How to Start a Wholesale of Precious Stones Business with Meydan Free Zone

The wholesale of precious stones covers the bulk, business-to-business trade of loose diamonds, coloured gemstones, and other precious and semi-precious stones as they move between miners, cutters, dealers, and the jewellery trade. In the UAE, and Dubai in particular, this activity sits at the centre of one of the world's fastest-growing precious stones ecosystems.

Dubai's total diamond trade reached an all-time high of USD 41.7 billion in 2025, up 16.2% from USD 35.8 billion the year before, according to Dubai Customs figures.^[1]

The emirate handled a record 359.5 million carats across all diamond categories during the year, and has been the world's leading hub for rough diamond trade by value since 2021.^[2]

Beyond diamonds, the wider coloured gemstone segment is expanding quickly. Trade in coloured gemstones through Dubai reached a record USD 1.1 billion in 2025, a 48% year-on-year rise supported by higher imports and re-exports.^[1] The broader UAE gems and jewellery market, valued at USD 8.34 billion in 2023, is forecast to grow at a compound annual rate of 6.84% through 2029.^[3]

For dealers, importers, and jewellery manufacturers, a wholesale precious stones licence offers direct access to a tax-efficient, globally connected trading base, underpinned by secure logistics, grading laboratories, and customs facilitation.

A Dubai-licensed precious stones wholesaler enters a market where the emirate's total diamond trade reached USD 41.7 billion in 2025, up 16.2 percent year on year, and where trade in coloured gemstones grew 48 percent to a record USD 1.1 billion in the same year, against a wider UAE gems and jewellery market valued at USD 8.34 billion and growing 6.84 percent a year through 2029.

‍Sources: Dubai Customs / Gulf News (2026), Bonafide Research (2026), TechSci Research (2024), MarkNtel Advisors (2025)

Who Is This Activity For?

4669.07 - Wholesale of Precious Stones

Activity 4669.07 sits within the broader wholesale class covering specialised trade in a range of products not classified elsewhere, including precious stones. Within that class, this activity focuses specifically on the wholesale, meaning business-to-business, trade of precious and semi-precious stones.

It covers the buying, selling, importing, and re-exporting of loose stones in bulk between suppliers, dealers, and the jewellery trade, rather than sale to individual retail customers.

The activity concerns the stones themselves as a traded commodity. It does not extend to cutting, polishing, or setting the stones, nor to the manufacture or sale of finished jewellery.

The licence covers trade across the following:

• Rough and polished natural diamonds traded by the carat
• Coloured precious stones including rubies, sapphires, and emeralds
• Semi-precious stones such as amethyst, topaz, garnet, and aquamarine
• Natural and cultured pearls supplied in bulk to the trade
• Certified, investment-grade stones with recognised laboratory reports
• Import and re-export of loose stones between suppliers and dealers
• Single-origin and mixed parcels sourced for jewellery houses

Service Scope

Loose Diamonds (Rough & Polished)

Wholesale trade in rough and polished natural diamonds by the carat, supplied to cutters, dealers, and jewellery manufacturers. Dubai's trade spans both rough tenders and a fast-growing polished segment.

Coloured Gemstones

Bulk trade in rubies, sapphires, emeralds, and other coloured precious stones. This is one of the fastest-expanding segments of the local market, driven by rising import and re-export volumes.

Semi-Precious Stones

Wholesale supply of semi-precious stones such as amethyst, topaz, garnet, and aquamarine, sold loose to the jewellery and design trade for use across collections and custom pieces.

Pearls (Natural & Cultured)

Trade in natural and cultured pearls, a category with deep regional heritage in the Gulf, supplied in bulk to jewellers, stringers, and design houses.

Certified & Investment-Grade Stones

Dealing in graded, certificated stones accompanied by recognised laboratory reports, serving buyers who treat high-value gemstones as portable, asset-backed investments.

What This Activity Excludes

It is important to note what activity 4669.07 does not cover. The retail sale of precious stones directly to individual end consumers falls under a separate classification, as does the sale of finished, mounted jewellery. The cutting, polishing, faceting, or other physical processing of rough stones is a manufacturing activity and is not included here. Trade in gold and other precious metals, and in imitation or synthetic stones sold as costume material, is also outside the scope of this licence, along with the recovery or trade of waste and scrap materials.

In short: if you are buying and selling loose precious or semi-precious stones in bulk to the trade, you are in. If you are selling to retail customers, cutting or polishing stones, or making finished jewellery, you are not.

Licensing & Compliance

THIRD-PARTY APPROVAL

This activity requires pre-approval from the Security Industry Regulatory Agency (SIRA) before a business license can be issued by Meydan Free Zone.

ANTI-MONEY LAUNDERING COMPLIANCE

As a dealer in precious stones, this activity is classified as a Designated Non-Financial Business or Profession (DNFBP) and is therefore subject to AML compliance requirements. The licensed business must register with the relevant supervisory authority through the goAML platform, appoint a designated compliance officer, apply customer due diligence and record-keeping procedures, and report suspicious transactions in line with UAE anti-money laundering legislation.

Footnotes

[1] Gulf News. (2026). Dubai diamond trade hits record $41.7 billion after 14 years (Dubai Customs data).

[2] Bonafide Research. (2026). UAE Diamond Market: Trade Hub & Luxury Retail Forecast 2026-2031.

[3] TechSci Research. UAE Gems and Jewelry Market, Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029.