USD billions. Dubai external trade’s highest value goods in 2023.
Dubai’s prominent status in the global jewellery industry is highlighted by its historical pearling traditions and the iconic Gold Souk.
Today, Dubai is a major international diamond trading hub, with the diamond trade reaching USD 38.3 billion in 2023, up 2% year-on-year and representing a 5-year compound annual growth rate (CAGR) of 11%, according to the Dubai Multi Commodities Centre (DMCC). This figure underscores Dubai's importance in both rough and polished diamond markets.
The polished diamond trade rose 32% year-on-year to USD 16.9 billion, consolidating the UAE’s status as the world’s leading diamond trade hub for rough and polished diamonds. The UAE remains the largest trade hub for rough diamonds, with USD 21.3 billion worth of rough diamonds traded in 2023. Additionally, the value of lab-grown diamonds traded in the UAE increased by 10% year-on-year, reaching USD 1.6 billion.
In the first half of 2023, Dubai’s non-oil trade achieved approximately USD 327 billion, with gold, diamonds, and jewellery being top commodities valued at USD 38 billion, representing 25% of the total trade value.
