Dubai: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, visited the Dubai Multi-Commodities Centre (DMCC) for a comprehensive tour of the Dubai Diamond Exchange (DDE), the world's largest diamond tender facility.
According to Emirates News Agency, the visit marked a significant milestone for the UAE's diamond industry, following DMCC's announcement of over 1 billion carats of rough and polished diamonds traded in the past five years. This achievement underscores DMCC's role as a global leader in the diamond trade.
Sheikh Hamdan was joined by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications. They were welcomed by Dr. Hamad Buamim, Chairman of the Board of DMCC, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and Feryal Ahmadi, DMCC's Deputy CEO and COO.
During his visit, Sheikh Hamdan explored the Dubai Diamond Exchange tender floors, gaining insights into trade practices for rough and polished diamonds, coloured gemstones, and lab-grown stones. He also received briefings on DMCC's comprehensive diamond ecosystem, which now includes the strategic expansion of the Gemological Institute of America (GIA) into DMCC's new Uptown district.
Sheikh Hamdan emphasized the importance of DMCC's role in driving global trade and investment flows to Dubai, reinforcing the city's position as a world-class business hub. He noted that DMCC is pivotal in building high-performance, globally connected ecosystems that attract innovation, talent, and capital across priority sectors, aligning with the Dubai Economic Agenda D33.
The visit also highlighted the regulatory, policy, and infrastructure advancements that have positioned the UAE as a leading hub for rough diamond trade. The UAE's growth in the polished and lab-grown segments, along with its leadership role in the Kimberley Process, underscores Dubai's status as a responsible and globally trusted centre for the diamond industry.
In conjunction with the visit, DMCC unveiled its Strategy 2033, aiming to accelerate growth across key global sectors through value-added services. This strategy builds on DMCC's model as one of the world's leading and fastest-growing free zones, targeting over 26,000 member companies by year-end.
DMCC's success is attributed to its expansion in both legacy and frontier sectors. The precious stones ecosystem has surged by 177%, precious metals by 74%, and energy by 72% over the past five years. Additionally, newer technology ecosystems have rapidly scaled, reflecting Dubai's emergence as a global innovation centre.
Sheikh Hamdan's visit also underscored the transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into thriving business and lifestyle destinations. DMCC's role in shaping Dubai's urban and economic landscape is evident, with over 25,000 companies now calling it home, including those in emerging industries like Web3, Crypto, Gaming, and AI.
The visit concluded with Sheikh Hamdan receiving a deluxe edition of DMCC's 2024 Future of Trade report, which explores international commerce dynamics and forecasts key trends in global markets.
Dr. Hamad Buamim expressed his gratitude for Sheikh Hamdan's visit, highlighting DMCC's contribution to positioning the UAE as a diamond trade leader and advancing Dubai's status as a centre of excellence across future-focused industries.
Ahmed Bin Sulayem emphasized DMCC's role in shaping the future of trade from Dubai, building connected, future-ready ecosystems needed by global businesses. Feryal Ahmadi added that DMCC is advancing growth in Web3, AI, and sustainable trade, with Strategy 2033 set to support innovation and deliver long-term value.
Since 2021, the UAE has led in rough diamond trade and expanded in polished and lab-grown segments, with polished diamonds representing nearly half of the total trade value. DMCC's foundational role in Dubai's rise as a diamond powerhouse is evident, with the Dubai Diamond Exchange hosting 85 tenders in 2024 alone.
DMCC continues to play a vital role in shaping future trade across sectors, supporting growth in commodities, financial services, and emerging technologies, reinforcing Dubai's status as a hub for traditional and digital trade.