United Arab Emirates: Diamond Market 2024

Diamond Market Size in the United Arab Emirates

In 2022, the diamond market in the United Arab Emirates increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw resilient growth. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Diamond Production in the United Arab Emirates

In value terms, diamond production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Diamond Exports

Exports from the United Arab Emirates

In 2022, the amount of diamonds and other precious stones (unworked) exported from the United Arab Emirates surged to X tons, growing by X% compared with the year before. Over the period under review, exports recorded a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, diamond exports rose remarkably to $X in 2022. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Belgium (X tons), India (X tons) and South Africa (X tons) were the main destinations of diamond exports from the United Arab Emirates, together comprising X% of total exports. Hong Kong SAR, Lebanon, Botswana, the United States and Malawi lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the key foreign market for diamonds and other precious stones (unworked) exports from the United Arab Emirates, comprising X% of total exports. The second position in the ranking was taken by Belgium ($X), with a X% share of total exports. It was followed by Lebanon, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Lebanon (X% per year).

Export Prices by Country

The average diamond export price stood at $X per ton in 2022, dropping by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Malawi ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malawi (X%), while the prices for the other major destinations experienced mixed trend patterns.

Diamond Imports

Imports into the United Arab Emirates

In 2022, purchases abroad of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports enjoyed significant growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, diamond imports expanded sharply to $X in 2022. In general, imports showed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of diamond to the United Arab Emirates, with a X% share of total imports. Moreover, diamond imports from Canada exceeded the figures recorded by the second-largest supplier, Botswana (X tons), threefold. The third position in this ranking was held by Belgium (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Botswana (X% per year) and Belgium (X% per year).

In value terms, Botswana ($X), Belgium ($X) and Russia ($X) constituted the largest diamond suppliers to the United Arab Emirates, together accounting for X% of total imports. South Africa, Canada, India, Namibia, Israel, Hong Kong SAR, Tanzania, Zambia and Indonesia lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Namibia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average diamond import price stood at $X per ton in 2022, falling by X% against the previous year. In general, the import price recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Israel ($X,134 per ton), while the price for Zambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (X.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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