Dubai's Diamond Trade Surpasses One Billion Carats In Five Years Amid Global Challenges

Ahmed Bin Sulayem, Chair of the Kimberley Process (KP) for the UAE, announced that over 1.06 billion carats of rough and polished diamonds have been traded through Dubai in the last five years. In 2024 alone, nearly 179 million carats were traded, reinforcing the UAE's position as a leading diamond trade hub globally.

The Kimberley Process Intersessional Meeting took place at DMCC’s Uptown Tower in Dubai last week. This event gathered numerous senior representatives from governments, industry, and civil society. The UAE is currently holding the KP Chairmanship for the third time.

During the meeting, Ahmed Bin Sulayem highlighted the importance of three key markets sustaining the diamond industry: the United States as a major jewellery retail market, India as a cutting and polishing hub, and the UAE as a significant rough diamond hub. "We need the Kimberley Process to remain focused," he stated, emphasizing its role in supporting trade growth and resilience.

The week-long Intersessional concluded with a special plenary session, only the second of its kind in KP's 22-year history. A notable development was the introduction of Verifico, a digital platform designed to improve security and traceability of KP certificates under UAE leadership. This platform will be available to all KP participants as part of a broader digital modernisation initiative.

Ahmed Bin Sulayem called for a high-level Ministerial meeting involving producing, trading, and consumer countries to address urgent challenges facing both the Kimberley Process and global diamond trade. This initiative aims to chart a path forward by bringing together key stakeholders at a political level.

Her Excellency Safeya Hashem Al Safi from the UAE Ministry of Economy remarked on diamonds' central role in national growth. She noted Dubai's rise to become a leading rough diamond trading hub despite recent price pressures. This achievement aligns with economic diversification goals and underscores diamonds' strategic importance for the UAE.

Leadership Recognition

Feriel Zerouki, President of the World Diamond Council, praised Ahmed Bin Sulayem's leadership. "What he has achieved for the diamond industry in the UAE demonstrates real vision," she said. His strategy defining recent years as "Year of Delivery" and "Year of Best Practice" provided focus needed to overcome persistent challenges.

The Civil Society Coalition's Jaff Bamenjo reflected on last year's slogan "Year of Delivery". He expressed expectations for KP reforms during this final year of ongoing reform cycles. The coalition anticipates renewed efforts to give necessary reforms a fair chance.

UAE's Historic Leadership

The UAE first chaired the Kimberley Process in 2016 as its only Arab country leader. Established by the United Nations in 2003 with 85 participating countries, it ensures unregulated rough diamonds do not enter legitimate markets to finance conflict. The UAE chaired again in 2024 and will continue leading as Custodian Chair in 2025 under DMCC’s Executive Chairman Ahmed Bin Sulayem.

The theme "Year of Best Practice" for 2025 aims to build on momentum from 2024 by enhancing effectiveness, transparency, and integrity within KP operations.

With inputs from WAM