The United Arab Emirates (UAE) will become chair of the Kimberley Process (KP) in 2024, trade leaders in Dubai announced following the organization’s plenary meeting.

The UAE will assume the role of vice chair for 2023 and take the helm the following year, in line with KP procedures, the Dubai Multi Commodities Centre (DMCC) said Sunday. The KP, which aims to keep conflict diamonds out of the supply chain, held its main annual gathering in Gaborone, Botswana, from November 1 to 5.

The appointment follows reports that Belarus wanted the position — a controversial option given that the country is an ally of Russia and is under certain US sanctions.

“At a time of significant uncertainty and turbulence in the markets, the UAE chairmanship of the Kimberley Process will provide stability and continuity,” Ahmed Bin Sulayem, executive chairman and CEO of the DMCC, said in a statement. “We are committed to working with its members to ensure the long-term sustainable growth of the global diamond sector with the highest levels of integrity.”

Zimbabwe is set to take on the role of chair for 2023, having served as vice chair this year. The last time the UAE held the position was in 2016. The UAE will host the 2024 KP plenary and intersessional meetings, the DMCC noted.

Image: Dubai’s Almas Tower, home to the DMCC. (DMCC)