UAE Diamond Powerhouse Surpasses One Billion Carats Traded

United Arab Emirates Gems News: Dubai Shines as Global Diamond Trade Epicenter Dubai has once again cemented its status as a global diamond titan, with Ahmed Bin Sulayem, Chair of the Kimberley Process (KP) and Executive Chairman and CEO of DMCC, revealing that over 1.06 billion carats of diamonds—both rough and polished—were traded through the UAE over the past five years. The staggering figure includes 179 million carats in 2024 alone, underscoring the Emirate’s continued dominance as one of the world’s largest rough diamond hubs.

Title: More than 1.06 billion carats of diamonds was traded through the UAE in the past 5 years
Image Credit: StockShots

This milestone was announced during the recent Kimberley Process Intersessional Meeting held at the iconic Uptown Tower in Dubai. The week-long event gathered hundreds of high-level representatives from 85 KP member countries, including government officials, industry leaders, and civil society groups. Midway through the gathering, this United Arab Emirates Gems News report highlighted a groundbreaking development: the unveiling of Verifico, a new digital traceability platform created under the UAE’s KP chairmanship. Verifico aims to modernize the global diamond trade by enhancing the security and transparency of KP certificates.

Digital Innovation and Global Call to Action

Verifico will soon be made available to all KP participants, aligning with the UAE’s broader push toward digital modernization in the gemstone industry. Beyond technological advancements, the UAE used the platform of the Intersessional Meeting to call for an unprecedented global ministerial summit of all KP participant nations. This proposed summit seeks to address urgent challenges facing the international diamond trade and ensure the KP’s continued relevance in a rapidly evolving market.

Ahmed Bin Sulayem emphasized the critical role played by three markets in sustaining the global diamond industry: the United States, as the largest retail jewelry market; India, as the primary cutting and polishing center; and the UAE, as the global leader in rough diamond trading. “To support continued trade growth and resilience,” Bin Sulayem said, “we must keep the Kimberley Process sharply focused and politically engaged.”

Dubai’s Strategic Role and Commitment

The UAE’s journey with the Kimberley Process began in 2016 when it became the first Arab nation to chair the body. It returned to the chair in 2024 and will continue to lead into 2025 under the theme “Year of Best Practice.” This ongoing leadership reflects the country’s unwavering commitment to upholding transparency, compliance, and ethical standards across the international diamond pipeline.

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Title: Ahmed Bin Sulayem, Chair of the Kimberley Process

Image Credit: DMCC

Her Excellency Safeya Hashem Al Safi of the UAE Ministry of Economy noted during the opening ceremony that diamonds have played a pivotal role in the UAE’s economic diversification and growth. “From humble beginnings, Dubai now stands as the world’s top rough diamond trading hub. Our leadership in this field is aligned with national strategies that prioritize innovation and long-term sustainability.”

Industry Applauds UAE’s Leadership

Feriel Zerouki, President of the World Diamond Council, praised Bin Sulayem’s leadership, calling his two-year vision—first “Year of Delivery,” now “Year of Best Practice”—a transformative force within the KP. “His inclusive strategy brought participants and observers closer together, making real reform possible,” she said.

Civil society voices also weighed in. Jaff Bamenjo, representing the Civil Society Coalition, acknowledged the KP Chair’s reforms and urged stakeholders to push ahead in the final year of the current KP reform cycle.

The UAE’s continued stewardship of the Kimberley Process not only reinforces its leadership in the global gem trade but also highlights the country’s dedication to building a more ethical and transparent diamond industry. Its innovations, political engagement, and strategic foresight are laying the groundwork for a more sustainable future in the gem trade—one carat at a time.

The UAE’s leadership within the Kimberley Process is shaping not only policy but also practice, positioning Dubai as the nerve center for change in a multibillion-dollar global industry. With Verifico set to enhance traceability and accountability across borders, and a ministerial summit on the horizon, the UAE is ensuring the diamond trade becomes more secure, ethical, and future-ready. Its legacy will not just be measured in carats but in the transformative impact it leaves on the global trade ecosystem.

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