DMCC – the world’s flagship free zone and Government of Dubai authority on commodities trade and enterprise – announced that the UAE will be appointed chair of the Kimberley Process (KP) in 2024, assuming the role as Vice Chair in 2023. The decision follows the deliberations at the KP Plenary meeting in Gaborone, Botswana that concluded on 5th November. In 2016, the UAE was the first and only Arab country appointed to the annual chairmanship.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “At a time of significant uncertainty and turbulence in the markets, the UAE chairmanship of the Kimberley Process will provide stability and continuity, and we are committed to working with its members to ensure the long-term sustainable growth of the global diamond sector with the highest levels of integrity.”
The Kimberley Process Certification Scheme (KPCS) in the UAE falls under the Ministry of Economy which has, in turn, authorised DMCC to manage the nation’s import and export procedure for rough diamonds.
In 2021 the UAE became the world’s largest rough diamond trade hub, with $22.8 billion traded. In the first half of this year, the UAE recorded $19.8 billion in total diamond trade after a record 25% year-on-year growth.
The Almas Tower, Dubai houses the UAE’s main KP office as well as the Dubai Diamond Exchange, which is home to over 1,150 diamond companies and boasts the largest diamond tender facility in the world.