More than 1.06 billion carats of rough and polished diamonds have passed through Dubai over the past five years, cementing the city’s status as a global diamond powerhouse. In 2024 alone, nearing 179 million carats were traded, according to Ahmed Bin Sulayem, Chair of the Kimberley Process (KP) and Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC).
The announcement was made during the Kimberley Process Intersessional Meeting, hosted in Dubai, where global stakeholders from government, industry, and civil society gathered to discuss the future of the international diamond trade and ongoing reform efforts.
This year marks the UAE’s third term—and second consecutive year—chairing the Kimberley Process, a multilateral initiative aimed at eliminating the trade in conflict diamonds. Under its leadership, the UAE has sought to modernize and strengthen the global diamond supply chain.
A major highlight of the meeting was the official launch of Verifico, a digital platform developed by the UAE to enhance the traceability and security of KP certificates. The platform is now being made available to all KP participants, representing a significant step toward the digital transformation of the diamond certification process.
“Verifico is a critical tool for ensuring transparency and security in our industry. It reflects the UAE’s commitment to innovation and progress within the Kimberley Process,” said Bin Sulayem. He also proposed convening the first-ever ministerial meeting of KP member countries to address key challenges facing the diamond sector.
Highlighting the global market dynamics, Bin Sulayem stressed the importance of collaboration among leading consumer and trading nations. “There are three key markets keeping the diamond industry alive: the US, India, and the UAE. We need the Kimberley Process to remain focused, so that all of us can continue to support trade growth, resilience, and development,” he noted.
In her opening remarks, H.E. Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy, emphasized the strategic role of diamonds in the UAE’s economic vision. “Diamonds have been central to this nation’s growth narrative. From humble beginnings, Dubai has grown to become the world’s leading rough diamond trading hub. This aligns fully with our economic diversification objectives and reflects our ongoing investment in the diamond ecosystem,” she said.
The UAE’s leadership was also praised by Feriel Zerouki, President of the World Diamond Council, who commended the nation’s efforts in driving collaboration and reform momentum within the Kimberley Process.
Meanwhile, Jaff Bamenjo, representing the Civil Society Coalition, underlined the need for tangible outcomes in the KP’s reform journey. “The Coalition expects the KP to make meaningful progress during the final year of its current reform cycle,” he stated.
