The global diamond industry, civil society and world governments will gather in Dubai next week for the Kimberley Process mid-year intersessional meeting.

 

This was announced by DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise.

 

The KP Intersessional, taking place in DMCC’s Uptown Tower headquarters in Uptown Dubai, will see a global gathering of diamond industry representatives, civil society and world governments arrive in Dubai for a week-long series of meetings and discussions. The UAE is currently chairing the UN-mandated KP for a historic second time in 2024.

 

Mid-year stocktake

The five-day intersessional meeting serves as a crucial mid-year stocktake in this year's KP programme, offering a platform for members and participants to assess progress and tackle pressing issues impacting the global diamond trade. Under the UAE’s 2024 programme titled “Year of Delivery”, which is focused on delivering concrete results to secure the body’s long-term security, efficiency and operationalisation, the UAE has secured a historic special plenary to accelerate decision-making during the week. 

 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, who is also the UAE’s Chair of the Kimberley Process for 2024, said: “With a confluence of geopolitical pressures and market forces, the global diamond industry stands at a critical juncture. The intersessional gives us a golden opportunity to propel our agenda forward and take decisions to drive the long-term future of the Kimberley Process for 2024 and beyond. This is why I am delighted that the UAE has secured a special plenary session, which will fast-track our ability to drive discussions and resolutions which are critical for the prosperity of the global diamond community and producer nations, especially Africa that depend on the Kimberley Process.”

 

The Kimberley Process (KP) is an international group tasked with regulating the global diamond trade. Established in 2003 by the United Nations, 85 participating countries seek to ensure that unregulated rough diamonds do not enter the legitimate diamond market as a means to finance conflict. In 2016, the UAE was the first and only Arab country appointed to the annual Chairmanship.

 

Kimberley Process Certification Scheme

The Kimberley Process Certification Scheme (KPCS) in the UAE falls under the Ministry of Economy, which has, in turn, authorised DMCC to manage the nation’s import and export procedures for rough diamonds. Last year, the UAE recorded multiple year growth for its trade in rough and polished diamonds which reached a combined value of $38.3 billion.

 

The UAE is home to the Dubai Diamond Exchange (DDE) at Almas Tower, Dubai. This building houses the UAE’s main KP office, ensuring the legitimate trade of diamonds through the entire country. The DDE is the largest diamond tender facility in the world and home to over 1,300 diamond companies, providing members and industry professionals with state-of-the-art infrastructure, facilities, products, and services to grow and trade with confidence. The DDE is an active member of the World Diamond Council, the World Federation of Diamond Bourses, the World Jewellery Confederation, and the Responsible Jewellery Council.--TradeArabia News Service