The heavy blow that gas exports have suffered due to the closure of the Strait of Hormuz has pushed Qatar, the world’s leading producer of liquefied natural gas, to accelerate steps towards a more diversified economy.
Të lidhura
None found
As part of this strategy, the capital Doha has set in motion a bold initiative to position itself as a global hub in diamond trading.
On July 27, the Qatar Free Zones Authority officially introduced the Qatar Diamond Exchange, a supervised platform for transactions, certification, and storage of rough and polished precious stones. The facility is located in the Ras Bufontas Free Zone, near Doha Airport, and features a trading floor, high-security vaults, and an auction mechanism designed to connect African and Asian suppliers with consumers from Europe and the Gulf region.
Qatar’s ambition is to establish, within a short time frame, a major pole for the precious stones business, directly rivaling well-established centers like Antwerp and Dubai.
This move materializes at a delicate phase for the state’s finances. Since March 1, the escalation of tensions between the United States, Israel, and Iran has led to the blockade of the Strait of Hormuz, the main maritime artery from which Qatar exports nearly all of its LNG.
Before the outbreak of the crisis, more than 100 vessels sailed daily through this strategic passage, which handled about one-fifth of global oil trade and almost all liquefied gas shipments from the Gulf countries. Now, according to data from maritime intelligence services, fewer than ten vessels manage to make the transit each day.
The head of Qatar’s Energy Ministry has raised concerns that the maritime embargo could cause the state an annual loss of nearly $20 billion in revenue. Unlike Saudi Arabia or the United Arab Emirates, Qatar does not have alternative pipelines that would allow it to bypass the Strait of Hormuz, a fact that makes its economy extremely vulnerable to this situation.
Under these circumstances, officials are focusing attention on the diamond sector, because their movement can be easily done by air and does not depend on water corridors. Nevertheless, specialists point out that a new diamond exchange cannot compensate in the near term for the billions lost from gas sales.
Another weighty element remains the rivalry with neighboring Gulf monarchies. Dubai has long represented one of the world’s most powerful platforms for diamond trade, with a business volume reaching tens of billions of dollars. By entering this arena, Qatar throws an open challenge to the position of the neighboring emirate and seeks to consolidate its economic weight in the region.
However, field experts see the Diamond Exchange not merely as a financial project, but also as a powerful political signal. Doha wants to demonstrate to international actors that it is building exit strategies for a scenario where the Hormuz blockade persists over time.
Officially, Qatari authorities have not linked the inauguration of the exchange to the Hormuz crisis, emphasizing that the project is a component of the long-term “Qatar National Vision 2030,” which is precisely based on diversifying economic sources. Nevertheless, the timing of the inauguration clearly suggests that even one of the wealthiest economies in the Gulf is aiming to reduce dependence on a strategic maritime chokepoint that completely escapes its control.
