UAE News

UAE Assumes Chairmanship of Kimberley Process for Conflict-Free Diamonds

The United Arab Emirates (UAE) has officially taken over the chairmanship of the Kimberley Process (KP), a critical United Nations initiative preventing conflict diamonds from entering the global rough diamond market. 

Ahmed Bin Sulayem, CEO of the Dubai Multi-Commodities Centre (DMCC), serves as the Chair for the second time, following the UAE’s previous chairmanship in 2016.

A ‘Year of Delivery’ Ahead for the Kimberley Process:

In 2024, Bin Sulayem will lead the KP through a ‘Year of Delivery,’ focusing on key initiatives and workstreams. 

This includes operationalizing the permanent secretariat in Botswana, completing the review and reform cycle led by Angola, and the future-proofing of the KP’s operational structure. 

The latter involves transitioning paper-based KP certificates to the blockchain to enhance security and eliminate forgery.

Bin Sulayem emphasized the need for the KP to operate autonomously and with greater efficiency. 

He expressed his commitment to leading the Kimberley Process into a new era of action, emphasizing a collective responsibility to contribute to the stability and prosperity of economies dependent on the diamond trade.

Geopolitical Challenges and Pivotal Year Ahead:

Reflecting on the Zimbabwe-hosted plenary session, Bin Sulayem highlighted geopolitical challenges but emphasized that such obstacles should not impede the vital work of the Kimberley Process. 

He pledged collaborative efforts with all KP members to swiftly translate intentions into action, making 2024 a pivotal year.

UAE’s Deep History and Industry Acumen:

With its deep history in the Kimberley Process, the UAE joined the initiative in 2003 and became the first Arab country to do so. 

The UAE’s chairmanship adds weight to its diamond industry understanding, being the largest importer and exporter of diamonds with KP certificates. 

In 2022, the UAE’s total rough and polished diamond trade rose to $37.4 billion, reinforcing its position as a global hub for the diamond trade.

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