The UAE has revealed that more than 1.06 billion carats of rough and polished diamonds have been traded through Dubai over the past five years, highlighting the emirate’s key role in the global diamond trade. In 2024 alone, the country handled nearly 179 million carats.
The announcement was made by Ahmed Bin Sulayem, the UAE’s Chair of the Kimberley Process (KP), during the UN-mandated Kimberley Process Intersessional Meeting held at DMCC’s Uptown Tower last week.
UAE hosts KP meeting
The high-level gathering brought together hundreds of representatives from governments, industry and civil society. The UAE, currently holding the KP Chairmanship for a third time, also hosted a rare special plenary session—only the second in the KP’s 22-year history.
The UAE introduced Verifico, a digital tool designed to enhance the security and traceability of KP certificates. Developed under the UAE’s leadership, the platform will be made available to all KP participants as part of a broader digital modernisation agenda.
Calls for ministerial talks
In his closing remarks, Bin Sulayem 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.”
He added: “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.”
UAE’s growing diamond role
Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary at the 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.”
The meeting also featured remarks from global industry voices. Feriel Zerouki, President of the World Diamond Council, commended the UAE’s leadership: “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.”
Jaff Bamenjo of the Civil Society Coalition added: “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.”
KP leadership continues
The UAE was the first Arab country to chair the Kimberley Process in 2016 and assumed the role again in 2024. It will continue to lead the group as Custodian Chair in 2025 under the theme “Year of Best Practice,” aiming to strengthen the process’s transparency and effectiveness.
Established in 2003, the Kimberley Process includes 85 member countries working to prevent the flow of conflict diamonds into the global market.
tanvir@dubainewsweek.com
