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), the premier international business district facilitating global trade through Dubai. During this visit, he took a firsthand tour of the Dubai Diamond Exchange (DDE), recognized as the largest diamond tender facility in the world.
Sheikh Hamdan’s visit coincided with a pivotal moment for the UAE’s diamond industry, as DMCC recently announced the remarkable achievement of over 1 billion carats of rough and polished diamonds traded over the past five years. This milestone reinforces DMCC’s position as the dominant force in global diamond trade. Accompanying His Highness during the visit was His Excellency Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Briefing on DMCC’s comprehensive diamond ecosystem
Upon arrival, Sheikh Hamdan was welcomed by His Excellency Dr. Hamad Buamim, chairman of the Board of DMCC; Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC; and Feryal Ahmadi, DMCC’s deputy chief executive officer and chief operating officer. His Highness toured the Dubai Diamond Exchange tender floors, where he learned about the trade practices for rough and polished diamonds, colored gemstones, and lab-grown stones. He also received briefings 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 Sheikh Hamdan stated, “The visit provided the opportunity to see firsthand how DMCC continues to play a central role in driving global trade and investment flows to Dubai, positioning the emirate as a world-class business hub. As we advance our economic diversification journey under the Dubai Economic Agenda D33, DMCC is leading the way in building high-performance, globally connected ecosystems that attract innovation, talent, and capital across priority sectors.”
Additionally, Sheikh Hamdan was updated on the regulatory, policy, and infrastructure advancements that have established the UAE as the leading hub for rough diamond trade worldwide. The accelerated growth of the UAE in polished and lab-grown segments—combined with its leadership role as both Chair and Custodian Chair of the Kimberley Process—has positioned Dubai as a future-ready, innovative, responsible, and globally trusted center of excellence for the diamond industry.
Bold new vision
In conjunction with the visit, DMCC unveiled Strategy 2033—a bold new vision that places its specialized industry ecosystems at the core of its growth for the next decade. From world-leading hubs in diamonds, gold, and energy to future-focused platforms for AI, Web3, blockchain, and gaming, DMCC’s strategy is designed to accelerate the growth of key global sectors through value-added services, including tailored licensing, infrastructure, and access to capital and industry expertise. This strategy builds on a model that has established DMCC as one of the world’s leading and fastest-growing free zones. With momentum increasing across its entire ecosystem, DMCC is on track to exceed 26,000 member companies by year-end.
Considered expansion strategy
DMCC’s success can be attributed to the consistent expansion of both legacy and frontier sectors. Over the past five years, the precious stones ecosystem has surged by 177 percent, precious metals by 74 percent, and energy by 72 percent, while the coffee and tea trade continues to show resilient growth. Simultaneously, DMCC’s newer technology ecosystems have scaled rapidly, reflecting Dubai’s rise as a global center for innovation. This growth period for DMCC now accounts for 15 percent of Dubai’s foreign direct investment and 7 percent of its GDP.
Sheikh Hamdan’s visit also underscored the broader transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into thriving business and lifestyle destinations, highlighting DMCC’s role in shaping the urban and economic landscape of Dubai. Today, DMCC is home to over 25,000 companies and has experienced exponential growth from businesses in emerging industries such as Web3, Crypto, Gaming, and AI.
Building an ecosystem for growth and innovation
The visit concluded with His Highness receiving a deluxe edition of DMCC’s 2024 Future of Trade report, which examines the shifting dynamics of international commerce and forecasts key trends shaping global markets.
Reflecting on His Highness’s visit, His Excellency Dr. Hamad Buamim, Chairman of the Board, DMCC, remarked, “It was an honor to welcome His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC and the Dubai Diamond Exchange today. This visit is a powerful endorsement of DMCC’s role, not only in positioning the UAE as the global leader in diamond trade but also in advancing Dubai’s status as a center of excellence across a wide range of future-focused industries. Through long-term investment, bold policy frameworks, and a commitment to international partnerships, DMCC has built an ecosystem that enables growth across commodities, technology, services, and innovation.
Supporting the national economic agenda
As Dubai accelerates the goals of D33, our integrated model will continue to be central to attracting global business and reinforcing Dubai as a leading hub for international trade.”
Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, added, “It was a privilege to welcome His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC at this historic moment for our diamond industry. As we continue to scale our impact through our world-class districts of JLT and Uptown Dubai, attract global institutions, and lead industry dialogues across sectors, DMCC is shaping the future of trade from the heart of Dubai. From precious stones and energy to emerging fields such as AI, Web3, and blockchain, we are building the connected, future-ready ecosystems that global businesses need to thrive—and we expect to surpass 26,000 companies this year. By driving innovation, integrity, and sustainable growth, DMCC is proud to support the national economic agenda and continue to cement Dubai’s status as a world-leading hub for trade and commerce.”
Feryal Ahmadi, deputy CEO & chief operating officer, DMCC, noted, “From transforming the global tender landscape in diamonds to advancing growth in Web3, AI, and sustainable trade, DMCC is building the next generation of global commerce. His Highness’ visit is a strong validation of DMCC’s Strategy 2033 that will elevate our future-ready, connected ecosystems to ultimately support innovation, ensure resilience, and deliver long-term value. As international markets evolve, Dubai is perfectly positioned to meet the needs of businesses, investors, and entrepreneurs across sectors, reinforcing its reputation as a dynamic, responsible, and forward-looking global hub.”
UAE leads in rough diamond trade
Since 2021, the UAE has led the world in rough diamond trade and is rapidly expanding its presence across polished and lab-grown segments. Polished diamonds now represent nearly half of the total diamond trade value, while the lab-grown segment has exceeded AED3.7 billion in trade in the past year. DMCC has played a foundational role in Dubai’s rise as a global powerhouse for the diamond and precious stones sector. Through the Dubai Diamond Exchange and its wider ecosystem of more than 1,350 member companies, DMCC has built the specialized infrastructure, regulatory support, and international connectivity required to facilitate seamless trade across all diamond segments.
In 2024 alone, the DDE hosted 85 tenders, underscoring its pivotal role as a central platform for the global diamond community. This position is reinforced by the presence of the Kimberley Process Office, the DMCC Vault, and a suite of high-impact networking and industry initiatives, including the Tender Best Practice Forum—all of which ensure the highest standards of security, compliance, and market engagement. Additionally, the expansion of globally renowned institutions such as the Gemological Institute of America (GIA) into Uptown Dubai further cements its status as a world-leading hub for the diamond trade across every segment of the value chain.
Home to over 25,000 member companies
DMCC continues to play a catalytic role in shaping the future of trade across multiple sectors. As home to over 25,000 member companies from 180 countries, DMCC provides cutting-edge infrastructure, regulatory frameworks, and industry-specific ecosystems that support growth in commodities, financial services, and emerging technologies. Through specialized centres such as the DMCC Crypto Centre, the Gaming Centre, the AI Centre, and the Tea and Coffee Centres, DMCC is reinforcing Dubai’s status as a hub for traditional and digital trade while actively enabling the next generation of enterprise, innovation, and global busines
