Editor’s Note
This briefing highlights DMCC’s integrated diamond ecosystem, following a recent visit by Dubai’s Crown Prince to the Dubai Diamond Exchange—the world’s largest diamond tender facility.
His Highness 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), the premier international business district facilitating global trade through Dubai. During this visit, he took a firsthand tour of the Dubai Diamond Exchange (DDE), recognized as the largest diamond tender facility in the world.
Sheikh Hamdan’s visit coincided with a pivotal moment for the UAE’s diamond industry, as DMCC recently announced the remarkable achievement of over 1 billion carats of rough and polished diamonds traded over the past five years. This milestone reinforces DMCC’s position as the dominant force in global diamond trade.
Upon arrival, Sheikh Hamdan was welcomed by His Excellency 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. His Highness toured the Dubai Diamond Exchange tender floors, where he learned about the trade practices for rough and polished diamonds, colored 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.
Additionally, Sheikh Hamdan was updated on the regulatory, policy, and infrastructure advancements that have established the UAE as 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 center of excellence for the diamond industry.
In conjunction with the visit, DMCC unveiled Strategy 2033—a bold new vision that places its specialized industry ecosystems at the core of its growth for the next 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-added services, including tailored licensing, infrastructure, and access to capital and industry expertise. This strategy builds on a model that has established DMCC as one of the world’s leading and fastest-growing free zones. With momentum increasing across its entire ecosystem, DMCC is on track to exceed 26,000 member companies by year-end.
DMCC’s success can be attributed to the consistent expansion of both legacy and frontier sectors. Over the past five years, the precious stones ecosystem has surged by 177 percent, precious metals by 74 percent, and energy by 72 percent, while the coffee and tea trade continues to show resilient growth. Simultaneously, DMCC’s newer technology ecosystems have scaled rapidly, reflecting Dubai’s rise as a global center for innovation. This growth period for DMCC now accounts for 15 percent of Dubai’s foreign direct investment and 7 percent of its GDP.
Sheikh Hamdan’s visit also underscored the broader transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into thriving business and lifestyle destinations, highlighting DMCC’s role in shaping the urban and economic landscape of Dubai. Today, DMCC is home to over 25,000 companies and has experienced exponential growth from businesses in emerging industries such as Web3, Crypto, Gaming, and AI.
The visit concluded with His Highness receiving a deluxe edition of DMCC’s 2024 Future of Trade report, which examines the shifting dynamics of international commerce and forecasts key trends shaping global markets.