Dubai's 1H Rough Trading +5%

DDE to Open Diamond Control Office

Jul 11, 2013 5:00 AM By Deena Taylor

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RAPAPORT... The Dubai Diamond Exchange (DDE) reported that total rough diamond trading, including rough exports and rough imports, rose 5 percent year on year to $6.2 billion in the first half of 2013. By volume, rough trading increased 11 percent to 66.4 million carats as the average price of the goods fell 5 percent to $93.37 per carat. The data was included in a trading update published by the Dubai Multi Commodities Centre (DMCC), though current information on polished diamond trading was not offered.

Rough exports rose 3 percent to $3.7 billion during the period. By volume, rough exports grew 12 percent to 34 million carats as the average price of the stones fell 8 percent to $108.82 per carat. Rough imports grew 7 percent to $2.5 million. Dubai imported 32.4 million carats during the period at an average price of $77.16 per carat. Net rough exports, representing rough exports less rough imports, fell by 4 percent to $1.2 billion.

During the first half of 2013, the DDE hosted 10 diamond auctions featuring rough diamonds from West Africa, Tanzania, Congo, Zimbabwe and Russia.

Separately, DMCC announced that it will open a diamond control office at DDE to accurately track and value the country's trade in polished diamonds. The office, slated to open by the end of 2013, will operate under the authority of the DMCC.

“We are basically going to establish a special diamond control office for polished diamonds, which will mean that in the future, all polished diamonds will have one point of entry,” Peter Meeus, the chairman of DDE, told 7DAYS.

The system will work in tandem with that of the United Arab Emirates' Kimberley Process office, which monitors the emirate's rough diamond trade, and is intended to enable the country to grow as a player in the global polished trade.

DMCC's executive chairman, Ahmed bin Sulayem, noted that strong market demand for the diamond control office warranted its launch.

Tags: Ahmed Bin Sulayem, DDE, Deena Taylor, DMCC, Dubai Diamond Exchange, Peter Meeus