The New Nation - Internet Edition

Xinhua, Abu Dhabi

The total volume of rough diamond trade in Dubai, the commercial hub of the United Arab Emirates (UAE), reached 3.03 billion U.S. dollars in the first half of 2008, up 36 percent over the same period last year, Dubai Diamond Exchange (DDE) announced yesterday.

During the first half of 2008, rough diamond imports into Dubai stood at 1.15 billion dollars, representing a growth of 23 percent over the same period in 2007, according to a statement by the exchange.

Exports of rough diamond from Dubai hit 1.88 billion dollars in the first six months of 2008, increasing by 44 percent on a year- on-year basis.

Angola, India, countries of the European Union (EU) and

China were the top diamond trade partners for Dubai, which jointly accounted for around 85 percent of Dubai's rough diamond trade volume.

"While exports in terms of carats grew marginally in the first half of 2008, the price of diamond rose by 10 percent and helped push the overall trade to high levels," DDE's CEO Youri Steverlynck said.

Affiliated to the government-owned Dubai Multi Commodities Center (DMCC), the DDE is the only exchange in the region to service the diamond trade from mining to retail.