MENA Newswire News Desk: The United Arab Emirates (UAE) is set to exceed $40 billion in diamond trade this year, according to Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy. Speaking on the sidelines of the sixth Dubai Diamond Conference, organized by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week, Al Kait highlighted the UAE’s rapid rise in the global diamond market.
The UAE now ranks as the third-largest diamond trade hub globally, following India and the United States, and currently accounts for over 15% of the world’s diamond trade volume. According to Al Kait, diamonds represent a significant portion of the UAE’s non-oil trade, contributing over 5.5% to the sector. In 2023, the UAE’s diamond trade reached nearly $39 billion, and by the first half of 2024, trade in this sector amounted to approximately $20 billion.
Al Kait noted that comprehensive trade agreements have been instrumental in this growth, facilitating access to markets in Asia, Africa, and beyond, while the DMCC has played a crucial role in enhancing the country’s influence in the global diamond sector. During his remarks at the conference, Al Kait underscored the importance of continued innovation and adaptability within the diamond sector for sustainable growth.
He emphasized that discussions at the event offered industry stakeholders a chance to assess ongoing challenges and explore new strategies for ensuring long-term sector viability. In a significant move for 2024, the UAE will once again chair the Kimberley Process, a role it first assumed eight years ago as the first Arab country to hold this position. This achievement reflects the UAE’s status as a prominent global trade and investment destination and aligns with the nation’s ongoing economic diversification agenda.
The UAE’s ambitious foreign trade strategy, aimed at increasing the total value of non-oil trade to AED 4 trillion by 2031, supports these developments. This strategy also targets a rise in non-oil exports to AED 800 billion over the same period. Al Kait mentioned that the UAE is enhancing supply chain diversity and opening up new markets for private sector growth in all economic areas, with diamond trade positioned as a key contributor.
The Comprehensive Economic Partnership Agreements (CEPA) program stands as a cornerstone of the UAE’s economic policy, fostering strengthened trade and investment ties with strategic global partners. According to Al Kait, this initiative plays a critical role in solidifying the UAE’s economic connections and expanding its influence in key markets.
He added that the UAE’s non-oil trade reached AED 1.4 trillion in the first half of 2024, marking an 11.2% year-over-year increase. This growth rate significantly outpaces global trade expansion, which only recorded a 1.5% rise in the same period, underscoring the UAE’s resilience and proactive trade strategies.