New diamond boiling facility set up

A specialised plant for removing dirt and trace materials from rough and polished diamonds has been set up at the Dubai Multi Commodities Centre's (DMCC) Almas Tower, the Dubai Diamond Exchange (DDE) announced yesterday.

The state-of-the-art diamond boiling facility will be used to ensure that diamonds reach their highest potential value. Boiling companies have existed to assist the rough diamond trade since the stones started to be mined on a large scale. Almas is the Arabic word for diamond.

"We envisaged the Almas Tower as the premier hub for diamonds in the Middle East, providing value-added services that support the precious gems trade," said DMCC Executive Chairman Ahmed bin Sulayem. "We are happy to offer this new service to our members and create a physical hub for the diamond trade in Dubai. We are confident that the new facility will further strengthen the diamond trade in Dubai."

With the arrival of the boiling plant, all diamond industry-related services have now moved into the Almas Tower, effectively creating a new diamond trading centre in the region. The building already hosts the Brinks Company, Antwerp Diamond Bank, Kimberley Process Certification Scheme and Dubai Customs, providing support services and ensuring maximum convenience for members in carrying out physical trading and other transactions.

Peter Meeus, Chairman of the Board of Directors of the DDE and CEO of International Diamond Laboratories DMCC, said: "In the past few years, the efforts of the DMCC and DDE in establishing Dubai as a hub for the diamond trade have met with great success.

"Market-specific infrastructure in Dubai has assisted the diamond trade through the emirate. The boiling facility brings a service to the diamond industry that has been required for a very long time. The rough trade is picking up again so the momentum is there.

"Working with the Diamond Boiling Facility, DMCC is a group of specialists who have rich experience gained over 30 years of working with some of the biggest rough diamond trading companies. We are confident that the facility will prove valuable to DMCC members in particular and Dubai in general."

 

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.