World governments and the global diamond industry gather in UAE for Kimberley Process ‘year of delivery’

The United Arab Emirates (UAE) is taking the lead in the global diamond industry as it chairs the Kimberley Process in 2024 under the theme of “Year of Delivery”. This year’s focus is on the long-term security, efficiency, and operationalization of the Kimberley Process, an international group established by the United Nations in 2003 to regulate the global diamond trade and prevent the entry of unregulated rough diamonds into the legitimate market to finance conflicts.

The UAE, represented by DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, announced the commencement of the Kimberley Process Intersessional Meeting in Dubai next week. The meeting will take place at DMCC’s Uptown Tower headquarters in Uptown Dubai, bringing together diamond industry representatives, civil society, and government officials for a week-long series of discussions and meetings.

As the chair of the Kimberley Process for the second time in 2024, the UAE has secured a historic special plenary session during the intersessional meeting to accelerate decision-making. This special session is crucial for driving discussions and resolutions that are vital for the prosperity of the global diamond community and producer nations, particularly in Africa, which heavily rely on the Kimberley Process.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and the UAE’s Chair of the Kimberley Process for 2024, emphasized the importance of this year’s agenda in shaping the future of the diamond industry. He highlighted the critical juncture at which the industry stands, facing geopolitical pressures and market forces that require decisive action to ensure its long-term sustainability.

The Kimberley Process Certification Scheme (KPCS) in the UAE is overseen by the Ministry of Economy, with DMCC authorized to manage the nation’s import and export procedures for rough diamonds. The UAE has seen significant growth in its diamond trade, with a combined value of USD 38.3 billion in rough and polished diamonds recorded last year.

Dubai is home to the Dubai Diamond Exchange (DDE) at Almas Tower, serving as the main office for the Kimberley Process in the UAE. The DDE is the largest diamond tender facility globally, hosting over 1,300 diamond companies and providing state-of-the-art infrastructure and services for industry professionals to trade with confidence. It is an active member of various international diamond organizations, ensuring the legitimate and responsible trade of diamonds in the region.

The Kimberley Process Intersessional Meeting in Dubai is set to be a pivotal event in shaping the future of the global diamond industry, with the UAE leading the way towards a more secure, efficient, and operationalized Kimberley Process for years to come.