The UAE is set to chair the Kimberley Process in 2024, with the vice-chair role commencing in 2023.
This decision, made at the Kimberley Process Plenary in Botswana, highlights the UAE’s growing role in the international diamond industry.
Implications for Jewellers
This role may provide stability and continuity during market uncertainties, as expressed by Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC: “The Kimberley Process is a global body that strives to enable trade to flourish in a safe and stable environment so that all participants and their dependent societies can benefit to the full… 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.”
While the direct impact on day-to-day trade is likely to be limited, jewellers worldwide may see an impact on trade dynamics and potentially more stringent ethical sourcing standards due to this leadership change.
Kimberley Process Certification Scheme
In the UAE, the KPCS is managed by the DMCC under the Ministry of Economy, reflecting a well-established system for regulating the diamond trade.
The Dubai Diamond Exchange, part of the infrastructure underpinning the UAE’s Kimberley Process operations, aims to offer a robust system for the legitimate trade of diamonds, which jewellers can rely on for assured quality and compliance.