Challenging misconceptions about natural diamonds' value

It was with immense pride and indeed, a profound sense of purpose, that DMCC Authority recently welcomed Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE and Chairman of the Dubai Executive Council, to Almas Tower.

- Ahmed Bin Sulayem

Amongst the various stops, Sheikh Hamdan was given a tour of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world, which recently surpassed the milestone of one billion carats traded over the past five years at a value of $153.7 billion.

In acknowledging Dubai's ascendency from almost no trade to the world's diamond capital in just under two decades, Sheikh Hamdan later remarked that the exchange was one of his favourite points in the tour a powerful acknowledgement of Dubai's meteoric rise as the undisputed nexus of the global diamond industry.

As an industry that has uniquely achieved more than almost any other commodity in terms of financial contribution, built environment and exclusivity, questions surrounding the future value of diamonds are common. However, on this particular day I found myself being questioned by a senior member of the entourage about whether diamonds had any intrinsic value at all. Such a statement, uttered in the world's tallest diamond tower in one of the industry's three global centres is not only ironic, but poorly timed, and admittedly the motivation for this Op-ed.

In an age increasingly defined by access to information and artificial intelligence, ignorance is no longer an excuse. Informed discourse, grounded in data and understanding, is paramount. For this, we must call for reasoned debate, not flippant dismissals that undermine significant global industries.

If only the individual in question had just asked AI, it would have clarified that diamonds are considered one of the most valuable and sought-after commodities in the world, with their value stemming from a combination of natural rarity, physical qualities, and enduring desirability.