Diamonds are now contributing 5.5% of the United Arab Emirates non-oil trade, according to a senior government official.
Chief Trade Negotiator for the UAE and Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy Juma Al Kait told a Dubai Diamond Conference that the growth of the diamond sector in the UAE reflects their role as a global trade hub, industry, and investment, and supports their vision of economic diversification.
He said UAE’s non-oil foreign trade reached AED1.4 trillion ($381.2 billion) in the first half of 2024, an 11.2% increase in foreign exchange compared to the first half of 2023.
It was also the sixth consecutive half-year period of foreign trade growth.
“It comes against a global trade growth of just 1.5% in parallel to increasing trade in our status as a magnet for foreign direct investment, which surged 55% in 2023,” he said.
“Our ability to attract all forms of capital, human, financial, and technology is helping to create new industry sectors, inspire new capabilities, and establish clusters of excellence.”
Al Kait said that the UAE was a place that could facilitate expansion and reward the ambitious players in the diamond industry.
“The energy and enthusiasm of everyone here has helped place the UAE as the heart of the global diamond industry,” he said.
“And by working together, sharing knowledge and confronting issues with courage and creativity, that influence will only continue to grow.”
Al Kait said the Comprehensive Economic Partnership Agreement (CEPA) programme, which it has so far signed with 15 partners is opening up a sizeable opportunity for the diamond sector.
Its latest agreement was signed last week with Australia where the diamond industry is undergoing a strong revival.
“As diamonds now contribute 5.5% of the UAE non-oil trade, this programme is opening up a sizeable opportunity for the sector here,” he said.
“With the further CEPA concluded and with more to follow in the coming months, our trade reach will only continue to grow and in fact, it's already being felt”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished, from Dubai, United Arab Emirates
