- | 11:00 am
UAE diamond trade projected to reach $40 billion in 2024
The UAE ranks third globally in diamond trade, holding over 15% of the international market, behind India and the United States.
Solidifying its position as a global leader in diamond trade, the UAE ranks third worldwide, behind India and the United States. With over 15% of the international diamond trade, the sector has become a key driver of the nation’s non-oil economy.
In 2023, the UAE’s diamond trade reached nearly $39 billion, with approximately $20 billion recorded in the first half of 2024. According to Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, this figure is expected to surpass $40 billion by the end of 2024.
Al Kait attributed this growth to comprehensive trade agreements that have removed barriers and opened new markets, especially in Asia and Africa, with DMCC playing a crucial role in promoting the global diamond trade.
He also emphasized the growing importance of the diamond industry in the UAE’s economy, highlighting its adaptability and innovation. He noted that discussions at the conference offer insights into challenges and provide pathways to ensure the sector’s long-term sustainability.
The UAE’s commitment to ethical and sustainable practices is further demonstrated by its chairmanship of the Kimberley Process in 2024. This international initiative aims to prevent the trade of conflict diamonds and promote transparency within the diamond industry.
Al Kait highlighted the UAE’s ambitious foreign trade goals, aiming to raise non-oil trade to over $1 trillion by 2031 and boost non-oil exports to $217.8 billion. The Comprehensive Economic Partnership Agreement (CEPA) program is key to strengthening global trade ties.
In the first half of 2024, the UAE’s non-oil trade reached $381 billion, an 11.2% increase from the previous year, outpacing global trade growth of just 1.5%.
Featured Videos
Today's Top Stories:
More Top Stories:
FROM OUR PARTNERS
