UAE Diamond Trade to Surpass $40 Billion in 2024, Strengthening Global Market Position

UAE, 12 November, 2024 : The UAE’s diamond trade is set to exceed $40 billion this year, cementing the nation's position as a global leader in the sector. Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy, announced this projection during the sixth Dubai Diamond Conference, organized by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week.

Al Kait highlighted the UAE's standing as the world’s third-largest diamond trading hub, following India and the United States, and accounting for more than 15% of global diamond trade. Diamonds represent over 5.5% of the UAE’s non-oil trade, with the sector reaching nearly $39 billion in 2023 and already hitting $20 billion in the first half of 2024.

Al Kait emphasized the role of comprehensive trade agreements in propelling the UAE’s diamond trade by reducing barriers and expanding market access across Asia, Africa, and other regions. He noted that the DMCC plays a pivotal role in stimulating global diamond trade and that the ongoing discussions at the conference support industry resilience and long-term sustainability.

In 2024, the UAE will chair the Kimberley Process for a second time, showcasing its leadership in responsible diamond trade. Al Kait underlined that the nation’s foreign trade agenda aims to increase non-oil trade to AED 4 trillion and exports to AED 800 billion by 2031, with the Comprehensive Economic Partnership Agreements (CEPA) driving these ambitions.

The UAE recorded AED 1.4 trillion in non-oil trade in the first half of 2024, marking an 11.2% rise compared to the previous year, despite global trade growth of just 1.5%. This growth underscores the UAE's strategy to diversify supply chains and strengthen trade and investment relations globally.

Source  : www.zawya.com