Master Plan launched for Dubai's diamond sector

The Master Plan seeks to implement a three-pronged strategy for business development, trade support and the creation of an interface to structure market interaction in the diamond sector in Dubai.

"DMCC's strategic focus on the diamond industry incorporates its vision to establish Dubai as the regional diamond centre, and the gateway to the growing consumer markets in the Middle East and beyond," said Dr. David Rutledge, Chief Executive Officer, DMCC and Chairman of the Dubai Diamond Exchange (DDE). "We are exploring a variety of options to implement this objective and offer supportive services to the diamond trade. These include tie-ups with established industry service providers, investment projects and encouraging new players to set up base in Dubai," explained Rutledge.

The Master Plan will be implemented under the co-ordination of Peter Meeus, the newly appointed Executive Director for Diamonds and Coloured Stones. Meeus will take over from Tawfic Farah, who will be returning to the Gemological Institute of America on completion of his three-year assignment in May this year.

Meeus will be assisted by Youri Steverlynck, who has been appointed as the new Chief Executive Officer of the Dubai Diamond Exchange. The DMCC announced that Youri Steverlynck succeeds Ms Noora Jamsheer, who stepped down earlier after having served the DMCC in various capacities over the past four years.

"The DMCC was established to facilitate and grow the existing trade in precious commodities, including diamonds. Our success in achieving this objective is dependent on the feedback and support we receive from the diamond trade. With the extended targets as set forward in the Master Plan, the Diamond Division can now count on the leadership and extensive expertise of both Peter and Youri. I leave confident that the newly defined targets will be met," said Tawfic Farah, outgoing Executive Director Diamonds and Coloured Stones.

According to the Master Plan, DMCC will develop tailor-made solutions for producers of rough diamonds to market their production through Dubai. DMCC will also undertake initiatives to make additional finance available to the diamond trade. The strategy includes plans to develop industry specific forums, including a B2B trade fair for the international diamond community, effectively positioning Dubai as a global hub for this growing sector.

Some of the diamond-industry related services in DMCC's pipeline include establishing its own diamond-grading laboratory and a diamond academy. The academy will tie-up with reputed institutions to offer a complete range of training programs for the diamond industry across the entire value chain from identification and grading to manufacturing. These initiatives are expected to actively stimulate the development of a specialized servicing economy to the trade.