to the total trade value. The Gemological Institute of America’s new laboratory in Dubai, opened in February 2024, is expected to boost the sector further.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said. “Our appeal to

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Diamond

Top news this week: Diamond Bourse letter, PM Modi reply on Pannun assassination, IPL Auction, MPs suspension and more

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This week witnessed the inauguration of the Surat Diamond Bourse, the world’s largest and most modern center for international diamond and jewelry business. A total of 146 MPs — 100 from Lok Sabha and 46 from Rajya Sabha were suspended for creating a ruckus and disrupting proceedings in both Houses, while they were demanding a statement from Union Minister Amit Shah about the Parliament security breach incident. In other news, the South Tamil Nadu districts particularly Tirunelveli and Tuticorin witnessed record rainfall and flooding that was unprecedented and historic.

Here are the key news highlights from the week.

PM inaugurates

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