The UAE has solidified its position as a top global player in the diamond trade, ranking third worldwide after India and the United States and capturing more than 15% of the total international market share.
The country’s diamond trade is projected to exceed $40 billion by the end of 2024, according to Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy.
Al Kait shared these insights during the sixth edition of the Dubai Diamond Conference, organized by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week. He emphasized that diamonds contribute significantly to the UAE’s non-oil trade, accounting for over 5.5%, with a 2023 trade value near $39 billion and around $20 billion already achieved in the first half of 2024.
The UAE's active role in fostering international trade agreements has opened up new markets in Asia, Africa, and beyond. As the UAE prepares to chair the Kimberley Process for the second time, Al Kait highlighted the DMCC's pivotal role in facilitating global diamond trade and innovation within the sector.
As part of the UAE’s broader economic vision, the government aims to boost non-oil trade to AED 4 trillion by 2031 and increase exports to AED 800 billion. The Comprehensive Economic Partnership Agreements (CEPA) program underpins this strategy, strengthening trade ties with key global partners. In the first half of 2024, the UAE’s non-oil trade reached AED 1.4 trillion, marking an 11.2% growth, significantly outpacing the global trade growth rate of 1.5%. This success underscores the UAE’s position as a thriving global hub for trade and investment.
News Source: Emirates News Agency
