As the world’s third largest diamond trading center, Dubai is at the center of the New Silk Road and is “ideally positioned” to serve a pivotal role in the fast-changing diamond business landscape.
The bulk of the industry’s diamond manufacturing, on the other hand, has long since moved to India, China and other Asian countries. Dubai is ideally positioned, geographically and operationally, to serve a pivotal role in this ever-changing landscape. Dubai is truly at the center of the New Silk Road.
Dubai has built the trade’s new silk route and has rapidly risen as a market leader in the global diamond market with $39 billion worth of diamonds traded through the emirate in 2011. Antwerp, which was at the forefront of the global diamond trade for centuries until it was replaced by Mumbai, traded about $50 billion worth of diamonds in 2011, while close to $60 billion worth of stones passed through Mumbai.