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UAE to support Zimbabwe as vice-chairman in 2023
The Chairman acknowledged that the UAE is the centre of the global diamond trade. Members of the Kimberley Process international community will gather in the UAE for intersessional and plenary sessions. — photos provided
The UAE will be appointed Kimberley Process Chair in 2024 and Vice-Chair in 2023, the DMCC – the world’s flagship free zone and the Dubai Government’s Commodities Trade and Enterprise Authority – announced on Sunday. The decision was taken following a review of the Kimberley Process plenary meeting in Gaborone, Botswana, which concluded on 5 November.
The Kimberley Process (KP) is an international organization responsible for regulating the global diamond trade. The United Nations established 85 participating countries in 2003 to ensure that unregulated rough diamonds do not enter the legal diamond market in order to finance the conflict. This mandate increases the transparency of the industry by implementing a rigorous certification program. In 2016, the UAE was the first and only Arab country to be named Chairman of the Year.
Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said the Kimberley Process is a global institution committed to enabling trade to flourish in a secure and stable environment for all participants and the societies on which they depend can fully benefit.
“The UAE’s presidency of the Kimberley Process will provide stability and continuity at a time of significant uncertainty and volatility in the market, and we are committed to working with its members to ensure the long-term sustainable growth of the global diamond industry with the highest levels of integrity,” he said. Say.
The UAE’s Kimberley Process Certification Scheme (KPCS) is part of the Ministry of Economy, which in turn authorizes DMCC to manage the country’s rough diamond import and export procedures.
In 2021, the UAE will become the world’s largest trading hub for rough diamonds, with a transaction value of US$22.8 billion. In the first half of this year, the UAE’s diamond trade totaled US$19.8 billion, a record 25% year-on-year increase.
The United Arab Emirates is home to the Dubai Diamond Exchange (DDE) located in Al Masta, Dubai. This building houses the main KP offices in the UAE, ensuring the legal trade of diamonds throughout the country. DDE is the world’s largest diamond tender with more than 1,150 diamond companies, providing members and industry professionals with state-of-the-art infrastructure, facilities, products and services to grow and trade with confidence.
The Dubai Diamond Exchange is an active member of the World Diamond Council, the World Federation of Diamond Bourses, the World Jewellery Federation and the Responsible Jewellery Council.
— muzaffarrizvi@khaleejtimes.com
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