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UAE's Diamond Trade Projected To Surpass $40

Billion In 2024, Says Juma Al Kait

By OneArabia
Published: Monday, November 11, 2024, 17:39 [GST]

The UAE holds the third position globally in diamond trade, following India and the United States. It
contributes over 15% to the worldwide diamond trade. Juma Al Kait, Assistant Undersecretary for
International Trade Affairs at the Ministry of Economy, shared these insights during the Dubai
Diamond Conference. This event was part of Dubai Diamond Week, organised by the Dubai Multi
Commodities Centre (DMCC).
Al Kait revealed that the UAE's diamond trade is expected to surpass $40 billion this year. Diamonds
constitute a significant portion of the UAE's non-oil trade, accounting for more than 5.5%. In 2023,
the diamond trade value reached nearly $39 billion, and in the first half of 2024 alone, it amounted
to approximately $20 billion.

Comprehensive trade agreements are pivotal in enhancing the UAE's diamond trade. These
agreements help eliminate barriers and open new markets and opportunities across Asia, Africa,
and other regions worldwide. DMCC plays an essential role in promoting global diamond trade.

During his speech at the conference, Al Kait emphasised the growing significance of the diamond
sector within the UAE's economy. He highlighted its ability to innovate and adapt continuously. The
conference discussions provided valuable insights into challenges facing the sector and identified
necessary policies for its long-term sustainability.

https://www.onearabia.me/business/uae-diamond-trade-expected-to-reach-40-billion-in-2024-
011-79625.html