UAE Reveals 1 Billion Carats Diamond Trade via Dubai

Photo: Dubai Government Media Office

Ahmed Bin Sulayem, who is the current Chair of the Kimberley Process from the United Arab Emirates (UAE), has announced something big: more than 1.06 billion carats of diamonds have been traded through Dubai over the past five years. This includes both rough diamonds (which are not yet cut) and polished diamonds (which are ready to be used in jewelry). In 2024 alone, Dubai traded about 179 million carats, showing that the UAE is still one of the top diamond trading centers in the world.

This announcement was made during an important Kimberley Process Intersessional Meeting held at DMCC’s Uptown Tower in Dubai. The meeting lasted a week and brought together many leaders and experts from different countries, industries, and organizations. This is the third time the UAE has chaired the Kimberley Process, which is a group that works to keep conflict diamonds (diamonds used to fund wars) out of the market.

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One of the main highlights of the meeting was the launch of a new digital system called Verifico. This platform was created under the UAE’s leadership to help track and protect Kimberley Process (KP) certificates. These certificates prove that the diamonds being traded are not used to support conflicts. Verifico is now available for all countries and groups that are part of the KP, as part of the UAE’s goal to make diamond trading more secure and modern.

Another major point discussed was the need for a ministerial-level meeting of KP participants – this means bringing together top government officials from countries that mine, trade, or buy diamonds. The goal of this meeting would be to tackle the biggest problems facing the Kimberley Process and the diamond industry today.

During the closing session, Ahmed Bin Sulayem said, “There are three key players keeping the diamond industry strong: the United States, which is the largest market for diamond jewelry; India, where most diamonds are cut and polished; and the UAE, which is the world’s largest hub for rough diamonds. We are proud to share that over 1.06 billion carats have been traded through Dubai in just five years. We must keep the Kimberley Process focused, so we can support growth and fairness in this industry.”

He also said, “We now need a high-level meeting with ministers from diamond-producing, trading, and buying countries. It’s time to work together to face the big challenges ahead.”

On the first day of the meeting, Her Excellency Safeya Hashem Al Safi, from the UAE Ministry of Economy, spoke about how diamonds have helped the UAE grow. She said, “Dubai started small but has now become the top place in the world for trading rough diamonds. Even though diamond prices have gone down recently, we are still leading. This success matches our plan to grow our economy and shows how important diamonds are to our country.”

Feriel Zerouki, President of the World Diamond Council, praised Ahmed Bin Sulayem’s leadership. She said, “His vision has helped not just the UAE but the whole diamond industry. Calling 2023 the ‘Year of Delivery’ and 2024 the ‘Year of Best Practice’ was a smart idea. It helped us solve long-standing problems. His inclusive leadership brought people closer at an important time.”

Jaff Bamenjo, who represents the Civil Society Coalition, also spoke. He said, “Last year, we were encouraged by the KP Chair’s message: ‘Year of Delivery.’ We now expect the KP to follow through with real changes. This year is the last chance for the current reform cycle, and we must work together to make it happen.”

The UAE made history in 2016 when it became the first and only Arab country to chair the Kimberley Process. The KP is a global group started by the United Nations in 2003, with 85 countries working together to stop conflict diamonds from entering legal trade.

The UAE is leading the Kimberley Process again in 2024, and will continue to lead in 2025 as the Custodian Chair. Under the guidance of Ahmed Bin Sulayem, who is also the Executive Chairman and CEO of DMCC, the 2025 leadership will focus on "Year of Best Practice". This means making the Kimberley Process more effective, open, and trustworthy by building on the success of 2024.

This is a major moment for the global diamond industry, and the UAE is taking the lead in shaping its future.