UAE Cements Global Diamond Leadership as Dubai Trades Over 1 Billion Carats in Five Years
The UAE has reaffirmed its place as a global diamond trade powerhouse, with over 1.06 billion carats of rough and polished diamonds traded through Dubai over the past five years.
In 2024 alone, nearly 179 million carats were exchanged, reinforcing the country's role as the world's largest hub for rough diamond trade.
The figures were unveiled by Ahmed Bin Sulayem, Chair of the Kimberley Process (KP) and Executive Chairman and CEO of DMCC, during the UN-mandated Kimberley Process Intersessional Meeting held last week in Dubai's Uptown Tower.
The high-level event brought together delegates from more than 85 countries, alongside industry leaders and civil society, marking a rare plenary session—the second in the KP's 22-year history. Under the UAE's third term as KP Chair, the meeting spotlighted efforts to modernise the diamond trade through digital innovation and policy reform.
One of the key announcements was the launch of Verifico , a new digital platform developed under the UAE's leadership to enhance the security and traceability of KP certificates. The initiative supports the UAE's broader push to digitise and strengthen transparency in the global diamond supply chain.
Bin Sulayem also proposed convening the KP's first-ever ministerial meeting, calling for unified political action to address the most urgent challenges facing the diamond industry.
Her Excellency Safeya Hashem Al Safi of the UAE Ministry of Economy highlighted Dubai's rise as a diamond trading hub as central to the country's economic diversification goals.
The UAE, the first Arab nation to chair the KP in 2016, will continue its leadership in 2025 as Custodian Chair, advancing its 2024 'Year of Delivery' into the 2025 'Year of Best Practice' to promote reform, resilience, and responsible trade.
News Source: Emirates News Agency
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