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18 April 2024

Diamond exchange expands services to include retailers

By Staff Writer


The Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre (DMCC), has broadened its platform to include memberships to retailers throughout the region.

The exchange has enhanced the scope of value-added services and benefits for its members, said a statement. Through this service, DDE becomes a single market interface for all diamond traders, including wholesalers, retailers and ancillary services providers.

“DDE’s new brand identity, which was unveiled at a trade launch, represents this enhanced scope of services. In time, it is expected to become a quality label for the diamond trade and will be synonymous with excellence and value,” it said.

Ahmed bin Sulayem, executive chairman, DMCC, and deputy chairman, DDE, said: “Today the Middle East is the third largest market for diamond jewellery in the world. Together with China and India, this part of the world registers double digit growth numbers year after year. It is becoming clear that the future of the world trade is moving East.

“The new DDE will serve as the premier market interface for companies that want to do business here,” he said.

The DDE has developed additional services to meet the needs of wholesalers and retailers in a rapidly evolving market. These include the DDE Diamond Academy, which is intended to enhance industry knowledge and best practice across the diamond and jewellery value chain, through short-term technical and commercial training programmes.

DDE also introduced a Digital Diamond Exchange, providing access to directories with detailed company profiles, market information and purchase requests.

The initiative comes ahead of the completion of Almas Tower that will house more than 300 international diamond trade-related companies. This will provide firms with access to other service providers and connect people across the industry.

Youri Steverlynck, chief executive officer of DDE, said: “Through Almas Tower jewellery manufacturers and retailers from the Gulf have direct access to the international diamond market.”