Dubai's diamond position set in stone

04/10/2011 - Dubai Investment News Posted by Neil King
Dubai's diamond position set in stone
Dubai's position as the largest diamond trading hub in the world has been reinforced by current activity in the market.That is according to Ahmed bin Sulayem, executive chairman of Dubai Multi Commodities Centre (DMCC), who claimed that 2011 will see the emirate's diamond trading surpass $35 million.This would mark a significant improvement in the $20 million recorded in 2009 and could encourage a number of investors to look for new opportunities in the Middle East as jewellery buyers flock to Dubai.It comes as DMCC announced its continued sponsorship of the Dubai City of Gold Conference, which is being organised by the Dubai Gold & Jewellery Group."Our sponsorship of the Gold Conference reflects our strategy to support initiatives that are aimed at enhancing gold trade through the emirate, such as our recent unveiling of the UAE's first gold bullion coin,” said bin Sulayem.Meanwhile, a number of recent high-profile store openings have boosted Dubai's credentials as a leading retail hub.