Sheikh Hamdan Visits Dubai Multi-Commodities Centre, Celebrates Milestone in Diamond Trade
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and UAE’s Deputy Prime Minister and Minister of Defence, recently toured the Dubai Multi-Commodities Centre (DMCC). His visit included an exploration of the Dubai Diamond Exchange (DDE), which is the largest facility for diamond tenders globally.
This visit came at an exciting time for the UAE’s diamond sector, with DMCC announcing that it has traded over 1 billion carats of rough and polished diamonds in the last five years, highlighting its leading role in the global diamond market.
Accompanied by Omar Bin Sultan Al Olama, Minister of State for Artificial Intelligence and Digital Economy, Sheikh Hamdan was warmly welcomed by Dr. Hamad Buamim and Ahmed Bin Sulayem, key figures at DMCC, along with Feryal Ahmadi, the Deputy Chief Executive Officer.
During his tour of the DDE, Sheikh Hamdan learned about the trading practices for not only diamonds but also colored gemstones and lab-grown stones. He was also briefed on DMCC’s extensive diamond ecosystem, which includes the exciting expansion of the Gemological Institute of America (GIA) in Dubai.
Sheikh Hamdan remarked, “This visit allowed me to witness how DMCC is vital in steering global trade and investment to Dubai, helping to establish the emirate as a premier business hub. As we work towards economic diversification under the Dubai Economic Agenda D33, DMCC is paving the way with high-performance ecosystems that draw in innovation and talent.”
The Sheikh also received updates on the developments in regulations and infrastructure that have made the UAE the leading destination for rough diamond trading. The rapid growth of the UAE in polished and lab-grown diamond markets cements Dubai’s reputation as a responsible and trusted center for the diamond industry.
Additionally, DMCC introduced its Strategy 2033, which aims to make its specialized industry ecosystems central to future growth. This strategy covers essential sectors like diamonds, gold, energy, and emerging technologies such as AI and blockchain, positioning DMCC to enhance global sectors through tailored services.
Over the past five years, DMCC has seen remarkable growth: its precious stones sector increased by 177%, precious metals by 74%, and energy by 72%. It continues to thrive, representing 15% of Dubai’s foreign investment and 7% of its GDP.
Sheikh Hamdan’s visit highlighted the transformation of Jumeirah Lakes Towers and Uptown into bustling business hotspots, showing DMCC’s impact on Dubai’s urban landscape. DMCC now hosts more than 25,000 companies, including many from innovative industries like Web3 and AI.
The visit wrapped up with Sheikh Hamdan receiving a special edition of DMCC’s 2024 Future of Trade report, which discusses the evolving trends in international trade.
Dr. Hamad Buamim stated, “It was a great honor to have H.H. Sheikh Hamdan visit DMCC. This reflects DMCC’s significant role in establishing the UAE as a leader in diamond trade and advancing Dubai in diverse industries.”
Ahmed Bin Sulayem added, “Welcoming Sheikh Hamdan at this crucial moment in our diamond industry was a privilege. DMCC aims to build future-ready ecosystems for businesses, ensuring Dubai remains a top global trade hub.”
Feryal Ahmadi emphasized that DMCC is transforming global trade within the diamond sector and beyond. He noted, “Our Strategy 2033 supports innovation and resilience, making Dubai an attractive place for businesses and investors.”
Since 2021, the UAE has become a leader in rough diamond trade, significantly expanding its segments for polished and lab-grown diamonds. DMCC has been critical in this growth by providing the infrastructure and support for seamless trade in the diamond market.
In 2024, the Dubai Diamond Exchange held 85 tenders, reinforcing its critical role in the global diamond community through its commitment to security and high standards.
DMCC continues to shape the future of trade across various sectors, hosting over 25,000 member companies from around the world, and providing the necessary infrastructure and regulatory support to foster growth in both traditional and digital trade sectors.
