World's leading diamond companies set up base in Dubai

Among DMCC community members already established in Dubai are leading names from all links of the diamond value chain, including Rosy Blue, a leading diamond manufacturer and distributor from India; Smolensk Diamonds, a global leader in the manufacture of polished diamonds from Russia; Rapaport, a leading U.S. based diamond trader and a primary source of information on events and prices that impact the Diamond industry worldwide; and Intergems, an Indian Diamond manufacturer and trader.

The move by these renowned companies to set up base in Dubai is providing a major impetus to the diamond trade in the region. All the companies will eventually 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 interest and commitment shown by these leading international diamond companies is a clear indication of the growth of Dubai as a global hub for the Diamond Industry. DMCC's strategy for its Diamond Sector has always focused on enhancing Dubai's position as a diamond hub of note around the world in line with the vision of the Dubai government," said Tawfique Abdullah, CEO of DMCC.

Rosy Blue, one of the world's largest diamond traders, is set to invest US$25 million as part of its expansion plans in Dubai, including a set up for Diamond trading at DMCC, and a manufacturing unit should the possibility arise.

"We are in the business of selling quality diamond jewellery and our plans are a natural step towards fulfilling our regional expansion plans. Dubai's reputation as the hub for the trade of Diamonds is widely known, and with the help of DMCC, we are confident of expanding our operations in the region from our strategic base in Dubai," said Mr Harshad Mehta, Managing Director of Rosy Blue.

Smolensk Diamonds, one of the world's leading manufacturers of polished diamonds, will also be establishing trading operations in the Emirate. Smolensk Diamonds investment in Dubai follows its agreement with DMCC earlier this year. Under the agreement, both organisations plan to exchange information concerning the state of rough and polished diamond markets in the UAE and the Russian Federation, for mutual benefits.

Dubai's role in the global diamond industry has grown after DMCC successfully hosted the Annual Meetings of the World Diamond Council (WDC) in March this year. Over 100 international delegates, including WDC Chairman Eli Izhakoff and Nicky Oppenheimer, Chairman of the DeBeers group, came to Dubai to discuss key issues on the growth and ethical trade of the diamond industry.

Coinciding with The World Diamond Council meetings was the launch of the region's first diamond bourse - The Dubai Diamond Exchange (DDE). Unveiled by DMCC, as part of its ongoing strategy to create industry-specific market infrastructure, the DDE is set to facilitate the trade of rough and polished diamonds in the region. "As the region's only diamond exchange, the Dubai Diamond Exchange will capitalise on the rapidly growing flow of diamonds through the Middle East. The launch of the Exchange takes DMCC a step closer towards its goal to establish Dubai as a diamond centre of excellence," added Mr Abdullah.

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.