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As the intense request for diamonds continue worldwide, many high-end rough diamond distributors have begun to open offices in the extravagant paradise of Dubai. Dubai for years has been a mega nucleus for gold trade, but recently the momentum has shifted towards the diamond trade industry. Malcolm Morris, CEO of Dubai Multi Commodities Centre which is a commodity focused free zone that is owned by the Dubai government recently reported this in his findings.
Dubai is experiencing such booming growth as a result of demands from expanding markets like China and India along with new markets from the Congo and Angola. After watching Dubai’s diamond trade rapidly increase by 100% from 2009 to 2010, many in the diamond industry are finding their way to Dubai’s free zone.
Because Dubai plays a key role in the world of business and fashion, it is only expected that many in the diamond industry would begin to expand their offices to help meet the demand of emerging luxury markets. It has been reported that in some parts of the world, diamond jewellery sales have seen record growth rates, which is great not only for the diamond industry but also for other trading revenue prospects. Dubai has been able to sustain high levels of economic growth during a financially troubled world thanks in large part to being able to supply other countries with commodities like gold and diamonds.
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