Thursday, May 2nd 05:37 PM IST

Gold,Diamond volume to lift Dubai trade

# DMCC  # DGD  # Precious Metals  # diamonds  

In just the first two months of this year, $1.9bn of rough diamonds was traded in Dubai, an 11 per cent increase on the same period last year.

DUBAI(BullionStreet): Dubai Multi-Commodities Centre (DMCC) said commodities business volumes in the UAE surged after growing ties with Africa.

DMCC also said with the volume of gold and diamonds being traded through Dubai increasing, the emirate is on track to become a key hub for commodity trading.

Dubai's gold and diamond industry has boomed in the past decade, a trend driven by the growth of the Dubai Multi-Commodities Centre (DMCC), set up in 2002 in the Jumeirah Lakes Towers Free Zone.

In just the first two months of this year, $1.9bn of rough diamonds was traded in Dubai, an 11 per cent increase on the same period last year.

The gold market has similarly flourished, with $70bn-worth traded through Dubai last year. The market is close to 12 times the size it was in 2003, with about 20 per cent of the world’s gold now traded through the emirate.

The DMCC is now looking to Africa to help fuel further growth and says it has a clear Africa strategy to encourage more companies from the continent to use the centre to aid their commodity exports.

Ministers from South Africa, Botswana and Zimbabwe attended the DMCC’s diamond conference last month, and several governments are now looking to set up offices within the DMCC.

The interest in Dubai as a commodity hub is partly driven by African nations’ desire to take greater control over the distribution of their natural resources, potentially bypassing western European entities.

This change in attitude places Dubai in a prime position to support the flow of even more commodities.

How about a fully featured Android App for your business?
  • AYPearl

    Welcome to AYPearl.com, where you will have…

  • Mushkis Creations

    The company is being engaged since past…

  • Williams Jewelry

    Williams Jewelry was founded in 1911 by…

  • Daraz

    Daraz offers you a shopping experience that…

Most Popular

Bullion Street Newsletter