RIYADH: Qatar has launched a diamond exchange in a bid to position Doha as a regional hub for the global trade in rough and polished diamonds.
The Qatar Diamond Exchange, launched by the Qatar Free Zones Authority, will operate from the Ras Bufontas Free Zone and offer trading, vaulting, certification, membership and other industry services through a single regulated platform.
The exchange aims to establish a new gateway for global diamond trade in the country, connecting Doha to international diamond markets and supporting economic diversification under the National Vision 2030 initiative, according to Qatar News Agency.
Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani, QFZ’s CEO and QDE’s chairman, said: “The Qatar Diamond Exchange represents an important step in Qatar’s efforts to further diversify its economy and strengthen its position as a trusted participant in global diamond trade. Building on Qatar’s participation in the Kimberley Process since 2021, we have established the regulatory and institutional foundations needed to support the growth of a new strategic sector for the state,”
He added: “Through QDE, we are bringing together the full diamond and precious stones value chain within a single regulated ecosystem spanning trading, storage, vaulting, auctions and tenders, and industry support services.”
Free zone incentives
The platform features a secure trading floor, private negotiation suites, an institutional-grade vault with biometric access control, 24/7 on-site security and surveillance, and on-site customs and certification facilities. These elements provide members with a seamless and secure environment for conducting business.
Membership is open to diamond traders, manufacturers, cutters and polishers, along with industry service providers and trade bodies. Members will have access to trading licenses, on-site assortment and independent valuation services, secure vaulting and specialist insurance.
The Ras Bufontas Free Zone offers qualifying businesses 100 percent foreign ownership and zero corporate tax. QDE also plans to host a calendar of rough and polished diamond tenders aimed at linking producers in Africa and Asia with buyers across Europe and the Gulf.
Diversification drive
Financial experts told QNA the exchange would help broaden Qatar’s economic base by attracting international traders and investment, while creating opportunities for local businesses and strengthening the country’s position in the global diamond and precious stones market.
Ahmed Aqel, a financial expert, said the exchange would create a new strategic sector capable of expanding non-oil sources of income and transforming Doha into a regional and global center for diamond and gemstone trading.
Financial analyst Youssef Abu Haliqa described the launch as a strategic step toward attracting high-quality investments and advancing the objectives of Qatar National Vision 2030 by supporting the growth of the jewelry and diamond trade.
Qatar became a full participant in the Kimberley Process Certification Scheme for issuing rough diamond trading certificates in 2021.
The international accreditation system regulates rough diamond trading through government-issued certificates of origin and includes dozens of countries and entities to ensure transparency and legitimacy in global trade.
