The United Arab Emirates is surpassing other nations of the world to become one of the largest diamond trading centers, thanks to increased activity at its Dubai free trade zone, The National reports. The Dubai Multi Commodities Center (DMCC), the authority overseeing trade in precious gems and metals, reported an 11.5% increase in the trade of diamonds in the last year.
About 255 million carats of diamonds were trade at the DMCC in 2011, amounting to approximately $39 billion. That figure was only eclipsed by the world's two largest diamond trading centers, Antwerp and Mumbai.
A DMCC representative said that despite expectations to the contrary, the recent unrest in the Arab world and decline in European markets, business in Dubai has kept apace and even expanded. Almost 1000 new companies have registered at the DMCC in the first six months of the 2012 calendar year. The free trade zone has more than 4,600 companies operating there in total.