Leading diamond executives from New York to visit Dubai

The three-day visit by the high-profile delegation from the New York-based Diamond Dealers' Club is a direct result of DMCC's diamond specific initiatives aimed at positioning Dubai in the global marketplace. The visit by the 25-member delegation, which will be led by Jacob Banda, President of the Diamond Dealers' Club (DDC), will strengthen trade relations between New York, a well-established diamond hub, and Dubai, that is becoming an emerging global centre for the industry.

The visit, the first by the New York-based executives to the region, is of great importance because of the global significance attached to DDC. The talks during the visit will focus on DMCC's industry-specific initiatives and its ongoing strategy to create diamond market infrastructure. The launch of the region's first diamond bourse - Dubai Diamond Exchange (DDE) - will also be of interest during the visit.

The visiting delegation plans to hold discussions with leading local participants in the diamond industry to further understand the dynamics of this emerging hub.

"We are very excited about our first visit to the region. Dubai has been of interest to us for some time now and we are keen to establish a partnership with this unique market.

"Dubai appears to be an ideal location from which to develop, and extend, the global reach of the diamond business. Dubai is a truly unique market in the global perspective. We are confident that our partnership with our colleagues in Dubai will open up a number of interesting business avenues for our industry and its members," said Jacob Banda, DDC President.

The visit is expected to open up more opportunities for DMCC and the diamond community in Dubai to further enhance its position globally, taking it a step closer towards its goal of establishing the emirate as a diamond centre of excellence.

Tawfique Abdullah, Chief Executive Officer of DMCC, said: "The visit by the New York's Diamond Dealers Club reflects Dubai's growth as a truly international centre for the diamond trade. We are looking forward to the visit and our discussions will focus on identifying definite synergies between the diamond dealers of Dubai and New York. It is a matter of great pride for us to have a delegation of leading diamond executives from New York visiting us.

"We hope that this will be the first of many international delegations from other leading diamond centres to visit us to help foster and develop new business partnerships and further enhance our industry."

DMCC Director Business Development Ms. Gaiti Rabbani met with DDC officials in New York earlier this year to initiate the discussion. The DDC management offered their support in the development of the Dubai Diamond Exchange and organised a full tour of their New York based facilities. DDC was incorporated in 1931 and is currently based in the heart of the diamond district in Manhattan.

The visit also coincides with the Emirates Airline's inaugural New York-Dubai direct service, which commenced on June 1 - further strengthening ties between Dubai and the business capital of the US.

In March DMCC played host to the World Diamond Council's annual meetings, further strengthening Dubai's growing international reputation as a diamond hub.

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.