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11/14/24, 3:46 PM UAE diamond trade shines, surpassing $40 billion - Finance Middle East

UAE diamond trade shines, surpassing Ü40

billion
The UAE ranks third globally in diamond trade, after India and the US.

Credit: Shutterstock
The UAE has solidified its position as a major player in the global diamond market, with the country’s share in the
international diamond trade exceeding 15%, a notable achievement highlighted by Juma Al Kait, Assistant
Undersecretary for International Trade Affairs at the Ministry of Economy, during the Dubai Diamond Conference.

Al Kait revealed that the UAE’s diamond trade is expected to surpass $40 billion this year, with diamonds
representing a significant portion of the UAE’s non-oil trade, accounting for over 5.5%.

In 2023, the diamond trade value reached nearly $39 billion. In H1 024 alone, it hit approximately $20 billion, he
added. Key to the market’s growth have been the UAE’s Comprehensive Economic Partnership Agreements (CEPA)
with various nations, which removed barriers and opened new markets across Asia, Africa, and beyond.

In his remarks, Al Kait underscored the diamond sector’s growing impact on the UAE’s economy. The Dubai
Diamond Conference serves as a platform to address sector challenges and identify strategies for sustainable
growth. Furthermore, the UAE will chair the Kimberley Process in 2024.

The UAE’s foreign trade agenda aims to elevate non-oil trade to Dh4 trillion by 2031 and increase non-oil exports
to Dh 800 billion. The UAE’s non-oil trade reached Dh1.4 trillion in the first half of 2024, an 11.2% increase
compared to the same period in 2023.

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