DMCC launches International Diamond Laboratories

The government-backed initiative is a direct result of the Diamond Master Plan that DMCC adopted earlier this year, to further develop its services to the diamond trade.

Headquartered in Dubai, IDL will have branches in Antwerp and Mumbai. Peter Meeus, the newly appointed Executive Director for Diamonds and Coloured Stones at DMCC, has been appointed the Chief Executive Officer of the new laboratory.

Dr. David Rutledge, Chief Executive Officer, DMCC, said: "High-quality diamond certificates are becoming increasingly significant in the industry as they generate confidence in the certified product. This initiative by DMCC is in response to feedback from our members that the market would welcome an additional international player in this area. The diamond lab will offer value-added services to the trade and consumers in keeping with Dubai's status as the leading diamond trade hub in the region."

Dr. Rutledge added that further details about IDL and its services will be announced in the coming months.

"Headquartered in Dubai, IDL is the only government-supported diamond laboratory with an international vocation and the first of its kind in the Middle East. We are convinced that the trade and retailers of the buoyant Middle East market will find this service a welcome resource to stimulate their business and to support consumer confidence in diamonds,"

said Ahmed bin Sulayem, Chief Operating Officer of DMCC.

IDL will be administered by a 5-member Board of Directors, which comprises leading international authorities in the global diamond business and will be chaired by Dr David Rutledge. These include Peter Gross, former Head of the International Diamond & Jewelry Group of ABN-AMRO, the world's largest financing institution to the diamond sector; and Ian White, former Sales Director of Diamond Trading Company (DTC), the marketing arm of De Beers.

"As the number of treated diamonds and synthetics grows, the role of laboratories is becoming increasingly important. That also implies a greater responsibility for diamond labs. I look forward to helping IDL contribute to such a vital role in further ensuring consumer confidence in their diamond purchases." said Peter Gross, one of the foremost authorities on financial and compliance issues in the industry.

Ian White commented: "The diamond market has become a rapidly changing environment. Certificates can help manufacturers and dealers in driving their sales. It is an exciting challenge to assist in developing new services that do just that."

International Diamond Laboratories will be located at DMCC's landmark Almas Tower, the 65-floor purpose-built tower dedicated to the diamond trade. The first certificate from IDL is set to be issued in September 2007.