【Dubai, Unite】Kimberley Process Addresses Global Diamond Trade Challenges in Dubai

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Editor’s Note

This article reports on the opening of the UN-mandated Kimberley Process intersessional meeting in Dubai, highlighting urgent calls for consensus to strengthen the diamond industry’s governance.

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Intersessional Meeting Opens with Calls for Consensus

The intersessional meeting of the UN-mandated Kimberley Process (KP) opened on Monday in Dubai with strong calls to accelerate consensus and decision-making to ensure the security, efficiency, and long-term operationalization of the industry.

Held at the Uptown Tower, headquarters of the Dubai Multi Commodities Centre (DMCC) free zone, the KP intersessional opening brought together a global gathering of hundreds of representatives from the diamond industry, civil society, and world governments.

The Kimberley Process seeks to end the trade in conflict diamonds, also known as “blood diamonds,” which are used by rebel groups to finance wars against legitimate governments.

UAE’s Leadership and Historical Role

Currently, the United Arab Emirates is chairing the KP in 2024 for the second time in history, under the leadership of DMCC’s Executive Chairman and CEO, Ahmed bin Sulayem.

During his speech, UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, stated:

“For the past 21 years, the Kimberley Process has played a vital role, curbing the trade in conflict diamonds and reducing the incentives for smugglers. By enabling producers to extract the full value of their natural resources, the Kimberley Process has helped countries around the world, particularly in Africa, to use their diamond revenues to develop and prosper. We must continue to focus on consensus and collaboration and ensure we strengthen and refine the body’s functioning within the review and reform cycle.”
Industry Perspectives and Mid-Year Decisions

For his part, the President of the World Diamond Council, Feriel Zerouki, analyzed key trends in the global diamond industry and urged participants to advance during the intersessional week.

“For the first time in KP history, it will be possible to make decisions mid-year and, in this way, drive progress.”

The United Arab Emirates was the first and only Arab country to chair the Kimberley Process, the international group responsible for 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 market as a means of financing conflicts.

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⏰ Published on: May 14, 2024