The UAE ranks third globally in diamond trade after India and the United States, with a share of more than 15 percent of total international trade in this sector. Diamonds account for a large share of the UAE’s non-oil trade, exceeding 5.5 percent, with the value of diamond trade reaching nearly $39 billion in 2023. During the first half of 2024, the value reached about $20 billion.
In statements to WAM on the sidelines of the sixth edition of the Dubai Diamond Conference, Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, said that the value of the UAE’s diamond trade will exceed $40 billion this year.
Trade agreements boost growth
Comprehensive trade agreements play a critical role in boosting the UAE’s diamond trade, removing barriers, and opening up new markets and opportunities in Asia, Africa, and various countries around the world. Notably, DMCC plays a crucial role in stimulating diamond trade around the world.
In his speech at the conference, Al Kait highlighted the growing role that the diamond sector plays in the UAE’s economy and trade, and the sector’s continued ability to innovate and adapt. He noted that the discussions at the conference provide a better opportunity to understand the challenges facing the sector, as well as identify the pathways and policies needed to ensure its long-term sustainability.
UAE chairs the Kimberley Process in 2024
The UAE chairs the Kimberley Process in 2024 for the second time since it became the first Arab country to hold this position eight years ago. The Kimberley Process unites administrations, civil societies, and industry in reducing the flow of conflict diamonds or ‘rough diamonds used to finance wars against governments’ around the world.
Read: Emirates leads ULTRAs 2024 awards as ‘Best Airline in the World’
Global trade and investment hub
The growth of the diamond sector reflects the UAE’s position as a global destination for trade and investment and reinforces its vision to diversify the economy.
Al Kait added that the UAE’s foreign trade agenda is one of the main pillars of these ambitions since it works on raising the total value of non-oil trade to AED4 trillion by 2031. In addition, it seeks to increase non-oil exports to AED800 billion in the same period. Al Kait noted that the UAE has adopted an ambitious strategy to enhance the diversity of supply chains and create new market opportunities for the private sector in all sectors.
The Comprehensive Economic Partnership Agreement (CEPA) program is one of the main pillars of this policy, as it contributes to the consolidation of trade and investment relations with key allies around the world.
Notably, the UAE’s non-oil trade reached AED1.4 trillion in the first half of 2024, an increase of 11.2 percent compared to the same period in 2023. This continuous growth came amid global trade growth of only 1.5 percent.
For more news on logistics, click here.
