Dubai: Over 1bn carats of diamonds traded over 5 years

Over 1.06 billion carats of combined rough and polished diamonds were traded through Dubai in the past five years, according to Ahmed Bin Sulayem, the UAE’s Chair of the Kimberley Process (KP), as reported by WAM on Tuesday.

Almost 179 million carats of rough and polished were traded in 2024 alone, maintaining the UAE’s status as one of the world’s largest diamond trade hubs, added the report.

The numbers were announced during a UN-mandated Kimberley Process Intersessional Meeting, hosted last week in Dubai. In attendance were representatives from governments, industry, and civil society.

“There are three markets currently keeping the diamond industry alive,” Bin Sulayem was quoted as saying by WAM.

“The first is the United States as the largest jewellery retail market, the second is India as the world’s cutting and polishing hub, and the third is the UAE, as the largest rough diamond hub in the world,.”

Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy added, “From humble beginnings, Dubai has grown to become the world’s leading rough diamond trading hub – a position it continues to hold despite recent pressures on diamond prices.”

“This achievement aligns fully with our economic diversification objectives and highlights the strategic importance of diamonds for the UAE, and our commitment to invest in its ecosystem.”

The UAE currently holds the KP Chairmanship for the third time.

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Dubai is no stranger to the trade of valuable commodities.

The ‘City of Gold’ has also been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewellery for adornment and investment, according to Reuters.

Dubai has also become a primary hub for pre-sale displays as well as auctions of rare and special gems by auction houses such as Sotheby’s and Christie’s.

“The Gulf is, in my mind, the core of where the luxury market is headed,” Quig Bruning, head of jewels for Sotheby’s in North America, Europe and the Middle East was quoted as saying by Reuters.

The resource-rich, largely tax-free Gulf, including the UAE’s trade and tourism hub Dubai, has long been a magnet for high-net-worth individuals and the ultra-wealthy.