DMCC seeks to promote rough diamond trade with Angola

Dubai Multi Commodities Centre (DMCC) has begun exploring opportunities to strengthen ties with Angola in the area of diamond trade.

Dubai's delegation comprising Ahmed bin Sulayem, Executive Chairman of DMCC; Peter Meeus, Chairman of Dubai Diamond Exchange and Paul Motmans, an expert on the Angolan economy, met senior government officials of Angola in Luanda earlier this month.

Dubai and Angola are in the preliminary stage of outlining areas for co-operation to increase rough diamond trade volumes, in addition to other initiatives that can benefit the entire value chain of the diamond industry.

A delegation from Angola has been invited to visit Dubai to formalise the framework for future initiatives between both governments. During the Dubai delegation's visit to Angola, the executives also met officials of the Ministry of Mines, and Endiama, the Angolan Mining and Trading Authority.

"In this era of globalisation, the increasing economic integration between the Middle East and Africa is important for our shared growth," said Ahmed bin Sulayem.

"The diamond trade between both regions, in particular, represents our complementary strengths. We hope to co-operate more closely to promote growth and transparency of the diamond trade and to create long-term sustainable benefits for both Angola and Dubai."

"Our visit to Angola lays the foundation for further enhancing our relations with Angola, which is today the world's third-largest producer of rough diamonds, producing diamonds worth around $1.5 billion (Dh5.5bn) annually."

Peter Meeus, Chairman of Dubai Diamond Exchange, said: "Angola is DMCC's largest trading partner in rough diamonds. The diamond industry is by far the largest revenue generating sector of Angola, with diamond output constituting 95 per cent of the country's non-oil GDP.

"It is also estimated that more than 60 per cent of the country is still yet to be explored. Together, these factors make Angola a significant market for global trade of diamonds through Dubai."

During the visit to Angola, the DMCC delegation also highlighted its adherence to the Kimberley Process Certification Scheme (KPCS), which authenticates ethically sourced diamonds.

KPCS has recently opened its second Dubai office in Almas Tower, which is also the headquarters of DMCC.

Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.