Dubai Crown Prince Sheikh Hamdan visits world’s largest diamond tender facility

Sheikh Hamdan’s visit occurred at the same time as a defining moment for the UAE’s diamond industry, as DMCC announced the milestone of over 1 billion carats of diamonds traded over the past five years, strengthening its position as the dominant force in global diamond trade.

Throughout the trip, Sheikh Hamdan was accompanied during the visit by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.

Sheikh Hamdan was also welcomed by Dr. Hamad Buamim, Chairman of the Board of DMCC; Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC; and Feryal Ahmadi, DMCC’s Deputy Chief Executive Officer and Chief Operating Officer.

Dubai’s diamond exchange showcased

The Dubai Crown Prince visited the Dubai Diamond Exchange tender floors, where he was briefed about the trade practices in place for diamonds, lab-grown stones and other gemstones.

He also received information on DMCC’s comprehensive diamond ecosystem, including the strategic expansion of the Gemological Institute of America (GIA) into DMCC’s new district, Uptown Dubai.

“The visit provided the opportunity to see first-hand how DMCC continues to play a central role in driving global trade and investment flows to Dubai, positioning the emirate as a world-class business hub. As we advance our economic diversification journey under the Dubai Economic Agenda D33, DMCC is leading the way in building high-performance, globally connected ecosystems that attract innovation, talent and capital across priority sectors,” Sheikh Hamdan said in a statement.

He was also updated on the regulatory, policy and infrastructure advancements that have driven the UAE to become the leading hub for rough diamond trade worldwide.

The rapid growth of the UAE in polished and lab-grown sector, added united with its leadership role as both Chair and Custodian Chair of the Kimberley Process, has positioned Dubai as a progressive, forward-thinking, and globally trusted centre of excellence for the diamond industry.

Alongside the visit, DMCC announces Strategy 2033, an ambitious roadmap that places its specialised industry ecosystems at the centre of its growth over the next decade.

From globally recognised hubs in diamonds, gold, and energy to forward-looking platforms in AI, Web3, blockchain, and gaming, the strategy aims to drive the expansion of key international sectors.

It does so through a suite of value-added services, including customised licensing options, state-of-the-art infrastructure, and streamlined access to capital and industry expertise.

Built on a proven model that has positioned DMCC as one of the world’s most dynamic and fastest-growing free zones, Strategy 2033 leverages this strong foundation.

Surging trade ecosystems

With growing momentum across all areas, DMCC is set to surpass 26,000 member companies by year-end. DMCC’s success is due to the consistent expansion of both legacy and frontier sectors.

Over the past five years, the precious stones ecosystem has climbed by 177 per cent, precious metals by 74 per cent, and energy by 72 per cent, while the coffee and tea trade continue growth.

Meanwhile, DMCC’s newer technology ecosystems have accelerated, mirroring Dubai’s rise as a global centre for innovation.

This has coincided with a period of stable growth for DMCC, which now makes up 15 per cent of Dubai’s foreign direct investment and 7 per cent of its GDP.

Sheikh Hamdan’s visit also highlighted the further transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into flourishing business and lifestyle destinations.

Today, DMCC is home to over 25,000 companies and has recently seen mounting growth from new industries such as Web3, crypto, gaming and AI. Towards the end of his visit, he received a luxury edition of DMCC’s 2024 Future of Trade report, which describes the shifting dynamics of international commerce and predicts key trends shaping global markets.

“It was an honour to welcome His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC and the Dubai Diamond Exchange today. This visit is a powerful endorsement of DMCC’s role, not only in positioning the UAE as the global leader in diamond trade, but also in advancing Dubai’s position as a centre of excellence across a wide range of future-focused industries,” Dr. Hamad Buamim, Chairman of the Board, DMCC said.

“Through long-term investment, bold policy frameworks and a commitment to international partnerships, DMCC has built an ecosystem that enables growth across commodities, technology, services and innovation. As Dubai accelerates the goals of D33, our integrated model will continue to be central to attracting global business and reinforcing Dubai as a leading hub for international trade,” he added.

“It was a privilege to welcome His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC at this historic moment for our diamond industry. As we continue to scale our impact through our world-class districts of JLT and Uptown Dubai, attract global institutions, and lead industry dialogues across sectors, DMCC is shaping the future of trade from the heart of Dubai. From precious stones and energy to emerging fields such as AI, Web3 and blockchain, we are building the connected, future-ready ecosystems that global businesses need to thrive – and expecting to surpass 26,000 companies this year,” Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, explained further adding that by driving innovation, integrity and sustainable growth, “DMCC is proud to support the national economic agenda and continue to cement Dubai’s status as a world-leading hub for trade and commerce.”

Feryal Ahmadi, Deputy CEO & Chief Operating Officer, DMCC, added: “From transforming the global tender landscape in diamonds to advancing growth in Web3, AI and sustainable trade, DMCC is building the next generation of global commerce. His Highness’ visit is a strong validation of DMCC’s Strategy 2033 that will elevate our future-ready, connected ecosystems to ultimately support innovation, ensure resilience and deliver long-term value. As international markets evolve, Dubai is perfectly positioned to meet the needs of businesses, investors and entrepreneurs across sectors, reinforcing its reputation as a dynamic, responsible and forward-looking global hub.”

Leading global diamond hub

Since 2021, the UAE has rapidly expanded its presence and led the world in rough diamond trade and polished and lab-grown segments.

Polished diamonds now represent nearly half of the total diamond trade value, while the lab-grown segment has exceeded AED 3.7 billion in trade in the past year.

DMCC has been instrumental in establishing Dubai as a leading global hub for the diamond and precious stones industry.

Anchored by the Dubai Diamond Exchange (DDE) and a thriving ecosystem of over 1,350 member companies, DMCC has developed the specialised infrastructure, regulatory framework, and international networks necessary to facilitate smooth and efficient trade across all segments of the diamond market.

In 2024, the DDE hosted 85 tenders, emphasising its crucial role as a hub for the global diamond community.

This position is strengthened by the presence of the Kimberley Process Office, the DMCC Vault and a suite of high-impact networking and industry initiatives, including the Tender Best Practice Forum, all of which uphold the highest standards of security, compliance and market engagement.

The expansion of globally renowned institutions like the Gemological Institute of America (GIA) into Uptown Dubai further enhances the city’s comprehensive offering, reinforcing its position as a world-leading hub for the diamond trade across every stage of the value chain.

The DMCC continues to serve as a key driver in shaping the future of global trade across a wide range of sectors.

With a significant community of over 25,000 member companies from 180 countries, it offers world-class infrastructure, regulatory frameworks, and tailored industry ecosystems that foster growth in commodities, financial services, and emerging technologies.

Through specialised hubs such as the DMCC Crypto Centre, Gaming Centre, AI Centre, and Tea and Coffee Centres, DMCC is not only solidifying Dubai’s position as a nexus for both traditional and digital trade but also powering the next wave of enterprise, innovation, and global business.