UAE Ranks Third Globally in Diamond Trade with $40 Billion

The UAE ranks third globally in diamond trade, following India and the United States, holding over 15% of global transactions in the sector. Jumaa Al-Kait, Assistant Undersecretary for International Trade at the Ministry of Economy, expects the country's diamond trade to surpass $40 billion this year. Diamonds account for a significant share of the UAE's non-oil trade, over 5.5%, with the value of diamond trade reaching nearly $39 billion in 2023 and approximately $20 billion in the first half of 2024. During the 6th Dubai Diamond Conference, Al-Kait emphasized the growing role of the diamond sector in the UAE's economy, highlighting the industry's innovation and adaptability. He also noted that the UAE is chairing the Kimberley Process for 2024, marking the second time it has led this initiative since becoming the first Arab country to do so eight years ago.