Page 129 - MOE ENGLISH PR REPORT - MAY 2025 ( Part 2)

5/26/25, 4:24 PM Dubai traded over 1b carats of rough, polished diamonds in five years

The Kimberley Process is a UN-mandated initiative involving 85 countries, designed to prevent conflict diamonds from entering the global market. The
UAE currently holds the chairmanship of the KP for the third time, continuing into 2025 under the theme “Year of Best Practice.”

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Tech meets tradition
In a major step toward bringing transparency to the centuries-old diamond trade, the UAE also launched “Verifico”, a digital traceability platform
designed to secure and track Kimberley Process (KP) certificates across borders. These certificates are crucial for verifying that diamonds entering
global markets are conflict-free.
“Verifico is not just a platform—it’s a promise of transparency,” said Ahmed Bin Sulayem. “We are offering it to all KP participants as part of our
broader mission to modernise the trade. The time for digital transformation is now.”

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The KP Chair called Verifico a “key driver” in the UAE’s campaign to upgrade global diamond governance, aligning with the country's ongoing digital
ambitions across multiple sectors.

Call for more engagement

Ahmed Bin Sulayem also proposed the first-ever ministerial meeting of Kimberley Process participants. The goal, he said, is to bring together countries
involved in the production, trading, and consumption of diamonds to address key challenges facing the industry and the KP framework.

Once a newcomer to the industry, Dubai has rapidly evolved into a key connector in the diamond supply chain between producer countries in Africa,
manufacturers in India, and retailers in the US and Europe.
“There are three markets currently keeping the diamond industry alive,” he said. “The United States as the largest jewellery retail market, India as the
cutting and polishing hub, and the UAE as the largest rough diamond hub in the world.”

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