Over the previous five years, more than 1.06 billion carats of raw and polished diamonds have been handled through Dubai, according to Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and Chair of the Kimberley Process (KP). Nearly 179 million carats were exchanged in 2024 alone.
The numbers were presented at the Dubai-hosted Kimberley Process Intersessional Meeting. Hundreds of important government, business, and civil society partners came together to explore diamond supply chain changes. The UAE is leading the project for the second year in a row and is serving as KP Chair for the third time.
The introduction of Verifico, a digital platform designed to improve the security and traceability of KP certifications, was a major event highlight. All KP participants can use the system, which is essential to the UAE’s efforts to modernize the diamond trade digitally.
In order to discuss important issues affecting the world diamond business, Bin Sulayem asked for the first-ever ministerial conference of KP member nations. He pointed out that the United States, India, and the United Arab Emirates are the three main markets that sustain the diamond business. Bin Sulayem stated, “In order for us all to continue supporting trade growth, resilience, and development, we need the Kimberley Process to stay focused.”
“Diamonds have been crucial to this nation’s growth narrative,” said H.E. Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy, who opened the event. From modest beginnings, Dubai has developed into the world’s most important center for the trading of raw diamonds. This accomplishment demonstrates the strategic significance of diamonds for the United Arab Emirates and our dedication to investing in its ecosystem, which is completely consistent with our goals for economic diversification.
“I would like to take this opportunity to acknowledge the leadership of our KP Chair, Mr. Ahmed Bin Sulayem,” stated Feriel Zerouki, President of the World Diamond Council. It was a great move on his part to designate the past two years as the Year of Delivery and the Year of Best Practice. It gave us the atmosphere and concentration we needed to overcome obstacles that have remained for years. His all-inclusive strategy helped us reach our current state and united the KP family, Participants, and Observers during a pivotal moment.
Speaking on behalf of the Civil Society Coalition, Jaff Bamenjo stated: “The KP Chair’s 2024 tagline, ‘Year of Delivery,’ attracted the attention of the Civil Society Coalition last year. The Coalition anticipates that the KP will implement its changes. To give the necessary reform a fair chance in this final year of the current KP reform cycle, a fresh and coordinated effort is needed.