Dubai: The UAE ranks third globally in the diamond trade after India and the United States, with a share of more than 15% of total international trade in this sector. Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, shared insights during the sixth edition of the Dubai Diamond Conference, organized by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week, stating that the value of the UAE’s diamond trade will exceed $40 billion this year.
According to Emirates News Agency, Al Kait revealed that diamonds account for a large share of the UAE’s non-oil trade, exceeding 5.5%, with the value of diamond trade reaching nearly $39 billion in 2023, and during the first half of 2024 it reached about $20 billion. He emphasized the significant role comprehensive trade agreements play in enhancing the UAE’s diamond trade, by removing barriers and opening up new markets and opportunities in Asia, Africa, and various countries worldwide, noting that DMCC p
lays a crucial role in stimulating diamond trade globally.
In his address at the conference, Juma Al Kait highlighted the expanding role that the diamond sector plays in the UAE’s economy, and its continued ability to innovate and adapt. He pointed out that the discussions at the conference offer a valuable opportunity to understand the challenges facing the sector, as well as identify the pathways and policies needed to ensure its long-term sustainability.
The UAE will chair the Kimberley Process in 2024 for the second time since becoming the first Arab country to hold this position eight years ago. The growth of the diamond sector underscores the UAE’s status as a global destination for trade and investment and supports its vision to diversify the economy, he indicated.
He mentioned that the UAE’s foreign trade agenda is a key pillar of these ambitions, aiming to raise the total value of non-oil trade to AED 4 trillion by 2031, and increase non-oil exports to AED 800 billion in the same period. He highli
ghted that the UAE has adopted a strategy to enhance the diversity of supply chains and create new market opportunities for the private sector across all sectors.
The Comprehensive Economic Partnership Agreements (CEPA) programme is a cornerstone of this policy, contributing to the strengthening of trade and investment relations with key allies worldwide, he added. He also noted that the UAE’s non-oil trade reached AED 1.4 trillion in the first half of 2024, marking an increase of 11.2% compared to the same period in 2023, amidst a global trade growth of only 1.5%.
