UAE's Diamond Trade Projected To Surpass $40 Billion In 2024, Says Juma Al Kait

The UAE holds the third position globally in diamond trade, following India and the United States. It contributes over 15% to the worldwide diamond trade. Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, shared these insights during the Dubai Diamond Conference. This event was part of Dubai Diamond Week, organised by the Dubai Multi Commodities Centre (DMCC).

Al Kait revealed that the UAE's diamond trade is expected to surpass $40 billion this year. Diamonds constitute a significant portion of the UAE's non-oil trade, accounting for more than 5.5%. In 2023, the diamond trade value reached nearly $39 billion, and in the first half of 2024 alone, it amounted to approximately $20 billion.

Comprehensive trade agreements are pivotal in enhancing the UAE's diamond trade. These agreements help eliminate barriers and open new markets and opportunities across Asia, Africa, and other regions worldwide. DMCC plays an essential role in promoting global diamond trade.

During his speech at the conference, Al Kait emphasised the growing significance of the diamond sector within the UAE's economy. He highlighted its ability to innovate and adapt continuously. The conference discussions provided valuable insights into challenges facing the sector and identified necessary policies for its long-term sustainability.

The UAE will lead the Kimberley Process in 2024 for a second time since becoming the first Arab nation to do so eight years ago. The expansion of the diamond sector underscores the UAE's status as a global hub for trade and investment while supporting its vision to diversify its economy.

The UAE's foreign trade agenda aims to elevate non-oil trade value to AED 4 trillion by 2031 and boost non-oil exports to AED 800 billion within that timeframe. An ambitious strategy has been adopted to enhance supply chain diversity and create new market opportunities for private sectors across all industries.

Continuous Growth Amid Global Challenges

The Comprehensive Economic Partnership Agreements (CEPA) programme is a cornerstone of this policy. It strengthens trade and investment ties with key global partners. Al Kait noted that non-oil trade in the UAE reached AED 1.4 trillion in H1 2024, marking an 11.2% increase compared to H1 2023, despite global trade growth being only 1.5%.

This consistent growth reflects strategic efforts to bolster economic resilience and expand international partnerships, ensuring sustainable development across various sectors.

With inputs from WAM