Dubai has firmly established itself as a significant player in the global diamond trade, with recent statistics confirming that more than 1.06 billion carats of rough and polished diamonds were traded through the city over the past five years. In 2024 alone, 179 million carats were traded. These figures were announced by Ahmed Bin Sulayem, the UAE’s Chair of the Kimberley Process (KP), during the annual Kimberley Process Intersessional Meeting held last week in Dubai.

The Kimberley Process is a United Nations-mandated initiative that involves 85 countries, aimed at preventing conflict diamonds from entering the global market. The UAE currently chairs the KP for the third time, with its term extending into 2025 under the theme “Year of Best Practice.”

In a significant advancement towards transparency in the diamond trade, the UAE has introduced “Verifico,” a digital traceability platform designed to secure and track Kimberley Process certificates across borders. These certificates are vital for ensuring that diamonds entering the global market are conflict-free. Ahmed Bin Sulayem described Verifico as “not just a platform—it’s a promise of transparency,” emphasizing that it is part of a broader mission to modernize the trade amid the urgent need for digital transformation.

According to Gulf News, Bin Sulayem proposed the first-ever ministerial meeting of Kimberley Process participants to convene countries involved in diamond production, trading, and consumption. The aim is to address key challenges within the industry and the KP framework. Dubai has rapidly evolved into a key connector in the diamond supply chain, linking producer countries in Africa with manufacturers in India and retailers in the US and Europe. He pointed out that “there are three markets currently keeping the diamond industry alive,” highlighting the roles of the United States, India, and the UAE.

Safeya Hashem Al Safi, Acting Assistant Undersecretary at the UAE Ministry of Economy, remarked that Dubai’s ascent as a diamond trade hub aligns with the nation’s economic diversification goals. “From humble beginnings, Dubai has grown to become the world’s leading rough diamond trading hub,” she stated. Meanwhile, Feriel Zerouki, President of the World Diamond Council, commended the advancements made under the UAE’s leadership of the KP, particularly in fostering collaboration among stakeholders.

Jaff Bamenjo, representing the Civil Society Coalition, underlined the importance of achieving reform goals and expressed the Coalition’s expectations for meaningful progress in the final year of the current reform cycle. The UAE first chaired the Kimberley Process in 2016 and is the only Arab country to have done so, with its current leadership under Ahmed Bin Sulayem, who also serves as Executive Chairman and CEO of DMCC (Dubai Multi Commodities Centre). The continued focus is on enhancing transparency, efficiency, and cooperation within the Kimberley Process, particularly as it looks ahead to 2025.