Arab nationals are obsessive about diamonds and spend up to US $2 billion on diamonds making the Gulf the fourth-largest market in the world, with Dubai taking the lion's share of the business.
The diamond jewelry market in the Gulf region has increased by 47 percent and represent 55 percent value share of all diamond jewelry sales, at an average price of $6,000 per diamond jewelry set.
De Beers had entered the UAE in 2000 and has reported sales of $3.25 billion in their six-month, the second highest on record.
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