Dubai non-oil trade continued its growth against the current crisis. Being a hub for gold and diamond trading and making, Dubai made Dhs67.1 billion from gold and diamond air-cargo trade between March and the end of June 2020.
The trade of precious metals and stones is a key pillar of the UAE’s economic diversification plan. In Dubai, the highest traded commodities by value in 2019 were gold, jewellery and diamonds, which contributed AED 370 billion, a 7 percent growth from 2018.
The industry was hit twice because of the coronavirus, with export orders evaporating and then a shortage of workers caused by a national lockdown to stop the spread of the virus.
Global diamond supply chains convulsed by the coronavirus pandemic and most workers in India’s diamond industry switched to other jobs. Miners seek new supply deals to boost margins and mines from Canada to Lesotho are still shuttered.
Japanese police are investigating a 200 million yen ($1.84 million) diamond allegedly stolen from an international jewellery exhibit near Tokyo.
The Federal Customs Authority (FCA), in co-operation with the Sharjah Department of Seaports and Customs and the Early Inquiry Centre of the General Authority for Ports, Borders and Free Zones Security, arrested an African traveller trying to smuggle a quantity of rough diamonds in his guts.
An Asian foreman, 28, seized the chance of supervising a group of workers installing solar panels to enter a villa and steal two diamond rings.
"It's wearable and comfortable," said 25-year-old Harish Bansal, who described his audacious creation as a dream project. Bansal said he got the idea two years ago while studying jewellery design in western city of Surat.
Described as "completely flawless" by auctioneer Sotheby's, the 102.39-carat stone went to an unnamed telephone bidder for HK$122 million in an auction held online because of the coronavirus pandemic.