UAE's diamond trade to hit $40bn in 2024, says top official
DUBAI, 12 days ago
The UAE ranks third globally in the diamond trade after India and the United States, with a share of more than 15% of total international trade in this sector, reported Wam citing a top government official.
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, stated Juma Al Kait, the Assistant Undersecretary for International Trade Affairs at the Ministry of Economy on the sidelines of the sixth edition of the Dubai Diamond Conference.
The one-day event was organised by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week.
Al Kait said the UAE's non-oil trade reached AED 1.4 trillion in the first half of 2024, an increase of 11.2% compared to the same period in 2023, noting that this continuous growth came amid global trade growth of only 1.5%.
Thanks to this robust growth, the value of diamond trade in UAE will exceed $40 billion this year.
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.
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 added.
