Critics say the diamond trade is a multibillion-dollar business mired in controversy. Throughout Africa, diamonds have been used by despotic regimes and rebel armies to fund murderous rampages. For nearly two decades, the Kimberley Process Certification Scheme (KPCS) has targeted and limited the trade of these so-called blood diamonds with varying results.
Over the same time, Dubai’s position as a trading point for diamonds has significantly grown. Historically recognised as a centre for pearl trading, the emirate has seen its trade in rough and polished stones jump from less than $5 million (Dh18m) in 2001 to more than $40bn today. Given Dubai’s central position in global trade, this increase is hardly surprising – but it does carry with it an added responsibility to maintain the highest ethical standards in the diamond trade.
As such, it is welcome news that the UAE will be the first Arab country to chair the KPCS in 2016, when it takes over from Angola. This presents an opportunity for this country to use its expanding trade power to positively influence the diamond industry. Recent chair countries in southern Africa didn't possess the same kind of global reach. The UAE should be well positioned to ensure that the industry remains true to the KPCS principles.
While the Kimberley Process has a number of well-documented flaws, it is a critical part of the fight against blood diamonds. For the UAE, as a major importer and exporter of goods with one of the world’s largest commercial aviation sectors, chairing the KPCS is part of a basket of moves to stop the flow of illegal goods through the country. Recent high-profile efforts to cut down on fake and counterfeit goods in Dubai and Abu Dhabi, our commitment to the Cites treaty on protecting endangered species and airline bans on the transport of animals killed in trophy hunts attest to our national fight against the transit of illegal and unethical goods. We have a duty to maintain our reputation as an ethical trading centre. Assuming the chair of the KPCS is further evidence of our proactive stance on these issues.