DMCC launches Dubai Diamond Exchange identity

Supporting the DDE launch were two of the world's leading diamond representatives, Eli Izhakoff, Chairman of the World Diamond Council, and Ernest Blom, Vice-President of the World Federation of Diamond Bourses.

The launch coincides with the start of the two-day annual meetings of the World Diamond Council (WDC) which are being hosted by the DMCC under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence.

Speaking at the unveiling ceremony, Tawfique Abdullah, CEO, DMCC, said: " The launch of the Dubai Diamond Exchange takes us a step closer towards our goal to establish Dubai as an emerging diamond centre of excellence. We are proud to unveil the DDE's identity as the diamond trade is the fastest growth sector for the DMCC. Dubai's share of the global market continues to grow, and the World Diamond Council meetings, due to commence in Dubai tomorrow, coupled with the launch of the DDE, is set to provide a major impetus to the diamond trade. With our industry-specific initiatives, Dubai will undoubtedly attract more business for the diamond industry."

The DDE will be based in the purpose-built Almas Tower (Almas means 'diamond' in Arabic), which will be the focal point for the region's diamond trade. The tower will be built within DMCC's 300-hectare development on Sheikh Zayed Road, and will provide a base for the large numbers of local and international companies expected to establish operations at the impressive facility by 2005. Moving full speed ahead with services to the industry, DMCC has arranged to house the Exchange in temporary facilities until the completion of the Almas Tower. DDE will be based in the Business Avenue situated close to Dubai's international airport and will commence operations in April 2004. DMCC will be accepting applications for membership starting from the first week of April.

As the regions only diamond exchange, the DDE has been established to capitalise on the rapidly growing trade flow of diamonds through the Middle East. The UAE has been clearly identified by the WDC, and visiting executives from the Kimberley Process Certification Scheme, as a shining example of how to effectively, and ethically, trade in rough and polished diamonds.

This in mind, membership of the World Federation of Diamond Bourses is foremost in the mind of Tawfique Abdullah. "We see the launch of our regional bourse as an important first step towards our eventual membership of the World Federation of Diamond Bourses. The by-laws for the DDE have already been drafted and submitted to the World Federation of Diamond Bourses for review and affiliation. The review panel is scheduled to meet in New York this October and DMCC - is hopeful about acceptance," he concluded.

"We are delighted to be here today to participate in this milestone event. Dubai is an exceptional place, and I am confident that with the government's drive and the vision, that the Emirate will quickly become a diamond centre of excellence for the trade," said Ernest Blom, Vice-President of the World Federation of Diamond Bourses (WFDB). "With the support of DMCC, I am confident that all links in the diamond value chain will find that Dubai can fill a vital missing link for our industry partners when expanding operations into the Middle East and beyond."

The Dubai Diamond Exchange's unique logo was designed to graphically represent the secure, transparent and dynamic outlook of the diamond industry, while also giving it a distinct Arabian touch.

The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serving the needs of participants in the gold, diamonds and commodities markets.