Dubai attracts massive response to inaugural Diamond & Jewellery Summit

Over 500 diamond traders and retailers have confirmed their participation in the summit, which is set to take place at the Atlantis Hotel, Dubai, from November 8-9, 2008.

The summit has so far seen significant confirmed attendance from key diamond trade hubs around the world. This includes 70 Chinese companies representing the Far East, over 150 delegates from Europe and India, and more than 250 participants from the Middle East.

According to Ahmed bin Sulayem, Executive Chairman, DMCC:

"The global financial crisis is forcing companies to explore new markets and opportunities, with a shift towards emerging economies in the Middle East, Asia and Africa. In this rapidly changing business environment, DMCC aims to further consolidate Dubai's role as the gateway to the significant emerging markets worldwide. The MECDJ Summit has been launched with this objective in mind."

The inaugural MECDJ Summit will focus on the consumer markets of the 21st century, and aims to enhance trade relationships across the entire value chain of the diamond and jewellery industry between the Middle East and China. The summit builds on the visit to China by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and reinforces ongoing efforts to further strengthen trade relations between both countries.

The diamond trade in the UAE witnessed record growth in 2007, crossing the $10bn mark. Dubai's rough diamond trade alone witnessed 32% growth in the first quarter of 2008 compared to 2007, standing at a total of $1.5bn while the polished diamond trade reached $2.7bn. The Chinese jewellery industry has also achieved record sales in 2007, with growth of 11% reaching over $26bn.

Peter Meeus, Executive Director, Diamond Division, DMCC, said:

"China and the Middle East have witnessed phenomenal growth in the level of diamond trading, while some of other markets have witnessed stagnation. This is reflected in the exponential increase of polished diamond imports to Dubai by 69% in the first quarter of this year. By focusing on these new consumer markets, the summit will set the right tone in reaffirming the industry's shift towards emerging economies."

The two-day summit will feature panel discussions by leading local and international retailers such as Damas International, Joy Alukkas, Chow Tai Fook, Chow Sang Sang and Luk Fook. Top jewellery brands, including Roberto Coin, Mouawad and Altinbas, have also confirmed their participation at the summit.

On the sidelines of the conference, a gala dinner featuring a jewellery fashion show by leading regional brands such as Damas International, Dhamani Jewels and Joy Allukas will be held. The night's highlight includes an award ceremony in recognition of well-known personalities of the diamond industry. In addition, Christie's the internationally renowned auction house will conduct the auction of the Jumeirah Palm Grand Masterpiece, a unique jewellery piece designed by renowned Italian jeweller Roberto Coin as an iconic representation of the Middle East China Diamond and Jewellery Summit.