Hamdan Bin Mohammed Tours DMCC's Dubai Diamond Exchange Amidst Milestone In UAE Diamond Trade

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, recently toured the Dubai Multi-Commodities Centre (DMCC) and the Dubai Diamond Exchange (DDE). This visit marked a significant milestone for the UAE's diamond industry, as DMCC announced trading over 1 billion carats of diamonds in five years. This achievement solidifies its status as a global leader in diamond trade.

During his visit, Sheikh Hamdan was accompanied by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications. They were welcomed by Dr. Hamad Buamim, Chairman of DMCC; Ahmed Bin Sulayem, Executive Chairman and CEO; and Feryal Ahmadi, Deputy CEO and COO. The tour included insights into the trade practices for rough and polished diamonds, coloured gemstones, and lab-grown stones.

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The DMCC unveiled its Strategy 2033 during the visit. This vision focuses on expanding specialised industry ecosystems to drive growth over the next decade. It aims to enhance key sectors like diamonds, gold, energy, AI, Web3, blockchain, and gaming through tailored services such as licensing and infrastructure support. This strategy builds on DMCC’s reputation as a leading free zone globally.

Sheikh Hamdan highlighted DMCC's role in advancing Dubai's economic diversification under the Dubai Economic Agenda D33. He stated that DMCC is pivotal in building high-performance ecosystems that attract innovation and capital across priority sectors. "The visit provided the opportunity to see first-hand how DMCC continues to play a central role in driving global trade," he said.

The UAE has become a leading hub for rough diamond trade worldwide. Its growth in polished and lab-grown segments is notable. The UAE also holds leadership roles as Chair and Custodian Chair of the Kimberley Process. These advancements position Dubai as an innovative and responsible centre for the diamond industry.

Dr. Hamad Buamim expressed pride in welcoming Sheikh Hamdan to DMCC. He noted that this visit endorses DMCC’s role in positioning the UAE as a global leader in diamond trade while advancing Dubai’s status across future-focused industries.

DMCC's Expanding Ecosystem

DMCC has seen remarkable growth across various sectors over recent years. The precious stones ecosystem grew by 177%, precious metals by 74%, and energy by 72%. Meanwhile, newer technology ecosystems have scaled rapidly alongside Dubai’s rise as an innovation hub.

Ahmed Bin Sulayem emphasised that DMCC is shaping future trade from Dubai’s heart through world-class districts like JLT and Uptown Dubai. "From precious stones to emerging fields such as AI and blockchain," he said, "we are building connected ecosystems that global businesses need to thrive."

Future-Ready Initiatives

The DDE hosted 85 tenders in 2024 alone, reinforcing its role as a central platform for the global diamond community. The presence of initiatives like the Tender Best Practice Forum ensures high security standards within this ecosystem.

Feryal Ahmadi added that DMCC is transforming global commerce through initiatives like Strategy 2033. "His Highness’ visit is a strong validation of our strategy," she said. "As international markets evolve, Dubai is perfectly positioned to meet business needs across sectors."

The transformation of Jumeirah Lakes Towers (JLT) and Uptown districts into thriving business destinations was also highlighted during Sheikh Hamdan’s visit. Today DMCC hosts over 25,000 companies with exponential growth from new industries such as Web3, Crypto, Gaming and AI.

The visit concluded with Sheikh Hamdan receiving a deluxe edition of DMCC’s 2024 Future of Trade report. This report explores shifting dynamics in international commerce while forecasting key trends shaping global markets.

With inputs from WAM