The volume of diamonds traded in Dubai rose by more than half in the first six months of the year.
A total of 206.1 million carats were traded, 57 per cent more than the 131m carats traded in the same period last year, according to figures from Dubai Diamond Exchange. Values increased to US$25.3 billion (Dh92.9bn) from $16.3bn.
"This year's record diamond trading volumes are testimony to Dubai's global standing in the diamond industry," said Ahmed bin Sulayem, the executive chairman of Dubai Multi Commodities Centre Authority, of which the exchange is a subsidiary.
The emirate's status as a centre for trade of diamonds has grown this year. In April, Dubai hosted the first World Federation of Diamond Bourses Presidents' Meeting in the Arab world.
The emirate is also the UAE's only entry and exit point for rough diamonds. The rough diamond trade in Dubai in the first six months nearly doubled to 108 million carats, also exceeding last year's full-year trade of 105.1 million carats.
Dubai's diamond trade was mainly driven by India, Belgium, Hong Kong and Switzerland, highlighting the emirate's position as a trade centre linking consumer and producer markets. It is also experiencing growth in volumes traded from newer markets such as Angola and the Democratic Republic of the Congo.
"In addition to a stellar infrastructure, trade is driven by increasing visitor numbers thanks to Dubai's tourist initiatives, exhibitions and trade shows such as Gitex and the Motor Show," said Amit Dhamani, the chief executive of Dhamani Jewels Group.