Latest news with #diamondtrade
Arabian Business
3 days ago
- Business
- Arabian Business
Dubai Crown Prince Sheikh Hamdan visits world's largest diamond tender facility
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 DMCC, the leading international business district that steers the flow of global trade through Dubai, exploring of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world. Sheikh Hamdan's visit occurred at the same time as a defining moment for the UAE's diamond industry, as DMCC announced the milestone of over 1 billion carats of diamonds traded over the past five years, strengthening its position as the dominant force in global diamond trade. Hamdan bin Mohammed visits Dubai Multi Commodities Centre (DMCC), the leading international business district driving global trade through Dubai, and tours the Dubai Diamond Exchange (DDE), the world's largest diamond tender facility. — Dubai Media Office (@DXBMediaOffice) June 2, 2025 Throughout the trip, Sheikh Hamdan was accompanied during the visit by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications. Sheikh Hamdan was also 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. Dubai's diamond exchange showcased The Dubai Crown Prince visited the Dubai Diamond Exchange tender floors, where he was briefed about the trade practices in place for diamonds, lab-grown stones and other gemstones. He also received information on DMCC's comprehensive diamond ecosystem, including the strategic expansion of the Gemological Institute of America (GIA) into DMCC's new district, Uptown Dubai. '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 said in a statement. He was also updated on the regulatory, policy and infrastructure advancements that have driven the UAE to become the leading hub for rough diamond trade worldwide. His Highness was also briefed on DMCC's latest regulatory, policy, and infrastructure advancements that have positioned the UAE as the world's leading hub for rough diamond trade. — Dubai Media Office (@DXBMediaOffice) June 2, 2025 The rapid growth of the UAE in polished and lab-grown sector, added united with its leadership role as both Chair and Custodian Chair of the Kimberley Process, has positioned Dubai as a progressive, forward-thinking, and globally trusted centre of excellence for the diamond industry. Alongside the visit, DMCC announces Strategy 2033, an ambitious roadmap that places its specialised industry ecosystems at the centre of its growth over the next decade. From globally recognised hubs in diamonds, gold, and energy to forward-looking platforms in AI, Web3, blockchain, and gaming, the strategy aims to drive the expansion of key international sectors. It does so through a suite of value-added services, including customised licensing options, state-of-the-art infrastructure, and streamlined access to capital and industry expertise. Built on a proven model that has positioned DMCC as one of the world's most dynamic and fastest-growing free zones, Strategy 2033 leverages this strong foundation. Surging trade ecosystems With growing momentum across all areas, DMCC is set to surpass 26,000 member companies by year-end. DMCC's success is due to the consistent expansion of both legacy and frontier sectors. Over the past five years, the precious stones ecosystem has climbed by 177 per cent, precious metals by 74 per cent, and energy by 72 per cent, while the coffee and tea trade continue growth. Meanwhile, DMCC's newer technology ecosystems have accelerated, mirroring Dubai's rise as a global centre for innovation. This has coincided with a period of stable growth for DMCC, which now makes up 15 per cent of Dubai's foreign direct investment and 7 per cent of its GDP. Sheikh Hamdan's visit also highlighted the further transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into flourishing business and lifestyle destinations. Today, DMCC is home to over 25,000 companies and has recently seen mounting growth from new industries such as Web3, crypto, gaming and AI. Towards the end of his visit, he received a luxury edition of DMCC's 2024 Future of Trade report, which describes the shifting dynamics of international commerce and predicts key trends shaping global markets. 'It was an honour to welcome His Highness 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,' Dr. Hamad Buamim, Chairman of the Board, DMCC said. '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,' he added. 'It was a privilege to welcome His Highness 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,' Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, explained further adding that 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, Deputy CEO & Chief Operating Officer, DMCC, 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.' Leading global diamond hub Since 2021, the UAE has rapidly expanded its presence and led the world in rough diamond trade and polished and lab-grown segments. Polished diamonds now represent nearly half of the total diamond trade value, while the lab-grown segment has exceeded AED 3.7 billion in trade in the past year. DMCC has been instrumental in establishing Dubai as a leading global hub for the diamond and precious stones industry. Anchored by the Dubai Diamond Exchange (DDE) and a thriving ecosystem of over 1,350 member companies, DMCC has developed the specialised infrastructure, regulatory framework, and international networks necessary to facilitate smooth and efficient trade across all segments of the diamond market. In 2024, the DDE hosted 85 tenders, emphasising its crucial role as a hub for the global diamond community. This position is strengthened 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 uphold the highest standards of security, compliance and market engagement. The expansion of globally renowned institutions like the Gemological Institute of America (GIA) into Uptown Dubai further enhances the city's comprehensive offering, reinforcing its position as a world-leading hub for the diamond trade across every stage of the value chain. The DMCC continues to serve as a key driver in shaping the future of global trade across a wide range of sectors. With a significant community of over 25,000 member companies from 180 countries, it offers world-class infrastructure, regulatory frameworks, and tailored industry ecosystems that foster growth in commodities, financial services, and emerging technologies. Through specialised hubs such as the DMCC Crypto Centre, Gaming Centre, AI Centre, and Tea and Coffee Centres, DMCC is not only solidifying Dubai's position as a nexus for both traditional and digital trade but also powering the next wave of enterprise, innovation, and global business.
The National
4 days ago
- Business
- The National
Sheikh Hamdan tours Dubai Diamond Exchange
, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, visited Dubai Diamond Exchange on Monday. Sheikh Hamdan made the visit as part of a tour of Dubai Multi-Commodities Centre, which hosts the exchange that recently reached the milestone of trading more than one billion carats of rough and polished diamonds over the past five years, the emirate's media office reported. '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,' said Sheikh Hamdan. '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 visited the Dubai Diamond Exchange's tender floors, where he was informed about the trade practices in place for rough and polished diamonds, coloured gemstones and lab-grown stones, the media office added. He also received updates on DMCC's diamond ecosystem, including the expansion of the Gemological Institute of America into DMCC's new district, Uptown Dubai. Along with the visit DMCC unveiled its Strategy 2033, which places specialised industry ecosystems at the heart of its growth for the coming decade. These sectors include hubs in diamonds, gold and energy, as well as platforms for AI, Web3, blockchain and gaming.
Zawya
4 days ago
- Business
- Zawya
Hamdan bin Mohammed visits world's largest diamond tender facility at DMCC
H.H. 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. H.H. 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.' H.H. 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 H.H. 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 H.H. 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 AED3.7 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.
Arabian Business
20-05-2025
- Business
- Arabian Business
Over 1bn carats of diamonds traded through Dubai in past 5 years
More than 1.06bn 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). Almost 179m 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. Dubai diamond trade 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. '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.' 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.
