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The Gulf State last year overtook Belgium to become the world’ top trading hub for rough diamonds, according to the head of the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.
Over $22.8 billion of rough diamonds were traded through Dubai in 2021, Ahmed Bin Sulayem, DMCC chief executive and executive chairman said, adding that the polished diamond sector continues to grow.
Since 2015, the United Arab Emirates’ rough diamond trade has grown by 76 percent a statement from the DMCC CEO’s office said.
Belgium’s trade also bounced back in 2021, with $37.23 billion in imports and exports of traded diamonds in the full year 2021 (up 0.32 percent over 2019′s $37.11 billion), according to the Antwerp World Diamond Centre (AWDC). The AWDC figures did not break out the value of the rough diamond trade and the organisation did not respond to BoF’s requests for comment.
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The State of Fashion: Watches and Jewellery Report — Bringing the Sparkle Back
With combined annual sales of over $329 billion in 2019, as estimated by McKinsey, fine jewellery ($280 billion) and watches ($49 billion) are highly significant industries in terms of their contribution to global business. They also represent meaningful cultural assets that have for centuries reflected human preoccupations with creativity, status, symbolism and self-expression. Yet today, both sectors find themselves at an inflection point.
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