The value of diamonds traded through Dubai increased 16.2% from $35.8 billion in 2024, adding about $5.8 billion within a year. It surpassed the previous record of $40.9 billion established in 2011.
Physical trade also reached a peak of 359.5 million carats, representing an annual increase of 42.5%. This marked the first year in which Dubai registered records in both the value and volume of diamond transactions.
Natural diamonds remained the dominant segment, generating $39.9 billion and accounting for 95.8% of total trade value. The figures underline the continuing commercial importance of mined stones despite pricing pressure, weaker luxury consumption in parts of Asia and growing competition from laboratory-grown alternatives.
Dubai handled 205.2 million carats of natural rough diamonds during the year, the second-highest volume recorded by the emirate. Rough-diamond volumes increased by about 34% from 2024, reflecting Dubai’s expanding role as an intermediary between mining countries and major cutting and polishing centres.
Natural polished-diamond trade reached $18.7 billion, rising nearly 25% year on year. Its value has increased 246% since 2020, while the average value per carat has expanded roughly eight to nine times over the same period.
The broader figures show a sharp change in Dubai’s position within the international diamond supply chain. Total diamond trade through the emirate has risen 139% in value and doubled in volume since 2020. Over the past decade, trade value increased 63%, while volume advanced 44%.
Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC, said the performance reflected a long-term effort to create a connected, transparent and efficient precious-stones marketplace. He identified infrastructure, regulatory certainty, access to finance and specialised trading services as important elements supporting Dubai’s growth.
DMCC operates the Dubai Diamond Exchange, which provides tender facilities for rough and polished stones. The wider ecosystem includes secure transport, customs services, grading, financing and technology companies concentrated around the trading district.
Dubai’s location has also helped it connect diamond-producing economies in Africa and other regions with manufacturing centres, including Surat, and consumer markets across the Gulf, Europe, the United States and Asia. Efficient air links and re-export infrastructure allow stones to move rapidly between auctions, processing businesses and jewellery retailers.
The record performance came during a difficult period for several parts of the natural-diamond industry. Producers have reduced output as inventories accumulated and prices weakened. Demand from China has remained subdued, while laboratory-grown diamonds have gained market share because of their lower prices and growing acceptance among younger consumers.
De Beers has responded to market weakness by adjusting production and pricing while undertaking cost reductions. The company has also suspended output at its Venetia operation in South Africa for two years as falling prices weigh on the economics of mining. Rough-diamond prices have declined sharply from their 2022 levels, increasing pressure on miners and polishing businesses.
Consumer trends, however, remain uneven. The United States continues to be the largest market for diamond jewellery, with higher spending on selected natural-diamond pieces and larger average carat weights supporting premium categories. The Gulf and India have also emerged as important growth markets as luxury spending and jewellery consumption expand.
Dubai’s precious-stones trade is becoming more diversified alongside the continued dominance of natural diamonds. Synthetic and industrial diamonds together represented about 39% of total diamond volume in 2025, although their contribution to trade value remained far smaller.
Laboratory-grown stones are increasingly used in jewellery, electronics and industrial applications. Their expansion is encouraging trading centres to develop clearer product classification, disclosure and certification systems to protect buyers and distinguish synthetic products from natural diamonds.
Coloured gemstones produced another record for Dubai, with trade reaching $1.1 billion, an increase of 48%. Imports rose 68.8%, while re-exports expanded 33.5%, indicating growth in both sourcing and international distribution.
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