From its status as the city of gold, Dubai is fast emerging to become a leading diamond center. Here is more about this opportune locale.

Dubai is developing at a fast pace in various areas and is catering to the needs of the wealthy people across the world. Known as the city of gold, Dubai has a good history of trading developments. Currently also, as Dubai is centrally located amidst a huge consumer market, it is easily accessible to many. Among its various industries, that of cutting, polishing and processing diamonds is a thriving one, also giving Dubai the name of the Middle East trading center in diamonds.

History of Dubai as a Diamond Center 

With its location on the southern shores of the Arabia Gulf, since a long time Dubai has been the trading crossroads between East and West. Various developments have also taken place in the recent years. These include the establishment of the Dubai Diamond Exchange (DDE) in April 2004.

Today the area has many high-end jewelry brands like Tiffany's, Cartier, Arpels etc. The major trading partners of Dubai are the countries of India, Europe, China, and Russia. The war between Israelis and Arabs in Lebanon, affected the diamond trade for some time.

Today however, a congenial relationship remains between Dubai and Israel. Dubai's diamond industry is now being set up in the Almas tower which means diamond in Arabic. The tower is expected to be completed by the end of 2007 at the Jumeirah Lakes Towers (JLT) development.

Dubai as a Diamond Center Today

The Dubai Diamond Exchange (DDE) facilitates the trade of rough and polished diamonds in Dubai. This organization has been the first member of the World Federation of Diamond Bourses (WFDB) amongst all Arab countries.

The Dubai Multi Commodities Centre (DMCC) is another commodity market place in Dubai that provides industry-specific market infrastructure and facilities for diamonds and other jewelry items. This free zone authority offers 100% business ownership and freehold property options among other things. The DMCC has also played a vital role in protecting the legitimate diamond industry of Dubai and implementing the Kimberley Process Certification scheme (KPCS). The Dubai Gem Certification services (DGC) is a diamond grading laboratory.

Statistics revealed that rough diamond exports from Dubai crossed $2.24 billion in the first half of 2007. In the year 2006, Dubai diamond trade was seen to total over $6 billion. This is equal to 4% of the world-side jewelry market. Imports of rough diamonds into Dubai also showed a rise by 26% to $937 million between the months of January and June.

In the recent years, direct imports from leading mining countries like Russia and Angola are also growing. The signature line of Dubai Cut diamonds with its 99 facets, are fast gaining popularity here. The signature line would have only 1800 such diamonds per year, the license of which would remain in the hands of Dhamani jewels.