UAE to chair Kimberley Process in 2024
The UAE will assume chairmanship of the Kimberley Process (KP) in 2024, industry stakeholders announced at a recently concluded KP plenary meeting in Botswana.
Zimbabwe will chair KP next year, with the UAE acting as vice chair, according to the Dubai Multi Commodities Centre (DMCC). The Kimberley Process, established by the United Nations in 2003, is tasked to prevent unregulated rough diamonds from entering the world market through a certification scheme.
As 2024 chair, the UAE will host intersessional and plenary meetings among KP members. The UAE was first named KP chairman in 2016.
“At a time of significant uncertainty and turbulence in the markets, the UAE chairmanship of the Kimberley Process will provide stability and continuity,” Ahmed Bin Sulayem, executive chairman and CEO of DMCC, commented. “We are committed to working with its members to ensure the long-term sustainable growth of the global diamond sector with the highest levels of integrity.”
The UAE is a leading player in the global diamond industry, with diamond trade rising 25 per cent year on year to US$19.8 billion in the first half of 2022. Its overall diamond trade in 2021 reached US$22.8 billion.