According to Arabian Business, UAE diamond trade market ranks third in the world behind India and US as it is expected to reach $40bn this year, accounting for more than 15 per cent of the global market share. Diamond trade has become an important part of the UAE's non-oil trade, accounting for more than 5.5 per cent. In the first half of 2024, diamond trade reached $20 billion, continuing to drive economic diversification. The UAE is expanding into Asian and African markets through the Comprehensive Economic Partnership Agreement (CEPA). It will chair the Kimberley Process in 2024 for the second time, so as to consolidate its position as a global trade and investment hub.