The latest analysis shows that Dubai’s record-breaking growth in diamond trade over the past five years reflects a structural shift in global trade flows rather than a full recovery of the diamond industry. The emirate has successfully captured a growing share of international diamond trading by leveraging geopolitical changes, advanced logistics infrastructure, and an expanding ecosystem of services supporting the global gemstone business.
According to data from the Dubai Multi Commodities Centre (DMCC), the value of diamond trade through Dubai has increased by approximately 140% since the COVID-19 pandemic in 2020, while trading volumes measured in carats have doubled. Total diamond trade reached a record US$41.7 billion in 2025, up 16.2% year-on-year, with 359.5 million carats traded—the highest level in the emirate's history in both value and volume.
The report notes that this performance comes at a time when traditional diamond trading hubs continue to face significant pressure. Antwerp's diamond trade totaled approximately US$19.1 billion in 2025, down from US$24.5 billion in 2024 and US$32.5 billion in 2023, highlighting the widening gap between Dubai's rapid expansion and the decline of Europe's historic diamond center.
The findings suggest that these figures should not be interpreted as evidence of a full recovery in the global diamond industry. Rather, they indicate that an increasing share of international diamond trade has shifted toward Dubai as global supply chains are reconfigured and trade routes for both rough and polished diamonds continue to evolve.
Why Has Dubai's Diamond Trade Expanded?
The report attributes Dubai's remarkable growth to several key factors, foremost among them the development of a comprehensive gemstone trading ecosystem led by the Dubai Multi Commodities Centre. This includes the Dubai Diamond Exchange, international tender platforms, secure logistics and storage facilities, financing and insurance services, as well as streamlined customs procedures, all of which have strengthened Dubai's ability to attract miners, traders, manufacturers, and investors from around the world.
Dubai has also benefited from its strategic geographic position linking diamond-producing countries in Africa with cutting and polishing centers in India and consumer markets across Asia and the Middle East, providing the emirate with a significant competitive advantage in managing global diamond flows.
The report further notes that sanctions imposed by the G7 and the European Union on Russian diamonds since 2024 have redirected part of the global diamond trade away from Europe, creating opportunities for non-EU trading hubs—particularly Dubai—to expand their role in both rough and polished diamond markets.
According to the Antwerp World Diamond Centre (AWDC), Russian diamonds accounted for roughly 30% of Antwerp's rough diamond imports before sanctions were introduced.
Natural Diamonds Continue to Dominate
Despite the rapid expansion of laboratory-grown diamonds, natural diamonds remain the backbone of Dubai's diamond trade. Natural diamond transactions totaled US$39.9 billion in 2025, representing approximately 95.8% of the emirate's total diamond trade value.
Trade in natural rough diamonds reached 205.2 million carats, an increase of nearly 34% compared with 2024, while polished natural diamond trade climbed to US$18.7 billion, up nearly 25% year-on-year.
The report also highlights that the value of polished natural diamond trade through Dubai has surged by 246% since 2020, reflecting the emirate's growing role in trading higher-value polished stones rather than simply serving as a redistribution hub for rough diamonds.
Meanwhile, laboratory-grown and industrial diamonds accounted for around 39% of total trading volume measured in carats. However, their contribution to overall trade value remains relatively limited compared with natural diamonds, underscoring the substantial difference in economic value between the two segments.
Why Is Antwerp Losing Ground?
The report explains that Antwerp's declining diamond trade cannot be attributed to a single factor. Instead, it reflects a combination of challenges, including sanctions on Russian diamonds, weaker global demand, persistent pressure on rough diamond prices, and the relocation of trade toward centers located closer to production regions and Asian consumer markets.
The Belgian hub has also been affected by reduced activity among major mining companies, lower availability of certain categories of rough diamonds, and growing competition from emerging trading centers offering more integrated logistics, financing, and commercial services.
Has the Global Diamond Industry Recovered?
Despite Dubai's record-breaking performance, the report concludes that the global diamond industry continues to face significant headwinds, including sluggish demand in China, ongoing weakness in rough diamond prices, and intensifying competition from laboratory-grown diamonds. These challenges continue to weigh on the financial performance of major mining companies and traditional trading centers.
The analysis concludes that the current trend represents a redistribution of global diamond trade rather than a broad-based recovery of the industry.
Ultimately, Dubai's greatest achievement is not merely recording the highest diamond trade value in its history, but successfully doubling its trading activity since the pandemic and increasing the value of trade by approximately 140%, driven by geopolitical shifts, evolving supply chains, and continuous investment in world-class commercial and logistics infrastructure.
The report concludes that competition within the global diamond industry is no longer determined solely by the quality of gemstones or mining output. Increasingly, success depends on a trading hub's ability to attract international commerce while offering a fully integrated ecosystem of financial, logistical, and commercial services—an area in which Dubai has firmly established itself as one of the world's leading diamond and gemstone trading centers.
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