147 billion dirhams, the expected value of the UAE’s diamond trade by the end of 2024

The UAE ranks third globally in diamond trade, after India and the United States, with a share exceeding 15% of total international transactions in this sector.

In a statement to the Emirates News Agency (WAM), on the sidelines of the activities of the sixth edition of the Dubai Diamond Conference, organized by the Dubai Multi Commodities Center as part of the “Dubai Diamond Week” activities, the Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, Juma Al Kait, expected that the value of trade would exceed The country received $40 billion (147 billion dirhams) of diamonds during the current year.

Al Kait said, “Diamonds account for a large share of the UAE’s non-oil trade, exceeding 5.5%, as the value of diamond trade reached about $39 billion in 2023, and during the first half of 2024 it reached about $20 billion.”

He stressed the importance of the major role that comprehensive trade agreements play in enhancing the UAE’s trade in diamonds, and in removing obstacles and opening new markets and opportunities in Asia, Africa, and various countries around the world, noting that the Dubai Multi Commodities Center plays a decisive role in stimulating diamond trade around the world.

In his speech during the conference, Juma Al Kait highlighted the growing role played by the diamond sector in the UAE economy, and the sector’s continuous ability to innovate and adapt, noting that the discussions at the conference provide a better opportunity to understand the challenges facing the sector, as well as determine the necessary paths and policies. To ensure its long-term sustainability.

In this context, he pointed out that the UAE will chair the “Kimberley Process” for the year 2024, for the second time since it became the first Arab country to hold this position eight years ago, stressing that the growth of the diamond sector reflects the UAE’s position as a global destination for trade and investment, and enhances its vision to diversify the economy.

He said that the UAE’s non-oil trade reached 1.4 trillion dirhams in the first half of 2024, an increase of 11.2% compared to the same period in 2023, noting that this continued growth came amid global growth in trade that did not exceed only 1.5%.