UAE Undergoes Second KP Review

The United Arab Emirates became the first country in the world to invite a second review of its implementation of the Kimberley Process Certification Scheme, according to the Dubai Multi Commodities Centre (pictured). The UAE invited its first review in May 2004. Afterward, it became a signatory to the scheme.

The second KP review for the UAE was conducted by a team comprising representatives from the United States, South Africa, India, the World Gold Council, and Global Witness. The four-day review highlighted every aspect of the diamond trade in the UAE.

The KP review team also held meetings with the UAE Ministry of Economy, UAE Customs, DMCC, the Dubai Diamond Exchange, industry leaders and authorities of Dubai and the other Emirates, to assess the impact of the KPCS on the international trade in rough diamonds, and the extent to which the scheme has been effective in preventing the flow of conflict diamonds into the legitimate trade. The technical provisions of the KP and whether they are functioning as required were also evaluated.

 “The diamond market in the UAE has evolved over the past year, both market wise and in terms of infrastructure,” said Ahmed bin Sulayem, DMCC executive chairman. “At DMCC, our strategic objective is to regulate and streamline Dubai’s existing trade in diamonds without hindering it.”