Page 146 - MOE ENGLISH PR REPORT - MAY 2025 ( Part 2)

5/26/25, 4:26 PM Dubai's Diamond Trade Surpasses 1 Billion Carats in Five Years - UPPERNEWS: UAE news, Dubai news, technology news
The Kimberley Process is a United Nations-mandated initiative that involves 85 countries, aimed at preventing
conflict diamonds from entering the global market. The UAE currently chairs the KP for the third time, with its term
extending into 2025 under the theme “Year of Best Practice.”

In a significant advancement towards transparency in the diamond trade, the UAE has introduced “Verifico,” a digital
traceability platform designed to secure and track Kimberley Process certificates across borders. These certificates
are vital for ensuring that diamonds entering the global market are conflict-free. Ahmed Bin Sulayem described
Verifico as “not just a platform—it’s a promise of transparency,” emphasizing that it is part of a broader mission to
modernize the trade amid the urgent need for digital transformation.

According to Gulf News, Bin Sulayem proposed the first-ever ministerial meeting of Kimberley Process participants to
convene countries involved in diamond production, trading, and consumption. The aim is to address key challenges
within the industry and the KP framework. Dubai has rapidly evolved into a key connector in the diamond supply
chain, linking producer countries in Africa with manufacturers in India and retailers in the US and Europe. He pointed
out that “there are three markets currently keeping the diamond industry alive,” highlighting the roles of the United
States, India, and the UAE.

Safeya Hashem Al Safi, Acting Assistant Undersecretary at the UAE Ministry of Economy, remarked that Dubai’s
ascent as a diamond trade hub aligns with the nation’s economic diversification goals. “From humble beginnings,
Dubai has grown to become the world’s leading rough diamond trading hub,” she stated. Meanwhile, Feriel Zerouki,
President of the World Diamond Council, commended the advancements made under the UAE’s leadership of the
KP, particularly in fostering collaboration among stakeholders.

Jaff Bamenjo, representing the Civil Society Coalition, underlined the importance of achieving reform goals and
expressed the Coalition’s expectations for meaningful progress in the final year of the current reform cycle. The UAE
first chaired the Kimberley Process in 2016 and is the only Arab country to have done so, with its current leadership
under Ahmed Bin Sulayem, who also serves as Executive Chairman and CEO of DMCC (Dubai Multi Commodities
Centre). The continued focus is on enhancing transparency, efficiency, and cooperation within the Kimberley
Process, particularly as it looks ahead to 2025.

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