Dubai’s diamond industry is poised for a busy and important year in 2024, with various key events scheduled to take place. The Kimberley Process’ intersessional meeting is set to happen at Dubai’s Uptown Tower, followed by the Dubai Diamond Week, KP Plenary Session, JGT Dubai trade show, and DMCC’s Dubai Diamond Conference. The trade figures for Dubai in 2023 showed a two per cent year-on-year growth in the value of rough and polished diamonds, reaching $38.3 billion, with the UAE’s polished market accounting for 44 per cent of the total trade value.
As the chair of the Kimberley Process for 2024, the UAE has been leading efforts to modernize and strengthen the KP under the ‘Year of Delivery’ program. The intersessional meeting will serve as a crucial milestone for review and action, with a special plenary session added for the first time to expedite decision-making. The focus will be on combating smuggling and empowering African nations to retain the value of their natural resources, with keynote speeches by the WCO highlighting the benefits of these efforts.
The current Russia-Ukraine conflict poses challenges for consensus within the KP, and policies such as the G7’s Russian import restrictions have negatively impacted the diamond industry. To address these issues, the DMCC is hosting a special forum focusing on providence, traceability, and technology, showcasing solutions that align with political and economic objectives without disrupting the industry. With 80 nations going to the polls in 2024, staying apolitical will be crucial for ensuring beneficial outcomes for all stakeholders.
The issue of arms trafficking and its connection to the precious stones and rare minerals markets has been raised, highlighting the need for comprehensive regulation and transparency in the industry. While the KP has made significant progress in enhancing traceability and international cooperation for diamonds, similar efforts are needed to address the flow of arms into conflict-ridden regions. Establishing a body to transparently address this issue and dismantle illegal arms trade is essential for global security.
Acknowledging the successes and milestones of the KP to date, including the appointment of Bojun Tang as executive secretary and the progress made in reducing conflict diamonds, digitization, and increased market transparency, is crucial. As the KP Certification Scheme turns 21, efforts to enhance traceability through digitization and blockchain technology will further strengthen the industry’s ability to eliminate conflict diamonds and ensure fair revenues for producing nations.
Dubai’s diamond industry is at the forefront of innovation and progress, with events like the Dubai Diamond Week and KP Plenary Session highlighting the city’s role as a global hub for the diamond trade. The UAE’s leadership in strengthening the Kimberley Process and supporting initiatives to empower producing nations underscores its commitment to ethical and sustainable practices in the diamond industry. As the industry continues to evolve, collaboration and technological advancements will play a key role in shaping its future.
