【Dubai, UAE】One Billion Carats of Diamond Traded Through Dubai in Past Five Years

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Editor’s Note

Recent data confirms Dubai’s pivotal role in the global diamond trade, with over a billion carats traded in the past five years. This sustained volume underscores the UAE’s strategic importance as a leading hub for the industry.

Dubai
Record Trade Volume Announced

Ahmed Bin Sulayem, the UAE’s Chair of the Kimberley Process (KP), has revealed that over 1.06 billion carats of combined rough and polished diamonds were traded through Dubai in the past five years. Nearly 179 million carats of rough and polished diamonds were traded in 2024 alone, maintaining the UAE’s status as one of the world’s largest diamond trade hubs.

Key Meeting and Digital Initiative

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. A key highlight was 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 modernization drive.

Leadership Calls for Action
“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.”

Ahmed Bin Sulayem, the UAE’s Chair of the Kimberley Process, said during the closing session. He continued by calling for a high-level Ministerial meeting of the Kimberley Process to chart a path forward on the most urgent challenges.

Strategic Importance for the UAE
“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.”

Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy, said during her special address.

Industry and Civil Society Perspectives

Feriel Zerouki, President of the World Diamond Council, praised the leadership of the KP Chair, stating his inclusive approach brought the KP family closer together at a critical time.

“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.”

Jaff Bamenjo, representing the Civil Society Coalition, commented.

UAE’s Continued Leadership Role

The UAE was the first and only Arab country to Chair the Kimberley Process in 2016. It chaired the KP for a historic second time in 2024 and will continue to lead as Custodian Chair in 2025. Under the theme “Year of Best Practice”, the UAE’s 2025 chairmanship aims to build on the momentum of its historic 2024 term by enhancing the effectiveness, transparency, and integrity of the KP.

Tatyana Kudrenok
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⏰ Published on: May 20, 2025