Latest news with #KimberleyProcessIntersessionalMeeting
Business Recorder
20-05-2025
- Business
- Business Recorder
Dubai: Over 1bn carats of diamonds traded over 5 years
Over 1.06 billion carats of combined rough and polished diamonds were traded through Dubai in the past five years, according to Ahmed Bin Sulayem, the UAE's Chair of the Kimberley Process (KP), as reported by WAM on Tuesday. Almost 179 million carats of rough and polished were traded in 2024 alone, maintaining the UAE's status as one of the world's largest diamond trade hubs, added the report. The numbers were announced during a UN-mandated Kimberley Process Intersessional Meeting, hosted last week in Dubai. In attendance were representatives from governments, industry, and civil society. Photo: WAM 'There are three markets currently keeping the diamond industry alive,' Bin Sulayem was quoted as saying by WAM. 'The first is the United States as the largest jewellery retail market, the second is India as the world's cutting and polishing hub, and the third is the UAE, as the largest rough diamond hub in the world,.' Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy added, 'From humble beginnings, Dubai has grown to become the world's leading rough diamond trading hub – a position it continues to hold despite recent pressures on diamond prices.' 'This achievement aligns fully with our economic diversification objectives and highlights the strategic importance of diamonds for the UAE, and our commitment to invest in its ecosystem.' The UAE currently holds the KP Chairmanship for the third time. Dubai unveils 'fancy vivid pink diamond' that could fetch over $21mn Dubai is no stranger to the trade of valuable commodities. The 'City of Gold' has also been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewellery for adornment and investment, according to Reuters. Dubai has also become a primary hub for pre-sale displays as well as auctions of rare and special gems by auction houses such as Sotheby's and Christie's. 'The Gulf is, in my mind, the core of where the luxury market is headed,' Quig Bruning, head of jewels for Sotheby's in North America, Europe and the Middle East was quoted as saying by Reuters. The resource-rich, largely tax-free Gulf, including the UAE's trade and tourism hub Dubai, has long been a magnet for high-net-worth individuals and the ultra-wealthy.
Hi Dubai
20-05-2025
- Business
- Hi Dubai
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
Zawya
20-05-2025
- Business
- Zawya
One billion carats of diamond traded through Dubai in past five years
DUBAI: Ahmed Bin Sulayem, the UAE's Chair of the Kimberley Process (KP), has revealed over 1.06 billion carats of combined rough and polished diamonds were traded through Dubai in the past five years. Almost 179 million carats of rough and polished were traded in 2024 alone, maintaining the UAE's status as one of the world's largest diamond trade hubs. The figures were announced during the UN-mandated Kimberley Process Intersessional Meeting, hosted last week at DMCC's Uptown Tower in Dubai. The event brought together hundreds of senior representatives from governments, industry, and civil society. The UAE currently holds the KP Chairmanship for the third time. The week-long Intersessional featured high-level discussions and concluded with a special plenary session – held for only the second time in the KP's 22-year history. Key highlights included the launch of Verifico, a digital platform developed under the UAE Chairmanship to enhance the security and traceability of KP certificates. Verifico will be offered to all KP participants as part of the UAE's broader digital modernisation drive. The meeting also saw the UAE call for a first-ever ministerial meeting of KP participants to confront the most urgent challenges facing the Kimberley Process and the global diamond trade. Speaking during the closing session, Ahmed Bin Sulayem, the UAE's Chair of the Kimberley Process said: 'There are three markets currently keeping the diamond industry alive. The first is the United States as the largest jewellery retail market, the second is India as the world's cutting and polishing hub, and the third is the UAE, as the largest rough diamond hub in the world, which has traded over 1.06 billion carats of combined rough and polished diamonds in the past five years – a figure that we are proud to reveal. We need the Kimberley Process to remain focused, so that all of us can continue to support trade growth, resilience and development. He continued: 'To that end, I call for a high-level Ministerial meeting of the Kimberley Process – one that brings together producing, trading and consumer countries at the political level – to chart a path forward on the most urgent challenges facing the Kimberley Process.' During her special address on the opening day, Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy, said: 'Diamonds have been central to this nation's growth narrative. From humble beginnings, Dubai has grown to become the world's leading rough diamond trading hub – a position it continues to hold despite recent pressures on diamond prices. This achievement aligns fully with our economic diversification objectives and highlights the strategic importance of diamonds for the UAE, and our commitment to invest in its ecosystem.' Feriel Zerouki, President of the World Diamond Council, said: 'I want to take a moment to recognise the leadership of our KP Chair, Mr Ahmed Bin Sulayem. What he has achieved for the diamond industry in the UAE demonstrates real vision, and we have all benefited from his steady guidance. His decision to define the last two years as the Year of Delivery and the Year of Best Practice has been a brilliant strategy. It provided us with the focus and environment needed to push through challenges that have persisted for years. His inclusive approach brought the KP family, Participants, and Observers closer together at a critical time and helped us get to where we are today.' Jaff Bamenjo, representing the Civil Society Coalition, said: 'Last year, the Civil Society Coalition was drawn in by the KP Chair's 2024 slogan "Year of Delivery". The Coalition expects the KP to deliver on KP reforms. This requires a renewed and collective effort to give the needed reform a fair chance during this last year of the ongoing KP reform cycle.' The UAE was the first and only Arab country to Chair the Kimberley Process in 2016, an international group tasked with regulating the global diamond trade. Established in 2003 by the United Nations, 85 participating countries seek to ensure that unregulated rough diamonds do not enter the legitimate diamond market as a means to finance conflict. The UAE chaired the KP for a historic second time in 2024 and will continue to lead the KP as Custodian Chair in 2025, under DMCC's Executive Chairman and CEO, Ahmed Bin Sulayem. Under the theme 'Year of Best Practice', the UAE's chairmanship in 2025 aims to build on the momentum of its historic 2024 term by enhancing the effectiveness, transparency, and integrity of the KP.
