Dubai: DMCC on Sunday announced that the UAE will be appointed chair of the Kimberley Process in 2024, assuming the role of Vice Chair in 2023. The decision follows the deliberations at the Kimberley Process Plenary meeting in Gaborone, Botswana that concluded on November 5.
The Kimberley Process is an international group tasked with regulating the global diamond trade. Established in 2003 by the UN, 85 participating countries seek to ensure that unregulated rough diamonds do not enter the legitimate diamond market as a means to finance conflict. This mandate has fostered greater transparency in the industry by implementing a rigorous certification scheme. In 2016, the UAE was the first and only Arab country appointed to the annual chairmanship.
Ahmed Bin Sulayem, Executive Chairman and CEO, said: “The Kimberley Process is a global body that strives to enable trade to flourish in a safe and stable environment so that all participants and their dependent societies can benefit to the full. At a time of significant uncertainty and turbulence in the markets, the UAE chairmanship of the Kimberley Process will provide stability and continuity, and we are committed to working with its members to ensure the long-term sustainable growth of the global diamond sector with the highest levels of integrity.”
In 2021, the UAE became the world’s largest rough diamond trade hub, with $22.8 billion traded. In the first half of this year, the UAE recorded $19.8 billion in total diamond trade after a record 25 per cent year-on-year growth.
The UAE is home to the Dubai Diamond Exchange (DDE) at Almas Tower, Dubai. The DDE is the largest diamond tender facility in the world and home to over 1,150 diamond companies, providing members and industry professionals with state-of-the-art infrastructure, facilities, products, and services to grow and trade with confidence.
