Rough diamond trade hits $25.6b

Dubai - UAE imported $12.4b worth of rough diamonds and re-exported $13.2b

The UAE diamond trade has consolidated its position as one of the leading hubs globally by recording a total value of $25.6 billion in rough diamond trade in 2015, Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said on Tuesday.
"Last year, even though prices of diamonds faced challenging market conditions, the UAE imported $12.4 billion worth of rough diamonds and re-exported $13.2 billion worth," the minister said while addressing the Kimberley Process Intersessional.
"We are deeply honoured to have been selected as chair of the Kimberley Process for 2016 and we would like to take this opportunity to thank each member and participant for their support in our election, and for their partnership in all the important work that we will be undertaking during our tenure," Al Mansouri said.
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, the minister said.
The minister said Dubai and DMCC are vital centres in the UAE's trade economy with commodities such as gold and diamonds featuring at the top of our list of contributors to gross domestic product. "And this is one of the principle reasons why the trade in diamonds, and our chairmanship of the Kimberley Process, are so important to us as a nation."
The UAE became the first Arab nation to join the Kimberley Process in 2003 and since then, the Dubai diamond trade, under the support of the Dubai Diamond Exchange and DMCC, has grown at a significant rate, he said.
Al Mansouri said the UAE remains strong, resilient to the rigors of the global economic climate and flexible to the needs of its trading partners. "Above all, we are prepared for any future that we may face. It is this ethos that has further driven the UAE's determination to diversify its economy beyond hydrocarbons and into many complementary sectors." He said the UAE has built successful economic sectors around the financial services, transports, tourism, industry, trade. In 2015 the UAE introduced innovation as a tool to expedite diversification.
The minister told delegates that the UAE economy has proven to be among the strongest economies regionally and the most promising globally. "Over the past ten years, our economy has maintained high growth rates averaging 5.5 per cent, confirming its strength through a very challenging period. We also recognise that the current fall in oil prices poses a great challenge to all oil exporting countries and the UAE is no exception."
He said the country's diversification drive is on track in line with the UAE Vision 2021 and the national agenda. The contribution of non-oil sectors to the national economy has reached around 70 per cent, leaving only 30 per cent to the oil sector. "Nevertheless, oil continues to remain important to the UAE. We have so far made significant strides in a number of sectors and plan to lower the contribution of oil to the GDP to less than 20 per cent by the year 2021."
He said the move away from oil dependency will further protect the country from the negative impact of the volatility of oil prices in international markets. "All indicators currently confirm the stability of the UAE economy and its potential to thrive even as our country becomes a major economic center for the region and an international maritime and aviation hub that connects the East to the West, and north with the south," said Al Mansouri.
"We attribute the successes we are experiencing as an outcome to number of integrating factors such political stability, security, advanced infrastructure, and an enabling legislative environment, as well as openness to the world. All these factors have made our country a desired destination for businesses and have helped the UAE build the second largest economy in the Arab world as a GDP value of $450 billion achieving truly remarkable growth rates."
The minister pointed out that in 2014, the UAE became the world's top humanitarian donor offering $6.16 billion in foreign aid that year - reaching communities in more than 140 countries across the globe.
"That is almost double of the target set by the United Nations for donor countries. In Africa alone, the UAE has invested more than $5 billion in infrastructure projects across the continent," Al Mansouri said. - issacjohn@khaleejtimes.com