emirates7 - The UAE ranks third globally in diamond trade, following India and the United States, with a share exceeding 15% of total international trade in this sector.
Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, shared with the Emirates News Agency (WAM) during the sixth Dubai Diamond Conference, organized by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week, that the value of the UAE's diamond trade is expected to surpass $40 billion in 2024.
Al Kait explained that diamonds represent a significant portion of the UAE's non-oil trade, making up more than 5.5%. In 2023, the diamond trade's value reached nearly $39 billion, with approximately $20 billion in trade during the first half of 2024.
He highlighted the crucial role of comprehensive trade agreements in boosting the UAE's diamond trade by eliminating barriers and opening new markets in Asia, Africa, and beyond. He also noted that DMCC plays a pivotal role in driving the global diamond trade.
In his speech at the conference, Al Kait emphasized the growing significance of the diamond sector to the UAE economy and its ongoing innovation. He mentioned that the discussions at the conference were essential for understanding sector challenges and identifying the policies necessary for its long-term sustainability.
The UAE is set to chair the Kimberley Process in 2024 for the second time, having first held this position eight years ago as the first Arab nation. The expansion of the diamond sector reflects the UAE’s standing as a global hub for trade and investment and supports its goal of economic diversification.
Al Kait also outlined the UAE’s foreign trade strategy, which aims to increase non-oil trade to AED 4 trillion by 2031 and raise non-oil exports to AED 800 billion during the same period. He noted that the UAE has adopted an ambitious strategy to diversify supply chains and new opportunities for the private sector across all industries.
The Comprehensive Economic Partnership Agreements (CEPA) program is a key component of this strategy, strengthening trade and investment ties with important global partners.
Furthermore, Al Kait highlighted that the UAE’s non-oil trade reached AED 1.4 trillion in the first half of 2024, marking an 11.2% increase compared to the same period in 2023, in contrast to the global trade growth of just 1.5%.
Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, shared with the Emirates News Agency (WAM) during the sixth Dubai Diamond Conference, organized by the Dubai Multi Commodities Centre (DMCC) as part of Dubai Diamond Week, that the value of the UAE's diamond trade is expected to surpass $40 billion in 2024.
Al Kait explained that diamonds represent a significant portion of the UAE's non-oil trade, making up more than 5.5%. In 2023, the diamond trade's value reached nearly $39 billion, with approximately $20 billion in trade during the first half of 2024.
He highlighted the crucial role of comprehensive trade agreements in boosting the UAE's diamond trade by eliminating barriers and opening new markets in Asia, Africa, and beyond. He also noted that DMCC plays a pivotal role in driving the global diamond trade.
In his speech at the conference, Al Kait emphasized the growing significance of the diamond sector to the UAE economy and its ongoing innovation. He mentioned that the discussions at the conference were essential for understanding sector challenges and identifying the policies necessary for its long-term sustainability.
The UAE is set to chair the Kimberley Process in 2024 for the second time, having first held this position eight years ago as the first Arab nation. The expansion of the diamond sector reflects the UAE’s standing as a global hub for trade and investment and supports its goal of economic diversification.
Al Kait also outlined the UAE’s foreign trade strategy, which aims to increase non-oil trade to AED 4 trillion by 2031 and raise non-oil exports to AED 800 billion during the same period. He noted that the UAE has adopted an ambitious strategy to diversify supply chains and new opportunities for the private sector across all industries.
The Comprehensive Economic Partnership Agreements (CEPA) program is a key component of this strategy, strengthening trade and investment ties with important global partners.
Furthermore, Al Kait highlighted that the UAE’s non-oil trade reached AED 1.4 trillion in the first half of 2024, marking an 11.2% increase compared to the same period in 2023, in contrast to the global trade growth of just 1.5%.