The new Dubai Diamond Exchange is now the world's largest diamond trading floor, with $15-17 billion passing through it each year.
"Back in the 1990s, there was no diamond industry in Dubai," says Martin Leake, special adviser for precious stones at the Dubai Multi Commodities Centre, a free zone where the Dubai Diamond Exchange is incorporated. In 2018, the value of diamond trading in the city exceeded $25 billion, according to the Dubai Multi Commodities Centre.
The rotunda at the entrance of the Dubai Diamond Exchange . Painstaking preparationPreparing rough diamonds is a painstaking process that can be highly lucrative."When the diamonds come out of the ground, they often have grease on them or parts of rock — so they need to be cleaned," explains Leake. The rough stones are treated with a mix of acids and heated in specialized ovens to clear out impurities.
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