International panel of directors convene for first board meeting of Dubai Diamond Exchange

Members of the Board from Belgium, South Africa, the US and India representing leading diamond organizations including the World Diamond Council and the World Federation of Diamond Bourses joined colleagues from the UAE at the inaugural meeting.

The meetings focused on the mission of DDE to promote the diamond industry in the region. As a connecting a link amongst leading international diamond hubs, DDE is set to boost the region's trade and provide an international platform.

DMCC Chief Executive Officer, Mr. Tawfique Abdullah who was unanimously elected DDE first Chairman, said "The inaugural meeting is a milestone in the development of Dubai as a truly global centre for the diamond industry. We have engaged some of the world's leading diamond representatives to be members of the board giving a massive vote of confidence to the newly created exchange.

"Our first meeting was highly successful with some excellent results achieved, which included review of membership processes and appointing members to the various committees - the Membership Committee, House Committee and Trading Committee."

The nine board members are Eli Izhakoff, Chairman and CEO, World Diamond Council; Harshad Mehta, Managing Director, Rosy Blue; Ernest Blom, Vice President, World Federation of Diamond Bourses; Peter Meeus, Managing Director, Antwerp Diamond High Council (HRD); Kaushik Mehta, Chairman, Eurostar; Mehul Choksi, Chairman, Gitanjali Group; Tawfique Abdullah, CEO, DMCC; Noora Jamsheer, Chief Executive Officer, DDE and Colin Griffith, Executive Director - Gold, DMCC.

Abdullah believes that the launch of the regional bourse will promote an upward trend for the diamond industry, increasing its share in the luxury product market. "There is a vast untapped luxury product market in the region and through such industry-specific initiatives, we aim to support the industry in growing its share. The growth within the region will boost the diamond market worldwide," added Mr. Abdullah.

Some of the closest international industry ties that exist with Dubai are those from the Belgian diamond community and the Antwerp Diamond High Council (HRD), which has been working closely with DMCC and other bodies in the jewellery sector in Dubai for several years.

HRD Managing Director Peter Meeus, says he was honoured to serve as a board member of the Dubai Diamond Exchange. "At HRD we believe that Dubai has the unique potential to support the region's diamond trade. Wholehearted Government support, the talent of the DMCC team and experience of its members makes me confident that DDE will quickly achieve global recognition."

Ernest Blom, Vice President, World Federation of Diamond Bourses and Chairman Diamond Dealers Club, South Africa, added, "Dubai is an exceptional place and we are confident that with the Government's drive and vision the Emirate will become a diamond centre of excellence for the trade, through the creation of the Dubai Diamond Exchange and other DMCC initiatives of industry focus."

Following the first board meeting the exchange will shortly start accepting membership applications that will be given the same level of scrutiny and consideration as applications to join other major international exchanges. The laws and regulations of the DDE have already been drafted and submitted to the World Federation of Diamond Bourses, which will convene in New York for review in October this year and DMCC is hopeful of acceptance by the panel.

"The selection of the international panel of directors has been a carefully planned process to attract world-class talent and clearly demonstrates the very close ties that Dubai has already forged with the international diamond market," says DDE Chief Executive Officer Noora Jamsheer.

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 serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.