Page 416 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/14/24, 12:38 PM UAE's diamond trade to hit $40 billion in 2024: Juma Al Kait
Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week, said

that the value of the UAE's diamond trade will exceed $40 billion this year.

Al Kait said that diamonds account for a large share of the UAE's non-oil trade,

exceeding 5.5%, with the value of diamond trade reaching nearly $39 billion in

2023, and during the first half of 2024 it reached about $20 billion.

He stressed the important role that comprehensive trade agreements play in

boosting the UAE's diamond trade, removing barriers and opening up new markets

and opportunities in Asia, Africa, and various countries around the world, noting

that DMCC plays a crucial role in stimulating diamond trade around the world.

In his speech at the conference, Juma Al Kait highlighted the growing role that the

diamond sector plays in the UAE's economy and the sector's continued ability to

innovate and adapt. He noted that the discussions at the conference provide a better

opportunity to understand the challenges facing the sector, as well as identify the

pathways and policies needed to ensure its long-term sustainability.

The UAE will chair the Kimberley Process in 2024 for the second time since it

became the first Arab country to hold this position eight years ago. The growth of
the diamond sector reflects the UAE's position as a global destination for trade and

investment and reinforces its vision to diversify the economy, he indicated.

He said that the UAE's foreign trade agenda is one of the main pillars of these

ambitions, working to raise the total value of non-oil trade to AED 4 trillion by

2031, and increase non-oil exports to AED 800 billion in the same period. He

pointed out that the UAE has adopted an ambitious strategy to enhance the diversity

of supply chains and create new market opportunities for the private sector in all

sectors.

https://www.bignewsnetwork.com/news/274752290/uae-diamond-trade-to-hit-40-billion-in-2024-juma-al-kait 2/3