DMCC signs MoU with World Diamond Mark

DMCC (Dubai Multi Commodities Centre), Dubai’s and the region’s global gateway for commodity trade and enterprise, and World Diamond Mark (WDM) have signed a Memorandum of Understanding (MoU) to increase sustainable consumer appeal and confidence in diamonds and the jewellery industry.

WDM, a non-profit organisation operating from Hong Kong, is a subsidiary of the World Federation of Diamond Bourses (WFDB), the largest diamond organisation representing 28 affiliated diamond bourses worldwide.

As outlined in the MoU, DMCC will support WDM’s objectives to ensure the health and future growth of the diamond and jewellery industry in core consumer markets. This will include the facilitation of WDM’s outreach to key stakeholders such as government organisations.

In turn, WDM will recognise DMCC as a member of World Diamond Mark and as the partner for WDM project implementation in the Gulf region.

Gautam Sashittal, Chief Executive Officer, DMCC said: “A number of factors have led DMCC and Dubai to grow into one of the world’s top three diamond centres over the past decade. A key factor is our continuous cooperation with the producing and consuming nations to enable industry participants to trade with confidence and to increase the flow of trade through Dubai.

“It is therefore important to acknowledge the impact our strategic partnerships with organisations such as World Diamond Mark make on a regional and international scale for our members. We see great potential in our new association with the World Diamond Mark who are undertaking this important initiative to further connect trading partners across the globe.”

Alex Popov, Chairman, WDM added: “We look forward to further expanding our reach in the Middle East and to access new markets through our collaboration with the DMCC. DMCC has enabled Dubai to become a leading diamond and jewellery hub with over 1,000 key member companies from the industry based in their free zone. Their support will be pivotal as we look to roll out our initiative to other regions in 2014.”

Ahmed bin Sulayem, Executive Chairman of DMCC, said: “We are very encouraged to see how World Diamond Mark is moving forward and bringing its participation to Dubai which is already a regional leader in diamond jewellery trade. We congratulate Alex Popov for leading this initiative and look forward to working closely with him in making it a success.”

Full house at DDE’s inaugural Zimbabwe diamond tender

The Dubai Diamond Exchange (DDE), a DMCC platform, is currently dealing with record numbers of participants at the inaugural Zimbabwe diamond tender, being held until  March 30.

The tender is facilitated by Global Diamond Tenders DMCC in cooperation with the DMCC and features over 400,000 carats of rough diamonds from Anjin, Jinan, DTZ, DMC, Marange Resources, Mbada and Kusena.

Neil Haddock, Managing Director, Global Diamond Tenders, reported that over 105 industry participants registered as buyers for the tendered goods on the first day.

Peter Meeus, Chairman, DDE, in a press release, said, "The DDE has been a key supporter of the diamond trade in Africa over the last decade and very much acts as facilitator of trade between producing and consuming nations. It is incredible to see strong international trading relations flourish into what we are experiencing here at the DDE in Dubai this week. The DDE is full - literally every corner of the exchange is being utilised - from every viewing room to every seat in the trading hall."

Viewings are currently taking place in the premises of the Dubai Diamond Exchange, Almas Tower, Level 2.

The DDE is a member of the World Federation of Diamond Bourses and a supporter of all its initiatives. The exchange fully complies with the Kimberley Process Certification Scheme, which ensures that all rough diamonds imported to and exported from the country have been mined in a legitimate matter.




 

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