Sheikh Hamdan visits world's largest diamond tender facility at DMCC

Gulf Today

2 days ago

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, visited the Dubai Multi-Commodities Centre (DMCC), taking in a first-hand tour of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world.
The visit coincided with a defining moment for the UAE's diamond industry, as DMCC recently announced the milestone of over 1 billion carats of rough and polished diamonds traded over the past five years – reinforcing its position as the dominant force in global diamond trade.
Sheikh Hamdan, accompanied during the visit by Omar Bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, was welcomed by Dr. Hamad Buamim, Chairman of the Board of DMCC; Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC; and Feryal Ahmadi, DMCC's Deputy Chief Executive Officer and Chief Operating Officer.
Sheikh Hamdan visited the Dubai Diamond Exchange tender floors, where he was apprised about the trade practices in place for rough and polished diamonds, coloured gemstones and lab-grown stones. He also received briefings on DMCC's comprehensive diamond ecosystem, including the strategic expansion of the Gemological Institute of America (GIA) into DMCC's new district, Uptown Dubai.
Sheikh Hamdan said, 'The visit provided the opportunity to see first-hand how DMCC continues to play a central role in driving global trade and investment flows to Dubai, positioning the emirate as a world-class business hub. As we advance our economic diversification journey under the Dubai Economic Agenda D33, DMCC is leading the way in building high-performance, globally connected ecosystems that attract innovation, talent and capital across priority sectors.'
Sheikh Hamdan was also updated on the regulatory, policy and infrastructure advancements that have propelled the UAE to become the leading hub for rough diamond trade worldwide. The accelerated growth of the UAE in polished and lab-grown segments – combined with its leadership role as both Chair and Custodian Chair of the Kimberley Process – has positioned Dubai as a future-ready, innovative, responsible and globally trusted centre of excellence for the diamond industry.
In parallel to the visit, DMCC unveiled the Strategy 2033 – a bold new vision that places its specialised industry ecosystems at the heart of its growth for the coming decade. From world-leading hubs in diamonds, gold, and energy, to future-focused platforms for AI, Web3, blockchain, and gaming, DMCC's strategy is designed to accelerate the growth of key global sectors through value-add services including tailored licensing, infrastructure, and access to capital and industry expertise.
The strategy builds on a model that has firmly established DMCC as one of the world's leading and fastest-growing free zones. With momentum accelerating across its entire ecosystem, DMCC is on track to exceed 26,000 member companies by year-end.
DMCC's success lies in the consistent expansion of both legacy and frontier sectors. Over the past five years, the precious stones ecosystem has surged by 177%, precious metals by 74%, and energy by 72%, while the coffee and tea trade continues to show resilient growth. Meanwhile, DMCC's newer technology ecosystems have scaled rapidly, mirroring Dubai's ascent as a global centre for innovation. This has coincided with a period of sustained growth for DMCC, which now accounts for 15% of Dubai's foreign direct investment and 7% of its GDP.
Sheikh Hamdan's visit also highlighted the wider transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into thriving business and lifestyle destinations – underscoring the role of DMCC in shaping the urban and economic landscape of Dubai. Today DMCC is home to over 25,000 companies and, in recent years, has seen exponential growth from companies in new industries such as Web3, Crypto, Gaming and AI.
The visit concluded with Sheikh Hamdan being presented with a deluxe edition of DMCC's 2024 Future of Trade report, which explores the shifting dynamics of international commerce and forecasts key trends shaping global markets.
Dr. Hamad Buamim, Chairman of the Board, DMCC, said, 'It was an honour to welcome H.H. Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum to DMCC and the Dubai Diamond Exchange today. This visit is a powerful endorsement of DMCC's role, not only in positioning the UAE as the global leader in diamond trade, but also in advancing Dubai's position as a centre of excellence across a wide range of future-focused industries.
"Through long-term investment, bold policy frameworks and a commitment to international partnerships, DMCC has built an ecosystem that enables growth across commodities, technology, services and innovation. As Dubai accelerates the goals of D33, our integrated model will continue to be central to attracting global business and reinforcing Dubai as a leading hub for international trade.'
Ahmed Bin Sulayem said, 'It was a privilege to welcome. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC at this historic moment for our diamond industry. As we continue to scale our impact through our world-class districts of JLT and Uptown Dubai, attract global institutions, and lead industry dialogues across sectors, DMCC is shaping the future of trade from the heart of Dubai.
"From precious stones and energy to emerging fields such as AI, Web3 and blockchain, we are building the connected, future-ready ecosystems that global businesses need to thrive – and expecting to surpass 26,000 companies this year. By driving innovation, integrity and sustainable growth, DMCC is proud to support the national economic agenda and continue to cement Dubai's status as a world-leading hub for trade and commerce.'
Feryal Ahmadi added, 'From transforming the global tender landscape in diamonds to advancing growth in Web3, AI and sustainable trade, DMCC is building the next generation of global commerce. His Highness' visit is a strong validation of DMCC's Strategy 2033 that will elevate our future-ready, connected ecosystems to ultimately support innovation, ensure resilience and deliver long-term value. As international markets evolve, Dubai is perfectly positioned to meet the needs of businesses, investors and entrepreneurs across sectors, reinforcing its reputation as a dynamic, responsible and forward-looking global hub.'
Since 2021, the UAE has led the world in rough diamond trade and is rapidly expanding its presence across polished and lab-grown segments. Polished diamonds now represent nearly half of the total diamond trade value, while the lab-grown segment has exceeded Dhs3.7 billion in trade in the past year.
DMCC has played a foundational role in Dubai's rise as a global powerhouse for the diamond and precious stones sector. Through the Dubai Diamond Exchange and its wider ecosystem of more than 1,350 member companies, DMCC has built the specialised infrastructure, regulatory support, and international connectivity required to enable seamless trade across all diamond segments.
In 2024 alone, the DDE hosted 85 tenders, underscoring its pivotal role as a central platform for the global diamond community. This position is reinforced by the presence of the Kimberley Process Office, the DMCC Vault and a suite of high-impact networking and industry initiatives, including the Tender Best Practice Forum – all of which ensure the highest standards of security.
The DMCC continues to play a catalytic role in shaping the future of trade across multiple sectors. As home to over 25,000 member companies from 180 countries, DMCC provides cutting-edge infrastructure, regulatory frameworks and industry-specific ecosystems that support growth in commodities, financial services, and emerging technologies. Through specialised centres such as the DMCC Crypto Centre, the Gaming Centre, the AI Centre and the Tea and Coffee Centres, DMCC is reinforcing Dubai's status as a hub for traditional and digital trade, while actively enabling the next generation of enterprise, innovation and global business.
WAM