Editor’s Note
This visit by Dubai’s Crown Prince to the world’s largest diamond tender facility underscores the emirate’s pivotal role in the global diamond trade, highlighted by the DMCC’s recent milestone of over one billion carats traded.
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). He took a first-hand tour of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world. The visit coincided with DMCC announcing the milestone of over 1 billion carats of rough and polished diamonds traded over the past five years, reinforcing its position as a dominant force in global diamond trade.
During the tour of the tender floors, His Highness was briefed on trade practices for rough and polished diamonds, coloured gemstones, and lab-grown stones. He also received updates on DMCC’s comprehensive diamond ecosystem, including the strategic expansion of the Gemological Institute of America (GIA) into DMCC’s new district, Uptown Dubai.
His Highness was updated on the regulatory, policy, and infrastructure advancements that have propelled the UAE to become the leading hub for rough diamond trade worldwide. The UAE’s accelerated growth in polished and lab-grown segments, combined with its leadership role in 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 Strategy 2033, a bold new vision that places its specialised industry ecosystems at the heart of its growth for the coming decade. The strategy aims to accelerate the growth of key global sectors, from diamonds and gold to AI, Web3, blockchain, and gaming, through value-add services.
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%. DMCC now accounts for 15% of Dubai’s foreign direct investment and 7% of its GDP, and is home to over 25,000 companies.
The visit concluded with His Highness being presented with a deluxe edition of DMCC’s 2024 Future of Trade report, which explores the shifting dynamics of international commerce.