DMCC to form Russian alliance with world's leading diamond manufacturers

As part of its strategy, DMCC is actively working with a number of regional and international partners to establish a global centre of excellence for DMCC's diamond partners. A senior delegation from Kristall Production Corporation recently visited Dubai in order to commence dialogue, which is expected to greatly support DMCC in their development of a world-class infrastructure for the industry.

Following the recently signed agreement between Kristall and DMCC, DMCC Chief Executive Officer, Tawfique Abdullah, and Kristall Director General, Yuri Rebrik, both outlined how their organisations plan to exchange information concerning the state of rough and polished diamond markets in the UAE and the Russian Federation, for mutual benefit.

"Under the agreement, DMCC will apprise Kristall on the position of the diamond market in the UAE, as well as submit consolidated data on the diamond business and its development perspectives in the Gulf region - especially in the GCC countries. For its part, Kristall will share information about its valuation of rough and polished diamond in the Russian market and its market development trends," said Abdullah.

DMCC will also work closely to provide Kristall with an overview of key industry developments as they happen. "We will keep Kristall informed on the dynamics of prices for polished diamonds plus required assortment. Through this partnership with Kristall, Dubai will start to assume a far greater importance in the global marketplace for precious metals, gems and jewellery. DMCC is extremely excited about this alliance with Kristall and this relationship will provide us with invaluable data as well as a significant global diamond partner to promote Dubai as an emerging diamond hub of note," Abdullah continued.

The corporation began polishing diamonds in 1963, and is currently the largest diamond manufacturer in Russia. Kristall supplies polished diamonds to major centres around the world and the company's Russian Cut diamonds are famous for their high-quality and brilliance. Kristall Production Corporation produces a wide range of polished diamonds of various weights, colours and purity. Cut from the excellent rough diamonds of Yakutia, their diamonds are of the highest calibre, making them global experts in the diamond field.

"We have over 40 years of experience in this field, and since Dubai is fast emerging as an international hub for diamond and jewellery trade, this agreement will go a long way in strengthening its position as a gateway for diamond trade on a global level," said, Director General of Kristall, Yuri Rebrik.

"Kristall will provide DMCC with the up-to-date data concerning the Russian diamond industry - mainly the developments, fresh fashion fluctuations and the principal changes in the structure of diamonds and consumption of buyers there."

DMCC's diamond segment is the fastest developing of DMCC's core industries. The interest from Diamond businesses and associations worldwide has been tremendous and Dubai is all set to join leading diamonds centres across the globe.