Page 130 - 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

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Rough diamond trading hub
Safeya Hashem Al Safi, Acting Assistant Undersecretary at the UAE Ministry of Economy, noted that Dubai’s rise as a diamond trade hub aligns with
the country’s economic diversification goals. “From humble beginnings, Dubai has grown to become the world’s leading rough diamond trading hub,”
she said.

Feriel Zerouki, President of the World Diamond Council, acknowledged the progress made under the UAE’s leadership of the KP, particularly in terms
of stakeholder collaboration and reform momentum.

Meanwhile, Jaff Bamenjo, representing the Civil Society Coalition, emphasised the importance of delivering on reform goals. He stated that the
Coalition expects the KP to make meaningful progress during the final year of its current reform cycle.

UAE's role in Kimberley Process

The UAE first chaired the Kimberley Process in 2016 and is the only Arab country to have done so. Its second term as Chair was in 2024, followed by
a continuation into 2025.

Under the leadership of Ahmed Bin Sulayem, who also serves as Executive Chairman and CEO of DMCC (Dubai Multi Commodities Centre), the
UAE aims to build on previous efforts to enhance transparency, efficiency, and cooperation within the Kimberley Process.
The 2025 term is positioned as a continuation of recent initiatives, with a focus on implementing best practices and further strengthening the global
diamond trade’s regulatory environment.

Why this matters for consumers and investors
While most buyers only see the sparkle, diamond traceability is fast becoming a priority for consumers concerned about ethics and origin. For
investors, too, Dubai’s billion-carat milestone signals confidence in the emirate’s status as a global commodities powerhouse—especially as
diamonds begin to emerge as a more structured asset class. As the world moves toward more sustainable and transparent supply chains, the UAE’s
leadership of the Kimberley Process could shape how diamonds are sourced, tracked, and sold for years to come. And if the numbers are anything
to go by, Dubai’s grip on the diamond trade isn’t just holding—it’s sparkling.

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