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What 's The Fourth Largest Diamond Market in The World?
If you answered Dubai and the Arabian Gulf States, you are correct!
Arab nationals spend close to $2 billion on diamonds every year, making the Gulf the fourth-largest market in the world, with Dubai taking the lion's share of the business.
"The diamond jewelery market in the Gulf region has increased by 47 per cent or almost half in the past four years and is now the fourth-largest diamond market in the world," Jonathan Chippindale, marketing director for Gulf Markets of The Diamond Trading Company (DTC), the diamond marketing arm of the De Beers Group of companies, was quoted as saying in a Gulf News report.
"Arab nationals are passionate about diamonds and spend close to $2 billion on diamonds in this region. Unique to this region is diamond jewelery sets. They represent 55 per cent value share of all diamond jewellery sales, at an average price of $6,000 per diamond jewelery set."
De Beers entered the UAE in 2000 at a time when Dubai was looking to consolidate its position as a regional hub for gold and diamond jewellery.
The emirate later set up Dubai Multi-Commodities Centre (DMCC) to further consolidate its position.
Think the price of Oil is going down anytime soon?
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